Stamp duty wiped for first home buyers

Queensland Government

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Stamp duty has been abolished for eligible first home buyers in Queensland.

The Crisafulli Government says it is unlocking the door to homeownership by abolishing stamp duty for eligible first-home buyers purchasing or building a new home in Queensland.

Cook MP David Kempton made it known the major cost-of-living relief measure came into effect on Thursday, May 1, and delivers on a key election pledge to give Queensland a fresh start and ease the housing crisis. 

The move means Queenslanders who dream of owning their own home will save tens of thousands of dollars in upfront fees and get into the housing market sooner. 

Cook Shire Council Mayor Robyn Holmes welcomed the announcement, noting the positive impact it would have on remote communities like those in Cape York.

“This initiative will have a meaningful impact in Cape York, where the dream of building or buying a home is often burdened by significantly higher costs,” Mayor Holmes said. 

“By removing stamp duty and easing the pressure of saving deposits of up to 25 per cent, locals will finally see the dream of home ownership brought closer to reality. For those looking to build, these savings will help offset the high cost of freight and construction in our remote region.” 

Mr Kempton said that in addition to abolishing stamp duty on new homes for first buyers, the Crisafulli Government is investing $2 billion in housing infrastructure and removing restrictions preventing first-home buyers from renting out rooms.

“Abolishing stamp duty is a critical step to help make homeownership a reality,”  Mr Kempton said. 

The housing crisis has left Queenslanders unable to find, keep or secure a roof over their head and thousands of young home buyers locked out of the market. 

Queensland has the lowest rate of home ownership of any state in the nation at 63.5 per cent, below Victoria at 68.3 per cent and Tasmania at 70.1 per cent.

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