Research your property’s stamp duty fees

To give you some idea of the costs involved in paying stamp duty – also known as transfer duty – we have outlined the overall rates and exemptions state by state.

To illustrate just how much stamp duty varies across Australia, we’ve calculated the fees that would payable on the purchase of a $650,000 property, where the purchaser has a 20 per cent deposit ($130,000) saved. The home buyer will be living in the property and it is not their first home purchase.

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• Queensland: $162.90 mortgage registration fee, $1,610.50 transfer fee and $15,100 transfer duty. Total: $16,873.40.
• New South Wales: $107 mortgage registration fee, $214 transfer fee and $24,740.00 stamp duty. Total: $25,061.
• Australian Capital Territory: $125 mortgage registration fee, $243 transfer fee and $23,300 stamp duty. Total: $23,668.
• Victoria: $111 mortgage registration fee, $1,366 transfer fee and $34,070 stamp duty. Total: $35,547.
• South Australia: $152 mortgage registration, $4,788 transfer fee and $29,580 stamp duty. Total: $34,520.
• Northern Territory: $137 mortgage registration fee, $137 transfer fee and $32,175 stamp duty. Total $32,449.
• Western Australia: $160 mortgage registration fee, $290 transfer fee and $24,890 stamp duty. Total: $25,340.
• Tasmania: $126.54 mortgage registration fee, $193.88 transfer fee and $24,622.50 stamp duty. Total $24,942.92.

Stamp duty (also called transfer duty since the enactment of the Duties Act 2001 which replaced the Stamp Act 1921) is calculated on the property’s dutiable value, which is the greater of the market value or the price paid for the property.

Queensland

The Queensland Office of State Revenue website gives a breakdown of transfer rates applied to the dutiable value of land being transferred. Concessions are available depending on your purchase circumstances. For example, you may be eligible for a concession if you are buying your first home, it is valued at under $550,000 and you occupy the home as your principle residence within the first purchase year. Mortgage duty was abolished in Queensland in 2008, though transfer of a mortgage attracts the nominal fee of $5. Calculate Queensland stamp duty on your property purchase.

New South Wales

New South Wales (NSW) charges mortgage duty but this will be abolished from 1 July 2016. Refer to the NSW Office of State Revenue website for a table of the rates of duty applied to land’s dutiable value. NSW concessions include exemptions on the purchase of new homes by first home buyers on properties up to the value of $550,000, and on new homes valued at between $550,000 and $650,000. At least one of the purchasers needs to live in the home for a continuous six-month period in the first year after the purchase. Calculate NSW stamp duty on your property purchase.

Australian Capital Territory

The Australian Capital Territory (ACT) has a stamp duty Home Buyer Concession Scheme where concessions depend on the date of purchase of the property. Refer to the ACT Revenue Office website for a breakdown of the duty payable according to property value and dates of transaction. Calculate ACT stamp duty on your property purchase.

Victoria

Mortgage duty was abolished in Victoria in 2004 but stamp duty levies remain a considerable property purchase cost when buying a home in the state. You’ll find the dutiable value duty rates on the State Revenue Office Victoria website, as well as a breakdown of available duty concessions. As in Queensland and New South Wales, first home buyers can obtain a duty reduction if they purchase a new or established home. The home must be valued at $600,000 or less and be the buyers’ primary residence. The home buyers must live in the residence for 12 months, commencing within 12 months of settlement. Calculate Victorian stamp duty on your property purchase.

South Australia

South Australia has an Off-the-plan Stamp Duty Concession which is restricted to certain areas of the state. You can refer to South Australian stamp duty rates on the RevenueSA website. Mortgage stamp duty was abolished in 2009. Calculate South Australian stamp duty on your property purchase.

Northern Territory

In 2012, the First Home Owner Concession on stamp duty was abolished in the Northern Territory but the Pensioner and Carer Concession on stamp duty remains. The Northern Territory Department of Treasury and Finance website outlines a range of home owner incentives. The Northern Territory Government does not charge mortgage stamp duty. Calculate Northern Territory stamp duty on your property purchase.

Western Australia

You can review rates of duty on the transfer of dutiable property in Western Australia on the Department of Finance website. Those home buyers eligible for the First Home Owner Grant will also receive a duty concession if the property purchase is $530,000 or below for land and property, or $400,000 or below for vacant land. Western Australia no longer charges mortgage stamp duty. Calculate Western Australian stamp duty on your property purchase.

Tasmania

The property transfer duty must be paid within three months of the transaction in Tasmania. Mortgage stamp duty has been abolished. You’ll find an outline of the stamp duty levies on the Department of Treasury and Finance website. Duty concessions are available to eligible first home buyers on the purchase of established properties to the value of $350,000, and on vacant land where a first home will be erected up to the value of $175,000. Calculate Tasmanian stamp duty on your property purchase.