First Home Buyer Conveyancing in Queensland: Your Guide to Concessions and Stamp Duty

Purchasing your first home is a monumental step, filled with excitement and a touch of nerves—especially when you’re navigating the legal and financial side of things for the first time. One key process you’ll encounter is conveyancing, the legal transfer of property ownership from seller to buyer.

For first home buyers in Queensland, this process isn’t just about paperwork; it’s also an opportunity to take advantage of generous concessions, like those on stamp duty, that can save you thousands.

At Mint Legal, we’re passionate about simplifying first home buyer conveyancing and helping you secure your dream home with confidence.

In this detailed guide, we’ll walk you through what conveyancing involves, the specific concessions available in Queensland, and how stamp duty impacts your purchase. Whether you’re buying in Brisbane, Townsville, or the Sunshine Coast, this article will equip you with the knowledge to make informed decisions and maximize your savings.

What Does Conveyancing Mean for First Home Buyers?

Conveyancing is the backbone of any property purchase, ensuring that everything is legally sound and the property officially becomes yours. For first home buyers, it’s often the first time dealing with such a significant transaction, which can make it feel daunting. But with the right support, it’s a straightforward process. Here’s what first home buyer conveyancing typically includes:

• Reviewing the Contract: Your conveyancer examines the sale contract to spot any issues or clauses that could affect you.
• Conducting Searches: These checks reveal details like unpaid rates, zoning laws, or restrictions tied to the property.
• Liaising with Parties: Your conveyancer coordinates with the seller’s team, your bank, and others to prepare for settlement.
• Finalizing the Transfer: At settlement, the property title is transferred into your name, making you the legal owner.

In Queensland, conveyancing also involves tapping into benefits like the first home concession, which slashes stamp duty costs for eligible buyers. Understanding this process is the first step to a smooth home-buying experience.

Stamp Duty Explained: What First Home Buyers Need to Know

Stamp duty—or transfer duty—is a state tax you pay when buying property in Queensland. It’s based on the property’s purchase price, and without concessions, it can add a hefty amount to your costs. For first home buyers, this tax can feel like a hurdle, but Queensland offers relief through targeted concessions.

How is Stamp Duty Calculated?

The amount of stamp duty depends on your property’s value. Here’s a quick breakdown:

• A $400,000 property incurs about $5,250 in stamp duty without concessions.
• A $600,000 property jumps to roughly $11,925.
• A $750,000 property could cost you around $19,675 in stamp duty.

Fortunately, the first home concession can drastically reduce—or even eliminate—this expense, making it a game-changer for first-time buyers in Queensland.

The First Home Concession: Queensland’s Gift to First-Time Buyers

Queensland’s first home concession is designed to ease the financial burden of buying your first home by cutting stamp duty costs. Depending on your property’s value, this concession can save you up to $24,525—a significant boost for anyone stepping onto the property ladder.

Who Qualifies for the First Home Concession?

To claim this concession, you need to tick a few boxes:

• Age: You must be 18 or older (though exceptions can apply).
• First-Time Buyer: You’ve never owned residential property anywhere in the world.
• Residency Rule: You must move into the home within 12 months of settlement and live there for at least a year.
• Property Value Cap: The home’s value must be under $800,000 for any concession, with full benefits kicking in below $700,000.

This concession applies only to your primary residence—not investment properties—so it’s perfect for first home buyers settling into their new space.

How Much Can You Save?

The savings depend on your property’s value:

• Up to $700,000: You pay zero stamp duty—a full exemption.
• $700,001 to $800,000: You get a partial concession, reducing your stamp duty bill.
• Over $800,000: The first home concession doesn’t apply, though other options might.

For example, buying a $680,000 home would normally mean $13,675 in stamp duty. With the first home concession, you pay nothing—saving the full amount. That’s money you can put toward furniture, renovations, or simply settling in.

Updates to the First Home Concession

Queensland recently updated the concession thresholds on June 9, 2024, raising the full exemption limit from $500,000 to $700,000 and the partial concession cap from $550,000 to $800,000. These changes reflect rising property prices across the state, giving more first home buyers in areas like Gold Coast and Cairns a chance to benefit.

More Benefits for First Home Buyers in Queensland

Beyond the first home concession, Queensland offers additional perks to make your first home more affordable. Here’s a rundown of other schemes to explore:

First Home Owner Grant (FHOG)

The First Home Owner Grant provides a one-off payment to buyers of new or substantially renovated homes. It’s currently $15,000, but for contracts signed between November 2023 and June 2025, it’s boosted to $30,000. Eligibility mirrors the first home concession, requiring you to live in the home for at least six months within a year of purchase.

First Home Vacant Land Concession

Planning to build? The first home vacant land concession reduces stamp duty on land purchases under $500,000. You get the full concession for land valued up to $350,000, making it easier to start from scratch.

Home Concession

If you’ve owned property before and don’t qualify for the first home concession, the home concession might apply. It lowers stamp duty for buyers moving into their principal residence, offering savings of up to $7,175.
These options ensure there’s something for almost every first home buyer in Queensland, whether you’re buying an existing home, building new, or starting with land.

How to Claim Your First Home Concession

Claiming the first home concession is simple when you have a skilled conveyancer by your side. Here’s the process:

Hire a Conveyancer: They’ll manage the application as part of your conveyancing.
Fill Out Forms: Complete the Form D2.1 (Claim for Home or First Home Transfer Duty Concession) with details like your ID and residency plans.
Submit to QRO: Your conveyancer lodges the form with the Queensland Revenue Office alongside your contract.
Meet Residency Rules: Move in within a year and stay for 12 months to keep the concession.

At Mint Legal, we streamline this for you, ensuring every detail is handled correctly so you can focus on your move.

Why Mint Legal is Your Go-To for First Home Buyer Conveyancing

Choosing the right conveyancer can make all the difference. At Mint Legal, we bring expertise and care to first home buyer conveyancing in Queensland. Here’s what sets us apart:

Queensland Specialists: We know the ins and outs of local property laws and concessions.

Savings Focused: We’ll ensure you claim every concession and grant you’re entitled to.

Clear Costs: Our fixed fee conveyancing means no surprises—just transparent pricing.

Step-by-Step Support: From contract to keys, we’re with you all the way.

Ready to start?

Reach out to Mint Legal at:

https://www.mintlegal.com.au for a free quote and let’s get your first home journey underway.
 

FAQs: First Home Buyer Conveyancing and Stamp Duty in Queensland

1. Can I claim the concession if my partner has owned a home before?

Yes, but it applies only to your share. If you’re splitting ownership 50/50, the concession covers half the property value.

2. Do I need to be an Australian citizen?

No citizenship is required—just meet the residency and ownership criteria. Foreign buyers may face extra duties, though.

3. What if I don’t move in within a year?

You’ll need to repay the concession if you don’t meet the residency requirement. Notify the QRO if plans change.

4. Can I rent out a room and keep the concession?

As of December 6, 2024, you can rent out part of your home during the 12-month residency period without losing the concession—a new rule for added flexibility.
 

Your First Home Awaits: Take the Next Step

Buying your first home in Queensland is a thrilling adventure, and with concessions like the first home concession, it’s more achievable than you might think. Understanding stamp duty and the conveyancing process empowers you to save big and start this chapter on the right foot.

At Mint Legal, we’re here to make it happen. Our team offers expert first home buyer conveyancing tailored to Queensland’s unique benefits. Contact us today at https://www.mintlegal.com.au  to explore your options and turn your homeownership dream into reality.