Stamp Duty Concessions & 3 Mistakes First Home Buyers Make

Stamp duty can feel like the sting after you've just stretched to save your deposit.

If you're buying in Surfers Paradise, the amount of transfer duty you'll pay on an established apartment or new build depends on the price, the type of property, and whether you qualify as a first home buyer under Queensland rules. Get the concession right and you could save over $17,000. Miss it because you misunderstood residency rules or timing, and you'll pay the full rate.

How the Queensland First Home Concession Works on Established Homes

Queensland offers a first home concession that reduces transfer duty on established homes, not removes it entirely. For properties valued up to $709,999, the concession deduction is $17,350. The concession phases out in $10,000 bands and reaches nil at $800,000 or more.

Consider a buyer purchasing an established apartment in Surfers Paradise at the suburb's current median for units. Duty is calculated at the standard home concession rate, then the first home concession amount is deducted. Without the first home concession, duty on a property around $700,000 would be roughly $24,000. With the concession applied, that drops to around $6,650. The concession doesn't eliminate duty, but it cuts the bill by more than two thirds.

At least one applicant must be an Australian citizen, permanent resident or specified foreign retiree for contracts entered into on or after 1 August 2026. You must also be at least 18, must not have owned property in Australia before, and must occupy the home as your principal place of residence within 12 months of settlement for at least 12 continuous months.

Stamp Duty on New Homes in Surfers Paradise: Full Concession with No Cap

Queensland's first home new home concession removes transfer duty entirely on the residential land component of a new home, and there is no property price cap.

A buyer purchasing a new apartment off the plan in Surfers Paradise pays no transfer duty on the land value, even if the total contract price is well above $800,000. The concession applies to new builds that have not been previously occupied as a place of residence, and to substantially renovated homes where at least 50 per cent of the floor area has been removed or replaced.

The same residency and occupancy requirements apply. At least one applicant must be an Australian citizen, permanent resident or specified foreign retiree for contracts signed on or after 1 August 2026. You must move in within 12 months of settlement and live there for at least 12 continuous months. The concession is available through the Queensland Revenue Office and is claimed at the time of settlement through your conveyancer or solicitor.

If you're also applying for the Australian Government 5% Deposit Scheme, the property price cap for Gold Coast is $1,000,000, and both the purchase price and the lender's assessed value must be at or below that cap. The state concession and the federal scheme can generally be used together, though you'll need to confirm eligibility for each separately.

Mistake 1: Assuming You Qualify Because You've Never Owned Property Overseas

Queensland's first home concession requires that you have not owned property in Australia. Ownership of property outside Australia does not disqualify you, but any prior ownership in Australia does, even if it was decades ago or was only a partial interest.

We regularly see buyers who owned a small share in a family property years earlier, or who were added to a title for estate planning purposes, and who assume that because they've never lived in the property or taken out a mortgage, it won't count. It does. The test is legal ownership, not practical use.

If you're applying jointly with a spouse or partner, both of you must meet the first home buyer test unless an exception applies. If one applicant has owned property in Australia before, the concession is not available, even if the other applicant qualifies.

Mistake 2: Signing the Contract Before You Confirm Residency Status

From 1 August 2026, at least one applicant must be an Australian citizen, permanent resident or specified foreign retiree for contracts entered into on or after that date. Temporary residents, including those on student visas, graduate visas, or most temporary work visas, are not eligible for the Queensland first home concession, even if they intend to apply for permanent residency later.

If you're on a temporary visa and you sign a contract after 1 August 2026, you will not qualify for the concession, and you will pay the standard rate of duty plus any applicable foreign purchaser additional duty. The contract date is what matters, not the settlement date. If you're in the process of applying for permanent residency, speak to your conveyancer about timing before you sign.

Mistake 3: Buying with the Intent to Rent It Out in the First Year

You must occupy the home as your principal place of residence for at least 12 continuous months, and that period must start within 12 months of settlement. If you purchase the property with the intention of renting it out first, or if you move in for a few months and then lease it out within the first 12 months, you will breach the occupancy requirement and the concession will be withdrawn.

