Stamp duty rates are one of the biggest hurdles for first home buyers in Australia. Depending on when you are buying a home, the stamp duty rates can amount to the same as your deposit.
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First Home Buyers Stamp Duty
What Is First Home Buyers Stamp Duty?
Stamp duty (also known as transfer duty) is a state revenue tax that you pay when you buy a property. The state government fees are used for transport and roads, emergency services, and health. And as the price of property increases, so does the cost of stamp duty. Thankfully, first-home property buyers can reduce their stamp duty fees on houses through a variety of concessions or exemptions.
There are many variables at play that determine just how much duty there is to pay. The value of the home, the state you live in, and your buyer status all factor in. Every buyer has to pay stamp duty when they purchase a property or complete a transfer of land. Thankfully, first-home buyers have a variety of stamp duty concessions available to them.
First Home Buyers Stamp Duty Rates
New South Wales
|
Property Value |
Stamp Duty Rate NSW |
|
$0 to $16,000 |
$1.25 for every $100 (minimum $20) |
|
$16,000 to $35,000 |
$200 plus $1.50 for every $100 over $16,000 |
|
$35,000 to $93,000 |
$485 plus $1.75 for every $100 over $35,000 |
|
$93,000 to $351,000 |
$1,500 plus $3.50 for every $100 over $93,000 |
|
$351,000 to $1,168,000 |
$10,530 plus $4.50 for every $100 over $351,000 |
|
Over $1,168,000 |
$47,295 plus $5.50 for every $100 over $1,168,000 |
From 1 July 2023, a full exemption from transfer duty will be available if you are buying a new or existing home valued up to $800,000, while homes valued over $800,000 and less than $1,000,000 may qualify for a concessional rate.
If you are purchasing vacant land on which you intend to build a home, you may receive an exemption for land valued up to $350,000 and a concessional rate for land valued over $350,000 and less than $450,000.
Learn more about stamp duty in New South Wales.
Victoria
|
Dutiable Value |
Stamp Duty in Victoria |
|
$0 - $25,000 |
1.4% per dollar up to $25,000 |
|
$25,001 - $130,000 |
$350 plus 2.4% per dollar over $25,000 |
|
$130,001 - $960,000 |
$2,870 plus 6% per dollar over $130,000 |
|
More than $960,001 |
5.5% of purchase price |
|
Over $2,000,001 |
$110,000, plus 6.5% of the dutiable value over $2,000,000 |
Learn more about stamp duty in Victoria.
Australian Capital Territory
|
Property Value |
Stamp Duty: Owner Occupier |
Property Value |
Stamp Duty: Non-Owner Occupier |
|
Up to $260,000 |
$0.60 per $100 or part of $100 up to $260,000 |
Up to $200,000 |
$1.20 per $100 or part of $100 up to $200,000 |
|
$260,001 - $300,000 |
$1,274 plus $2.20 per $100 or part of $100 by which the value exceeds $260,000 |
$200,001 - $300,000 |
$2,400 plus $2.20 per $100 or part of $100 by which the value exceeds $200,000 |
|
$300,001 - $500,000 |
$2,154 plus $3.40 per $100 or part of $100 by which the value exceeds $300,000 |
$300,001 - $500,000 |
$4,600 plus $3.40 per $100 or part of $100 by which the value exceeds $300,000 |
|
$500,001 - $750,000 |
$8,954 plus $4.32 per $100 or part of $100 by which the value exceeds $500,000 |
$500,001 - $750,000 |
$11,400 plus $4.32 per $100 or part of $100 by which the value exceeds $500,000 |
|
$750,001 - $1,000,000 |
$19.754 plus $4.32 per $100 or part of $100 by which the value exceeds $750,000 |
$750,001 - $1,000,000 |
$22,200 plus $4.32 per $100 or part of $100 by which the value exceeds $750,000 |
|
$1,000,001 - $1,455,000 |
$34,504 plus $6.40 per $100 or part of $100 by which the value exceeds $1,000,000 |
$1,000,001 - $1,455,000 |
$36,950 plus $6.40 per $100 or part of $100 by which the value exceeds $1,000,000 |
|
More than $1,455,000 |
A flat rate of $4.54 per $100 applied to the total transaction value |
More than $1,455,000 |
A flat rate of $4.54 per $100 applied to the total transaction value |
|
Dutiable Value |
Stamp Duty in the NT |
|
Up to $525,000 |
(0.06571441 x V) + 15V, where V is 0.1% of the property’s value |
|
$525,001 - $3,000,000 |
4.95% of the property value |
|
$3,000,001 to $5,000,000 |
5.75% of the property value |
|
More than $5,000,000 |
5.95% of the property value |
|
Property Price |
Stamp Duty Rate |
|
$0 - $120,000 |
$1.90 per every $100 or part thereof |
|
$120,001 to $150,000 |
$2,280, plus $2.85 per every $100 |
|
$150,001 to $360,000 |
$3,135, plus $3.90 per every $100 |
|
$360,001 to $725,000 |
$11,115, plus $4.75 per every $100 |
|
More than $725,001 |
$28,453 plus $5.15 per every $100 |
|
Value of property conveyed |
Stamp Duty Payable |
|
Under $12,000 |
$1 per every $100 |
|
Exceeds $12,000 but not $30,000 |
