Stamp duty is a state government tax on property transactions that represents one of the largest upfront costs associated with buying a home. The amount payable varies significantly between states and territories, and is calculated on the purchase price or market value of the property being transferred.
Each Australian state and territory sets its own stamp duty rates, thresholds, and concession arrangements. First home buyers are eligible for stamp duty concessions or exemptions in most jurisdictions, with the specific thresholds and benefits varying by state.
Stamp duty is calculated on a progressive scale in most jurisdictions, with higher value properties attracting higher effective rates. Foreign purchasers pay an additional surcharge in most states on top of the standard stamp duty rate.
Budget planning for a property purchase should include stamp duty alongside conveyancing fees, building and pest inspection fees, mortgage registration costs, and lenders mortgage insurance if the deposit is less than 20 percent of the purchase price.
Stamp duty rates and thresholds used in calculations reflect current state and territory legislation. Calculations are estimates only and should be verified with a licensed conveyancer or solicitor for individual transactions.