Stamp Duty Costs Per State
Homebuyers prepare for a lot of significant expenses. There are seemingly endless costs associated with purchasing a property.
One such expense is stamp duty. Stamp duty is a state or territory tax levied on certain legal documents, including property transfers.
This article delves into the stamp duty concept, its purpose, calculation methods per state, and how to handle the transaction.
What is stamp duty?
Stamp duty, also known as land transfer duty, is a tax imposed by the state or territory government on various transactions, including property transfers, agreements, and legal documents. In the context of real estate, stamp duty refers to the tax paid by the buyer upon acquiring a property.
Stamp duty is imposed whether you are a first-home buyer, a multiple owner, or an investment property buyer – and it can even be required when a property is gifted to the owner.
The buyer (or receiver) of the property must pay the stamp duty directly to the state or territory revenue office, but this is usually facilitated by the solicitor or conveyancer.
What is stamp duty for?
Stamp duty serves as a significant revenue source for state and territory governments. The funds collected through stamp duty contribute to government budgets and help finance public infrastructure, services, and various government programs.
It’s an important source of revenue supporting essential services such as healthcare, education, transportation, and community development.
In the housing sector, stamp duty could also be viewed as a means of ensuring equity in property transactions. Because the tax is calculated according to the purchase price, those who are purchasing more expensive properties would then contribute more proportionally.
It’s important to note that while stamp duty serves these purposes, it also represents a significant cost for homebuyers and can impact affordability.
Governments may periodically review stamp duty rates and introduce concessions or exemptions to support specific policy objectives, such as promoting homeownership for first-time buyers or stimulating the property market during challenging economic periods.
Is there exemptions to stamp duty?
Yes, in some cases, stamp duty is waived. For instance, if the property is transferred to a family member due to divorce, or death, the change-of-hand won’t involve paying the stamp duty.
First homebuyers could also explore stamp duty concessions, specifically those who are buying at a certain value.
There are also concession rates for pensioner homebuyers, and some professions like caregivers and farmers.
Talk to your local tax office or consult with our mortgage professionals to be updated on stamp duty options.
How much is stamp duty?
Stamp duty is a variable cost that is determined based on these factors:
- Cost of the property (land and house value)
- Purpose of purchasing the property (owner-occupier or investment)
- Type of home (e.g., existing home, brand-new home, or vacant land)
- Your income
- Your location (state or territory)
- Whether you are eligible for a stamp duty concession
- Your pension status
- Number of children
Stamp duty costs per state
There are specific stamp duty fees outlined in your state’s revenue website – but standard rates for properties that are purchased for these costs are as follows:
New South Wales stamp duty costs
| Home Value (Owner-Occupier or Investor) | NSW Stamp Duty |
| $83,000 to $313,000 | $1,340 + $3.50 for every $100 above $83,000 |
| $313,000 to $1.043 million | $9,390 + $4.50 for every $100 above $313,000 |
| Above $1.043 million | $42,240 + $5.50 for every $100 above $1.043 million |
| Above $3.131 million | $157,080 + $7 for every $100 above $3.131 million |
New South Wales gives first home buyers a concession for all or part of the stamp duty if the house price is less than $1 million. Those who need to pay, meanwhile, are required to do so after 3 months of settlement. For off-the-plan purchases, you have up to 12 months as long as you plan to reside in the property.
Victoria stamp duty costs
The Victoria revenue office has different stamp duty costs for owner-occupier and investment property rates, but these are the general fees:
| Home Value (Owner-Occupier or Investor) | VIC Stamp Duty |
| $130,000 to $960,000 | $2,870 + 6% of the dutiable value above $130,000 |
| $960,000 to $2 million | 5.5% of the dutiable value |
| Above $2 million | $110,000 + 6.5% of the dutiable value |
Homebuyers who are purchasing $600,000 or less are exempt from stamp duty in VIC, and those that do not exceed $750,000 price will also have some concessions.
VIC requires stamp duty to be paid 30 days after the purchaser settles on the property.
Queensland stamp duty costs
Queensland is a more affordable state when it comes to stamp duty costs, but there are no concessions for pensioners. Here are the standard rates for properties:
| Home Value (Owner-Occupier or Investor) | QLD Stamp Duty |
| $75,000 to $540,000 | $1,050 + $3.50 for every $100 above $75,000 |
| $540,000 to $1 million | $17,325 + $4.50 for every $100 above $540,000 |
| Above $1 million | $38,025 + $5.75 for every $100 above $1 million |
Like other states, first home buyers in QLD may have discounted rate if the home is priced below $550,000. And property buyers with a $500,000 home may be fully exempt from stamp duty. However, the state charges an extra 7% to foreign home buyers.