$120 plus $2 per every $100 over the value of $12,000 |
|
Exceeds $30,000 but not $50,000 |
$480 plus $3 per every $100 over the value of $30,000 |
|
Exceeds $50,000 but not $100,000 |
$1,080 plus $3.50 per every $100 over the value of $50,000 |
|
Exceeds $100,000 but not $200,000 |
$2,830 plus $4 per every $100 over the value of $100,000 |
|
Exceeds $200,000 but not $250,000 |
$6,830 plus $4.25 per every $100 over the value of $200,000 |
|
Exceeds $250,000 but not $300,000 |
$8,955 plus $4.75 per every $100 over the value of $250,000 |
|
Exceeds $300,000 but not $500,000 |
$11,330 plus $5 per every $100 over the value of $300,000 |
|
Exceeds $500,000 |
$21,330 plus $5.50 per every $100 over the value of $500,000 |
|
Dutiable Value |
Rate |
|
$0 to $5,000 |
Nil |
|
Valued between $5,000 to $75,000 |
$1.50 per $100 for the value over $5,000 |
|
Valued between $75,000 to $540,000 |
$1,050, plus $3.50 per $100 for the value over $75,000 |
|
Valued between $540,000 to $1,000,000 |
$17,325, plus $4.50 per $100 for the value over $540,000 |
|
More than $1,000,000 |
$38,025 plus $5.75 for each $100 or part of $100, over $1,000,000 |
|
Value of Property |
Stamp Duty Owed |
|
Up to $3,000 |
$50 |
|
Over $3,000 but under $25,000 |
$50 plus 1.75% for every dollar over the minimum value |
|
Over $25,000 but under $75,000 |
$435 plus 2.25% for every dollar over the minimum value |
|
Over $75,000 but under $200,000 |
$1,560 plus 3.50% for every dollar over the minimum value |
|
Over $200k but under $375,000 |
$5,935 plus 4% for every dollar over the minimum value |
|
Over $375k but under $725,000 |
$12,935, plus 4.25% for every dollar over the minimum value |
|
More than $725,000 |
$27,810 plus 4.5% for every dollar over $725,000 |
Learn more about stamp duty in Tasmania.
How To Calculate The Stamp Duty For First Home Buyers
The best way to get an accurate calculation is by using the state calculator. However, we will use the ACT to provide an example calculation. For a first home buyer looking to purchase a primary residence for $475,000, no stamp duty would be payable. The fees would total $1,312 for the mortgage fee ($111) and the transfer fee ($1,201). The same property would cost $20,470 in stamp duty for a non-first-time buyer.
First Home Buyers Grants
New South Wales
In NSW, first-time buyers are stamp duty exempt on a new or established home valued up to $650,000. If purchasing a home valued at over $650,000, but under $800,000, a discount is available.
Victoria
If you meet the eligibility criteria in Victoria, you may be exempt from paying stamp duty. You can apply for a first home buyer exemption if the home's dutiable value is below $600,000. There is a first home buyer concession for properties valued between $600,001 and $750,000.
Australian Capital Territory
The ACT offers Home Buyer Concession Scheme (HBCS) to charge duty at a concessional rate. For first home buyers to claim this, the home must be valued below $607,000, but over $470,000. If purchasing vacant land to build on, it should be purchased at less than $323,330 but more than $280,000.
Northern Territory
First home buyers can receive stamp duty assistance for established homes up to $650,000. There are also renovation grants available, with a portion of it usable on household goods.
Western Australia
A First Home Owner Grant is available for homes valued below $530,000 or vacant land below $400,000.
South Australia
Unfortunately, South Australia offers no first-time buyer stamp duty concessions or exemptions.
Queensland
There is a first home buyer stamp duty concession available for homes valued below $550,000. A concession is also available to first-time buyers purchasing vacant land valued below $400,000. Vacant land valued below $250,000 is exempt.
Tasmania
Sadly, Tasmanians fall into the same bracket as South Australians – there are no first home buyer exemptions or concessions.
Keep Track With Quality Tax Software
QuickBooks Tax Software is an efficient way to keep track of all your incomings and outgoings, whether you’re using it for personal or business use, from cloud payroll software to accounting, tax, and BAS workflows. Quickbooks is easy to use and will ensure accuracy in your reports. It’s also easily accessible from your mobile device, so you can use it on the go, anywhere, at any time. It will help you to keep on top of your home stamp duty and other property-related expenses.
While every care has been taken to ensure the accuracy of the information presented as at 12 April 2024, Intuit is not providing you with professional advice and we recommend you obtain your own professional advice. Intuit is not liable for your use of the information presented.
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