First Time Buyers Benefit in QLD Budget

First homebuyers in Queensland won’t pay any stamp duty on purchases of vacant land up to $250,000 under a change announced in the 2009/10 State Budget.

Treasurer Andrew Fraser says the increase in the stamp duty threshold will save first homebuyers up to $5675 on the purchase of vacant land.

Transfer duty for first homebuyers is being abolished for blocks of land worth up to $250,000, Fraser says, whereas the threshold previously sat at $150,000.

"This initiative will not only make vacant land more affordable for first homebuyers to build on, it will also stimulate the building industry, which is a vital part of the Queensland economy," Fraser says.