Buying your first home is exciting, but the costs can add up quickly. Between your deposit, inspections, moving expenses and legal fees, every dollar matters.
One expense buyers often ask about is stamp duty, officially known in Queensland as transfer duty.
The good news is that eligible first home buyers may be entitled to substantial savings. However, the rules are different for established homes, new homes and vacant land.
There was also an important eligibility change on 1 August 2026.
Here is what Queensland buyers should understand before signing a contract.
What is transfer duty?
Transfer duty is a Queensland tax that generally applies when property is purchased or transferred.
The amount payable depends on the property's dutiable value, the type of transaction and whether a concession applies.
A concession can reduce the duty payable, sometimes to zero.
But buying your first home does not automatically mean you qualify.
Buying an established home
If you are purchasing an existing home, the first home concession may apply.
For eligible buyers purchasing an established home valued at $700,000 or less, the concession can reduce transfer duty to zero.
For homes valued above $700,000 but below $800,000, a partial first home concession may be available.
At $800,000 or more, the first home concession no longer applies, although an ordinary home concession may still be available.
For example, an eligible first home buyer purchasing an established home valued at $680,000 may pay no transfer duty.
The exact outcome depends on your circumstances, including how the property will be used and whether all purchasers qualify. Queensland Revenue Office
Buying a brand new home
There is a different concession for eligible first home buyers purchasing a new home.
For contracts entered into on or after 1 May 2025, the first home new home concession can reduce transfer duty to zero on the qualifying residential property, with no value cap.
A qualifying new home generally has not previously been occupied or sold as a residence. Certain substantially renovated homes can also qualify, but specific rules apply.
This means that an eligible buyer of a qualifying new home valued at $820,000 may receive a full transfer duty concession, even though an established home at that value would not qualify for the first home concession.
Any additional land used for nonresidential purposes may still attract duty. Queensland Revenue Office
What if you are buying vacant land to build?
Eligible first home buyers purchasing vacant land on which they intend to build their first home may also qualify for a full transfer duty concession under the rules for contracts entered into on or after 1 May 2025.
There is no land value cap for the qualifying concession, but construction and occupancy requirements apply.
If you are buying land and arranging a separate building contract, seek advice early so you understand the conditions and timing. Queensland Revenue Office
What changed on 1 August 2026?
This is a detail some buyers may not be aware of.
For Queensland home concession transactions entered into on or after 1 August 2026, the purchaser generally needs to be an Australian citizen, permanent resident or specified foreign retiree when entering into the transaction.
The requirement applies to the ordinary home concession and the relevant first home concessions, including concessions for new homes and vacant land.
For earlier contracts, different eligibility rules applied.
If you are buying with another person, your eligibility may not be identical.
A qualifying purchaser may be able to claim a concession on their own share while another purchaser does not qualify.
Foreign buyer duty and other requirements may also need to be considered.
This is why it is important to have your circumstances checked rather than assuming that a concession will apply to the whole purchase. Queensland Revenue Office
Is the First Home Owner Grant the same thing?
No.
The First Home Owner Grant and transfer duty concessions are separate forms of assistance.
As at October 2026, the Queensland First Home Owner Grant can provide $30,000 to eligible buyers of a new home valued at less than $750,000, including land.
There is no First Home Owner Grant for established homes.
The increased $30,000 grant continues for eligible contracts entered into from 1 July 2026.
An eligible buyer may qualify for both a grant and a transfer duty concession, but the two schemes have different eligibility and occupancy requirements.
For example, a qualifying new home valued at $820,000 may attract no transfer duty under the new home concession, but it would not qualify for the grant because it exceeds the grant's value limit. Queensland Government
Do you have to live in the property?
Occupancy requirements are important.
For the first home concessions on homes, eligible buyers generally need to move into the property and live there as their principal place of residence within one year of settlement.
Selling, transferring or renting out the property in certain circumstances can lead to the concession being reassessed.
The rules for renting a room while you continue to live in the property are different from renting out the entire home.
If your plans might change after settlement, get advice before making decisions that could affect a concession you have claimed. Queensland Revenue Office
Before you sign, check more than the purchase price
Two properties with similar prices can have very different transfer duty outcomes depending on whether they are new or established, how they are used and who is buying them.
Before signing a Queensland property contract, confirm which concession may apply, whether you meet the eligibility requirements, what supporting documents are needed and what obligations continue after settlement.
How Jet Legal can help
Buying your first home should feel exciting, not confusing.
Jet Legal can review your Queensland property contract, explain the key conditions and help you understand the conveyancing and transfer duty considerations relevant to your purchase.
Send your contract to our team before you sign so you can make an informed decision from the start.
This article is general information only and does not constitute legal, taxation or financial advice. Concession and grant eligibility depend on your individual circumstances and the rules applying to your transaction. Information current as at 19 October 2026.