- LNP Abolishes Stamp Duty on all new homes for first home buyers
- Full Stamp Duty Concession Threshold raised to $700,000
- Partial Stamp Duty Concession Threshold raised to $800,000
The LNP has announced it will abolish stamp duty tax for first home buyers purchasing a new home, if elected in October, and will raise the full concession to $700,000 for existing homes.
The landmark announcement was the centrepiece of the LNP Leader’s Budget Reply speech, delivered in Parliament today, when announcing the LNP’s Securing Our Housing Foundations Plan.
The $761 million Big Boost into Home Ownership policy will support 14,000 Queenslanders into homes over four years, saving first home owners tens of thousands of dollars in taxes.
LNP Leader David Crisafulli said the LNP’s Big Boost into home ownership would get Queenslanders into their first home faster.
“We will help young Queenslanders get off the housing hamster wheel, and get into their first home faster,” Mr Crisafulli said.
“The LNP’s Big Boost into Home Ownership means less taxes and more of your money paying off your home, not paying the Government.
“For too many Queenslanders, the dream of owning their first home is increasingly out of reach as they’re priced out and taxed through the roof.
“The LNP will bring home ownership back into the reach of thousands of Queenslanders.
“For your first home, if you build or buy a new home, you will not pay a single dollar of stamp duty in Queensland.
“That means, if you’re buying a new-build $850,000 home, you will save more than $24,000 if it’s your first home.
“For first home buyers purchasing an existing property, the saving will be more than $17,350.
“Queenslanders know every dollar counts when it comes to buying your first home.”
Mr Crisafulli said Queensland was currently at the bottom of the home ownership ladder, but his Securing our Housing Foundations plan, would lift Queensland to the top in a decade.
“If you aspire to home ownership, we’re giving you a way to achieve it in Queensland, with our Big Boost into Home Ownership,” he said.
“Over the last fifty years, the percentage of Queenslanders owning their own home has fallen from 70% in 1971 to 64% in 2021.
“Our plan will pull levers to open the door to home ownership for more Queenslanders.
“With one million homes over 20-years, a boost for first home buyers to get into homes, opening up rentals, and delivering more social and affordable housing – we will ease the Queensland Housing Crisis.
“Only the LNP has the Right Priorities for Queensland’s Future including Securing our Housing Foundations.”