The Queensland Revenue Office has the power to audit occupancy after settlement. If the concession is withdrawn, you will be required to pay the full amount of duty that would have applied without the concession, plus interest and penalties. The occupancy period must be continuous, so moving out for work or travel and renting the property during that time will break the continuity.

If your circumstances change after settlement and you're unable to meet the occupancy requirement due to illness, employment transfer, or other reasons beyond your control, you may be able to apply for an exemption, but it is not automatic. Speak to a solicitor or conveyancer if this applies to you.

How First Home Buyers in Surfers Paradise Can Combine State and Federal Schemes

Queensland's stamp duty concessions can generally be used alongside the Australian Government 5% Deposit Scheme and Help to Buy, though each scheme has separate eligibility criteria and property price caps.

The 5% Deposit Scheme allows eligible first home buyers to purchase with a deposit of as little as 5 per cent of the property value, with Housing Australia providing a guarantee to the lender of up to 15 per cent. The scheme has no income caps and no annual place limits. The property price cap for Gold Coast is $1,000,000, and both the purchase price and the lender's assessed value must be at or below that cap. You can apply through a participating lender and cannot apply directly to Housing Australia. Refinancing or moving lenders later is possible, though the guarantee will not transfer to a new lender.

Help to Buy allows the Australian Government to contribute up to 40 per cent of the purchase price for a new home and up to 30 per cent for an existing home in exchange for a proportional equity stake. A minimum 2 per cent deposit is required. Income limits from 1 July 2026 are $103,000 for individual applicants and $165,000 for joint applicants or single parents. Help to Buy cannot be combined with the 5% Deposit Scheme, but you can use one or the other alongside the Queensland concessions.

If you're also eligible for the Queensland First Home Owner Grant, that's an additional $15,000 for new homes valued under $750,000, though the grant does not apply to established homes. The grant can be used toward your deposit or settlement costs and is paid at or shortly after settlement.

What Happens If You Sell or Move Out Before the 12 Months Is Up

If you sell the property or move out before you've completed the required 12 continuous months of occupancy, the concession will be withdrawn and you will be required to pay the full amount of duty, plus interest and penalties.

The Queensland Revenue Office may grant an exemption if you're unable to meet the occupancy requirement due to circumstances beyond your control, such as serious illness, death, family violence, or employment transfer to a location more than 150 kilometres from the property. The exemption is not automatic and must be applied for in writing with supporting evidence. If your circumstances change, speak to your conveyancer or a solicitor as soon as possible.

If you're purchasing with a partner and you separate before the 12 months is up, the occupancy requirement still applies to both of you unless one party is granted an exemption. Moving out because the relationship has ended does not automatically satisfy the exemption criteria, though family violence or other serious circumstances may be grounds for relief.

How to Apply for the Concession and What Your Conveyancer Needs to Know

You apply for the Queensland first home concession through your conveyancer or solicitor at the time of settlement. You will need to complete a First Home Concession Declaration and provide supporting documents, including proof of identity, proof of residency status, and a statutory declaration that you have not owned property in Australia before.

Your conveyancer will lodge the transfer duty return with the Queensland Revenue Office and claim the concession on your behalf. If you're also applying for the First Home Owner Grant, that is a separate application and is processed through the same office. The grant is usually paid at settlement or shortly after, depending on whether you're purchasing an established home, a new build, or building under a contract.

If you're using the Australian Government 5% Deposit Scheme, your lender will handle the guarantee application with Housing Australia. You do not need to apply separately for the guarantee, but you do need to confirm with your lender that they are a participating lender on the panel and that the property you're purchasing is eligible under the scheme.

Call one of our team or book an appointment at a time that works for you. We'll help you work out which concessions and schemes you qualify for, how much you'll need to cover duty and settlement costs, and what home loan options will get you to settlement without paying more than you need to.

Frequently Asked Questions