QLD requires payment of stamp duty within 30 days of your property settlement.
South Australia stamp duty costs
The overall rundown of South Australia’s stamp duty costs proves to be higher than other states. The standard rates are as follows:
| Home Value (Owner-Occupier or Investor) | SA Stamp Duty |
| $250,000 to $300,000 | $8,955 + $4.75 for every $100 above $250,000 |
| Above $300,000 to $500,000 | $11,330 + $5 for every $100 above $300,000 |
| Above $500,000 | $21,330 + $5.50 for every $100 above $500,000 |
Unlike other states, SA does not have any exemptions for first home buyers. But they offer a first home bonus grant for certain buyers, so it pays to check if you are eligible. The revenue office requires that stamp duty be paid on or before you settle on the property.
Western Australia stamp duty costs
Western Australia’s general rates for stamp duty are as follows:
| Home Value (Owner-Occupier or Investor) | WA Stamp Duty |
| $100,001 to $250,000 | $2,090 + $3.80 for every $100 above $100,000 |
| $250,001 to $500,000 | $7,790 + $4.75 for every $100 above $250,000 |
| $500,001 and above | $19,665 + $5.15 for every $100 above $500,000 |
A concession is allowed for clients who apply for the First Home Owner Grant (FHOG) who purchase a property below $530,000 or a vacant land valued at no more than $400,000.
The WA revenue office requires you to apply for a Duties Assessment Notice within two months of settlement date. Once the office issues back the notice, you then have one month to pay the stamp duty fee.
Tasmania stamp duty costs
Tasmania provides these standard stamp duty rates:
| Home Value (Owner-Occupier or Investor) | TAS Stamp Duty |
| Above $200,000 to $375,000 | $5,935 + $4 for every $100 above $200,000 |
| Above $375,000 to $725,000 | $12,935 + $4.25 for every $100 above $375,000 |
| Above $725,000 | $27,810 + $4.50 for every $100 above $725,000 |
The state offers concessions to pensioners looking to downsize to a home worth $400,000 or less. Meanwhile, first home buyers may be eligible for a 50% discount if the established property is worth less than $600,000.
Stamp duty is required to be paid in no less than 3 months after you settle on the property.
ACT stamp duty costs
The Capital Territory calls stamp duty ‘conveyance duty’. Here are the standard rates for different home values:
| Home Value (Owner-Occupier or Investor) | ACT Stamp Duty |
| $300,001 to $500,000 | $4,600 + $3.40 for every $100 above $300,000 |
| $500,001 to $750,000 | $11,400 + $4.32 for every $100 above $500,000 |
| $750,001 to $1 million | $22,200 + $5.90 for every $100 above $750,000 |
| $1,000,001 to $1,454,999 | $36,599 + $6.40 for every $100 above $1 million |
| Above $1,455,000 | A flat rate of $4.54 per $100 over $1,455,000 |
ACT has certain concessions in place. For instance, first home buyers may have reduced or waived stamp duty depending on how many dependents and at what income level they are.
Those who are buying off-the-plan up to $600,000 could be exempt from this tax. There are also reduced stamp duty costs for owner occupiers buying a home valued at $200,000 to $1.455 million.
The ACT revenue office requires you to submit a Duties Assessment Notice within 14 days after property settlement. Once you receive back the Notice, you then have 14 days to pay the instructed stamp duty costs.
Northern Territory stamp duty costs
The Northern Territory charges higher stamp duty costs, but there is a Principal Place of Residence Rebate (PPRR) of up to $7,000 if you are buying any of these properties: off-the-plan, vacant land, or a brand-new constructed home.
Stamp duty general rates are as follows:
| Home Value (Owner-Occupier or Investor) | NT Stamp Duty |
| $525,001 to $3 million | 4.95% of the property value |
| $3 million to $5 million | 5.75% of the property value |
| Above $5 million | 5.95% of the property value |
The NT has a complex formula for stamp duty costs, so it’s best to use a calculator or talk to a mortgage broker to determine the cost of your tax.
Unfortunately, NT’s concessions for first-home buyers have ended since 2021. Once you have settled on the property, stamp duty is payable within a 60-day period.
Talk to our mortgage experts
Stamp duty can be a huge expense for home buyers, whatever the price point is of their chosen property. Governments have differing payment rules, concessions, and computations for stamp duty, which could overwhelm clients dealing with several upfront costs when buying a home.
Let our mortgage professionals assist you in stamp duty calculations and payment. We could support your financial preparedness and research any concessions implemented in your state or territory. Let’s get started today!
