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First Home Buyer’s Guide to Stamp Duty

If you’re buying your first home one of the inevitable costs you’ll need to pay is stamp duty.stamp duty

This is a State based government tax on all property transactions paid by the purchaser.

The amount you’ll need to pay is significant, but varies from State to State however first homebuyers can benefit from exemptions and concessions in all Australian states and territories, except Tasmania and the Northern Territory.

Here’s what you’re up for:

New South Wales

Buying your first home?

The New Home scheme provides first homebuyers with an exemption from stamp duty on new properties valued up to $550,000, and concessions on new homes valued between $550,000 and $650,000.

NSW-1

Buying vacant land:

First-time purchasers buying a vacant block pay no duty on land valued up to $350,000.

They also receive concessions for vacant land valued up between $350,000 and $450,000 .

NSW-2

Get more information here

Queensland

Home Buyers:

The Queensland government gives all homebuyers stamp duty concessions, but first homebuyers receive additional discounts on properties valued up to $550,000.

Purchasers deduct the following amounts from the standard homebuyer concession rates.

QLD-concessions

Buying vacant land: 

Concessions for buying vacant land for a first home are available for blocks valued up to $400,000.

As with the first homebuyer concession, these amounts are deducted from the standard concession rates.

QLD-vacant-land-concessions

Get more information here

Victoria

First homebuyers in Victoria receive a 50 per cent stamp duty reduction when purchasing a new or established property, or vacant land valued up to $600,000 (see table below).

Vic-concessions

Get more information here

Western Australia

Buying a home:

First homebuyers in Western Australia pay no stamp duty on properties valued under $430,000.

Then they pay a concessionary rate of $19.19 per $100 or part of $100 above $430,000 for properties up to a value of $530,000.

Buying vacant land:

First-time buyers are exempt from stamp duty on land purchase below $300,000, and only pay $13.01 per $100 or part of $100 above $300,000 (up to a value of $400,000).

Get more information here

A.C.T.

Buying a home:Real Estate Concept

First homebuyers pay only $20 duty on purchases of ‘new or substantially renovated residential homes’ up to the value of $446,000.

A concessionary rate of $17.55 for each $100 (or part thereof) above $446,000 applies to properties up to a value of $550,000.

Buying vacant land: 

First-time buyers also only pay $20 on land up to the value of $266,700.

A concessionary rate of $23.50 for each $100 (or part thereof) above $266,700, up to a cap of $298,300.

Get more information here

South Australia

If homebuyers purchase a new or substantially refurbished apartment they can be eligible for the off-the-plan stamp duty concession.

A saving of up to $21,330 is available, capped on properties over $500,000.

However, the contract to purchase has to have been entered before 30th June 2014.

There is a partial concession available for off-the-plan apartments that are purchased within a defined map area in Adelaide.

The contracts to purchase have to be entered between 28th October 2013 and 30th June 2016.

The percentage of concession is determined by what stage of construction the apartment is in.

Get more information here

All information correct as the time of writing in April  2015.



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Michael is a director of Metropole Property Strategists who create wealth for their clients through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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