Early cut in Qld stamp duty

The Queensland Government has brought forward its planned cuts in stamp duties from July 1 to May 1 to avoid any potential slow-down in the housing market. Premier Beattie said it was aimed at young people so they would not delay the decision to buy their first homes. The stamp duty cuts were a major promise in Labor's campaign leading up to Queensland's state election. The cuts will mean a saving of $3,000 on stamp and mortgage duty on a $250,000 house. The stamp duty rebate will be cut off at a properties valued at $500,000 or more, lifted from $160,000 previously.