In a significant move to assist first home buyers, the Queensland Government has passed legislation eliminating stamp duty for those purchasing new builds, effective from 1 May 2025. This change is part of the Revenue Legislation Amendment Bill, aiming to provide major cost-of-living relief and make homeownership more attainable.
This means you may be able to buy your dream home sooner, estimate your borrowing power with MOVE Bank here: Borrowing Power Calculator
Potential Savings:
The removal of stamp duty can lead to substantial savings, on a median-priced new house and land package:
- Toowoomba: Approximately $24,730 in savings.
- Brisbane's East: Up to $29,500 in savings.
- Logan-Beaudesert: Around $6,960 saved
These figures highlight the significant financial relief available to first home buyers under the new legislation. 1
If you are buying an existing home, there are stamp duty concessions for first home buyers, dependent on the price of the home, use our Stamp Duty Calculator to estimate the costs.
MOVE Bank's Commitment:
At MOVE Bank, we're dedicated to supporting first home buyers through every step of their journey. With these new government incentives, there's never been a better time to explore your homeownership options with a construction loan.
Both the Everyday Home Loan and the Offset Home Loan can be used for a construction loan.
A construction loan is a type of loan that is used to pay for the cost of building a new home.
What makes it different from a standard home loan is the payment scheme. Construction loans allow you to draw down the loan in stages as the construction progresses.
These progress payments are paid directly to the builder after each stage of construction. The usual stages of construction are:
- Finance approved
- Slab
- Frame
- Lock-up
- Fit out
- Completion
This helps you monitor the build and ensures that you’re only paying for work that’s been completed.
As construction loans are progressively drawn down, you only pay interest on the money that you use. For example, if $150,000 has been drawn down on a $300,000 loan at the frame stage, you’d only be charged interest on $150,000.
To learn more about construction loans, visit Building a New Home or speak to our team today.
This article is for general information purposes only and is not intended as financial or professional advice. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product or other professional advice. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article.
