Stamp Duty Calculator
Are you up to speed with stamp duty in Australia? Every state and territory Downunder has its own stamp duty rates and regulations.
Depending on your circumstance, your stamp duty could cost you tens of thousands of dollars. Although, first-home buyers are in a prime position and can usually obtain an exemption or concession from paying stamp duty. Once again, this varies accordion to your state or territory.
As an Australian Expat, would you expect to pay more stamp duty than a resident Aussie?
Well, provided you are an Australian citizen, you are at no disadvantage! You can still apply for exemptions as a first home buyer, in addition to government grants and incentives.
You need to pay stamp duty within a certain window, typically between 30 and 60 days from the date of sale completion. It’s essential to pay your stamp duty on time, as fines may be applicable for late or missed taxes.
Do you know how much you must pay when buying an Aussie home? Are you eligible for any concessions or exemptions?
Find out how much stamp duty you need to pay using Odin Mortgage’s stamp duty calculator today!
What is stamp duty?
Stamp duty is a tax you must pay when buying a property in Australia. Many countries worldwide require homebuyers to pay for stamp duty, also known as transfer duty.
However, Australia is unique in how stamp duty rules vary from state to territory. Each local government decides how much stamp duty is payable and who benefits from discounts.
It can be challenging to know how much stamp duty you must pay in Australia as an Aussie resident. However, as an Australian Expat or foreign national, you may be understandably clueless!
How much stamp duty do I need to pay?
The total stamp duty you need to pay depends on the property’s value and location (state or territory). Use Odin Mortgage’s Stamp Duty Calculator to receive an accurate stamp duty fee for your circumstance.
However, here are the latest stamp duty rates for each Aussie state or territory:
Stamp Duty Rates
Australian Capital Territory
New South Wales
When will I need to pay stamp duty?
You must pay stamp duty when you have bought a property or vacant land in Australia. This applies when purchasing residential, investment, or vacant land.
You will be given a certain number of days after the settlement date to pay the stamp duty fee. However, states and territories handle this procedure differently, with fees payable on varying dates.
Here is the amount of time each state or territory will allow you to pay your stamp duty:
- Western Australia: Pay 60 days after the settlement date.
- Queensland: Pay 30 days after the settlement date.
- Victoria: Pay 30 days from the settlement date.
- Northern Territory: Pay 60 days from the settlement date.
- Southern Australia: Pay on the day of settlement.
- Tasmania: Pay 90 days from the settlement date.
- Australian Capital Territory: Pay 28 days from the settlement date.
- New South Wales: Pay 90 days from the settlement date.
Am I eligible for a stamp duty exemption?
Some states and territories provide stamp duty exemptions or concessions. Typically, you could be exempted from stamp duty if you are a first-home buyer or your property is valued under a certain threshold.
Here are the most recent stamp duty exemptions and concessions available across Australia’s states and territories:
Australian Capital Territory
New South Wales
First Home Buyers’ Grant
Most first-home buyers will also be eligible for the First Home Buyers Grant. Depending on your state or territory, you could receive a grant of either $10,000 or $15,000. You can spend the grant on anything related to your property purchase, paying for fees, or even toward your deposit.
To qualify for the First Home Buyers Grant, you must be a first home buyer with Australian citizenship or permanent residency. You must be 18 years old or over, and the property you buy must be new.
Do Australian expats qualify for stamp duty exemptions?
Provided that you are an Australian citizen or permanent resident, all stamp duty exemptions and concessions are open to Aussie Expats. However, you must meet the standard requirements like a resident Aussie.
Can foreign nationals qualify for stamp duty exemptions?
Foreign nationals will not qualify for stamp duty exemptions. You must be an Australian citizen or permanent resident to qualify for any exemptions or concessions related to stamp duty.
As well as paying the total amount of stamp duty for any property purchases, foreign nationals have additional costs to pay.
Foreign Stamp Duty Surcharge
The Foreign Stamp Duty Surcharge is an extra cost applicable for foreign nationals. You will need to pay between 7% to 8% of the property purchase price on top of the standard stamp duty fee. The surcharge will vary depending on the state or territory where you buy a property.
However, there is no foreign stamp duty surcharge in Tasmania, Northern Territory, or Australian Central Territory.
Foreign Investment Review Board
An additional cost for foreign nationals to pay is an application to the Foreign Investment Review Board. The Foreign Investment Review Board (FIRB) oversees foreign property investment in Australia to keep the property market fair.
The FIRB must approve your application before you can purchase an Aussie property. This application costs several thousand dollars and is a mandatory requirement. You will face a fine of up to $3,300,000 or up to 10 years in prison if you buy a property in Australia without approval.
However, you can apply for your home loan with Odin Mortgage and look for a property while awaiting approval from the FIRB.
How can I calculate stamp duty?
You can use our Stamp Duty Calculator to estimate the total stamp duty payable for your property! Simply enter the following information:
- Location: The state or territory you are buying a property in.
- Property price: The value of the property.
- Status: Are you a first-home buyer?
- Purchase type: Will the property be your primary residence or an investment?
- Property type: Is the property existing, a new home, or vacant land?
- Pensioners: Pensioners are eligible for concessions in some states.
- Foreign purchaser: Some foreign purchasers need to pay an additional surcharge.
- Income: What is the total income of all purchasers?
- Dependents: Do you have any children?
Our expert stamp duty calculator will total your entire transfer duty. You will also determine your eligibility for the First Home Owner Grant.
Get in touch with Odin Mortgage today!
Odin Mortgage will quickly approve your home loan for a property purchase in Australia! We will offer you the latest comparative home loan interest rates for the best deal. Furthermore, we will advise you on how to get a mortgage with overseas income.
Read our Testimony Wall to discover glowing reviews from the customers we have helped secure a home loan in Australia! You can learn more about who we are at Odin Mortgage and how we can help you by reading our FAQs.
Request a call from Odin Mortgage now and find out how we can help you! As Australian Credit Licence holders, you can trust our service!
Stamp duty in different Australian states
The stamp duty rules change from state to state in Australia. While some states do not offer stamp duty exemptions and have higher stamp duty rates, others have no stamp duty payable for properties under a certain value. You can check out the stamp duty calculator and guide for the following states for more information.
Frequently asked questions
Use Odin Mortgage’s Stamp Duty Calculator to determine how much stamp duty land tax is payable. You must enter property details such as property value into the stamp duty calculator.
Will this be your primary residence, investment property, new home, vacant land, or existing home? In addition, enter into the calculator if you have dependent children, foreign purchaser status, or are pensioner.
The total government costs of your land transfer duty will be stated, along with foreign buyers’ duty if applicable. You will also see the government fees, mortgage registration fees, and other costs associated with your purchase.
If you are an Australian citizen or permanent resident, you will have the same great loan deals despite working overseas. Considering all overseas income, we will negotiate a perfect home loan deal with a fantastic lender.
If you are a foreign national, lenders may charge you a higher interest rate, resulting in higher monthly repayments. However, at Odin Mortgage, we will act to secure the best available deal for your Australian mortgage!
Depending on your circumstances, you could receive an off-the-plan concession from a developer when buying a brand-new home.
Ask Odin Mortgage’s expert brokers about an offset account to help reduce the interest payable on your home loan balance. This method offsets your savings against your home loan, saving you money whilst your savings remain accessible.