NSW Property Stamp Duty Calculator
Are you aware of New South Wales’s stamp duty rates and regulations? NSW has its own set of rules that can result in significant stamp duty costs depending on your situation.
As an Australian expatriate, you might wonder if you’re subject to higher stamp duty fees than residents of NSW. But, as long as you’re an Australian citizen, you’re not at a disadvantage and can still apply for first-home buyer exemptions, as well as NSW government grants and incentives.
Typically, stamp duty in NSW must be paid within a specific timeframe, usually between 30 to 60 days from the sale completion date. Late or missed payments may incur fines, so paying your stamp duty on time is crucial. However, first-home buyers can benefit from exemptions or concessions on stamp duty.
Discover the estimated amount of stamp duty you need to pay by using Odin Mortgage’s stamp duty calculator today!
What is stamp duty in NSW?
When buying property in Australia, you must pay stamp duty (or transfer duty). Australia has different stamp duty regulations per state/territory set by local governments, including discount qualifications.
It can be difficult to determine the exact amount of stamp duty for Australian residents, even more so for expats or foreign nationals.
Are Australian expats eligible for stamp duty exemption in NSW 2023?
Australian citizens or permanent residents, including Aussie expats, can take advantage of stamp duty exemptions and discounts available to residents. These particularly apply to first home buyers or properties under a certain value.
However, you must meet the same requirements as resident Australians in NSW. In NSW, the stamp duty exemptions may be offered in the following scenarios:
- First home buyers for properties below $650,000.
- New homes for properties up to $800,000.
- Concessions for existing properties valued between $600,000 to $800,000.
First Home Buyers' Grant
A grant of $10,000 is available for first-home buyers through the First Home Owner (New Homes) Grant scheme in NSW. The grant can be used towards a newly built or substantially renovated house, townhouse, apartment, unit, or similar property. It can also be used for related fees or as part of the deposit.
To qualify for the grant, each applicant must be at least 18 years old and a first home buyer as an individual (not a company or trust). If applying with a foreign spouse or partner, at least one applicant must be an Australian citizen or permanent resident.
Can foreign nationals qualify for stamp duty concessions in NSW?
Only Australian citizens or permanent residents are eligible for stamp duty exemptions or concessions. Foreign nationals are not eligible for these benefits and must pay the full amount of foreign stamp duty NSW on any property purchases, along with additional costs.
Foreign Stamp Duty in NSW
Foreign nationals purchasing a property in Australia are subject to an additional cost known as the Foreign Stamp Duty Surcharge. This surcharge is an extra fee ranging from 7% to 8% of the property purchase price on top of the standard stamp duty fee. The exact amount of the surcharge varies depending on the state or territory where the property is being purchased.
Foreign Investment Review Board
Foreign nationals are required to pay for an application to the Foreign Investment Review Board (FIRB) in addition to other costs. The FIRB is responsible for regulating foreign property investment in Australia to maintain market fairness.
Before purchasing an Australian property, the FIRB must approve your application, which is expensive. If you fail to seek approval and purchase a property, you could face expensive penalties or up to 10 years in prison.
While waiting for approval from the FIRB, you may apply for a home loan with Odin Mortgage and start searching for a property.
How to calculate stamp duty NSW using our calculator
Using the NSW Stamp Duty Calculator is easy. You will need to provide some information about the property you are purchasing, including its purchase price, location, and type (e.g., residential, commercial, or vacant land). The calculator will then provide you with an estimate of the stamp duty payable.
What factors affect the stamp duty calculation?
The stamp duty payable on your property purchase will depend on several factors, including:
- The purchase price of the property
- The location of the property (e.g., whether it is located in a metropolitan or regional area)
- The type of property (e.g., residential, commercial, or vacant land)
- Whether you are a first home buyer or not
- Whether you are buying an established property or a new property
- Whether you are purchasing the property as an individual or as a company or trust
Get in touch with Odin Mortgage today!
Odin Mortgage can assist you in obtaining approval for your home loan for an Australian property purchase in a timely manner. We will provide you with the most up-to-date comparison of home loan interest rates to ensure you receive the best possible deal. Additionally, we will provide guidance on securing a mortgage using income earned overseas.
Contact Odin Mortgage today to schedule a call and discover how we can assist you with your home loan needs.
Stamp duty in different Australian states
The stamp duty are different from state to state in Australia. Check out our stamp duty calculator for the following states for more information:
FAQs about the NSW property stamp duty calculator
The amount of stamp duty you’re required to pay is based on the property’s value and the state or territory where it’s situated. Odin Mortgage’s NSW Stamp Duty Calculator can accurately estimate the stamp duty fees you’ll need to pay based on your circumstances.
New South Wales has a set stamp duty fee of $9,285 and an extra charge of $4.50 for each $100 over $310,000.
Find out the amount of stamp duty charges and land tax you need to pay by using Odin Mortgage’s Stamp Duty Calculator for NSW. It’s crucial to enter your property details, such as the property value, into the calculator for accurate results.
The calculator will guide you through specifying the property type, such as primary residence, investment property, new home, existing home, or vacant land. Additionally, you’ll need to indicate any additional factors, such as dependent children, foreign purchaser status, or pensioner status.
If applicable, the calculator will evaluate the total government expenses associated with your land transfer duty, including any foreign buyers’ duty. The calculator will also itemise the government fees, mortgage registration fees, and any other expenses related to your property purchase.
In New South Wales, as an Australian citizen or permanent resident working overseas, you can access the same loan offers as those residing within the country. Our team at Odin Mortgage will work to find the ideal home loan solution with a reputable lender, taking into account your foreign income.
Lenders may impose a higher interest rate for foreign nationals, resulting in more substantial monthly repayments. However, at Odin Mortgage, we strive to secure the most favourable mortgage deal available for your Australian property purchase.
Australian expats who purchase property in New South Wales may be eligible for a stamp duty refund if they sell the property within five years of purchase or qualify for first-home buyer exemptions.
The amount of the refund you can get will depend on the circumstances of the sale, and the amount of stamp duty paid.
When purchasing a newly constructed property in NSW, developers may offer an off-the-plan concession depending on your situation.
To reduce the interest payable on your home loan balance, inquire with Odin Mortgage’s skilled brokers about using an offset account. This technique offsets your savings against your home loan, saving you money while keeping your savings accessible.