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If you’re thinking of buying a home, then you need to know about stamp duty.
Stamp duty is one of those hidden costs of buying a house. While it can be expensive, the good news is there are a range of stamp duty exemptions or concessions currently available around the country.
First home buyers in some states, for instance, may be eligible for full exemptions or concessions on stamp duty for off the plan or established homes.
To give you an idea of what you may be entitled to, this guide breaks down stamp duty exemptions and concessions and their requirements state by state.
In real estate, stamp duty is a tax charged by state governments on property transactions. Stamp duty applies to property that is bought or acquired, with the buyer or new owner paying the bill.
How much stamp duty costs depends on the type of property, buyer’s circumstances, and the state or territory where the sale took place.
Also called transfer duty, it’s generally paid within a set time from signing the contract. When budgeting for your home deposit, stamp duty should be factored into your costs. There are plenty of online stamp duty calculators to help.
Each state or territory offers its own stamp duty savings, but some exemptions or concessions are common across Australia.
First home buyer stamp duty exemptions are open to eligible buyers who’ve never owned property before. Property value thresholds generally apply.
These concessions apply to vacant land purchases by eligible buyers who are building their first home.
In some states, eligible concession cardholders like pensioners are sometimes entitled to concessions on stamp duty.
AKA off-the-plan transfer duty liability deferral, this can apply to new-build homes or units and defers the payment of stamp duty for a set amount of time.
In the ACT NDIS participants can apply for duty concessions when buying a home.
Many states offer concessions when property is transferred between spouses or as part of a deceased estate.
Farms transferred within families or young farmers buying their first farm may be eligible for duty concessions in some states.
Under the First Home Buyers Assistance Scheme, first home buyers can apply for full stamp duty exemption on properties valued under $650,000 or for a stamp duty concession on properties valued $650,000 - $800,000.
Buyers can defer transfer duty for up to 12 months after signing the agreement, or until the property is completed or handed over, on off-the-plan homes intended to be their main residence.
NSW offers stamp duty concessions for other types of property transfers, such as deceased estates or transfers between couples.
Buyers eligible for the First Home Owner Grant are entitled to stamp duty exemption on established properties valued up to $600,000, or a 50% duty reduction on valuations over $600,000 but no more than $750,000.
First home owners with a dependent child at or within 11 months of the contract of sale date may be entitled to stamp duty exemption on properties $150,000 or less, or an exemption on properties $200,000 or less.
All home buyers may apply for a stamp duty concession on new or established properties valued up to $550,000 if they use the property as their principal place of residence within 12 months of becoming entitled to possession and then live continuously in the property for at least 12 months.
For exemption from stamp duty in Victoria on off the plan purchases, buyers must first qualify for the first-home buyer duty concession or PPR concession. For first-home buyers, the dutiable value of the property cannot exceed $750,000. The dutiable value of the property cannot exceed $550,000 for receivers of the PPR concession.
Eligible concession card holders may be entitled to a one-off exemption from duty on homes valued at $330,000 or less, or a concession on homes valued $330,001 - $750,000.
Victoria offers stamp duty exemptions or concessions to young farmers plus duty refunds to buyers who weren’t aware of the available exemptions or concessions at the time of their property transfer.
Eligible buyers can apply for a home concession on stamp duty even if they’ve previously owned a home. The concession applies to the first $350,000 of the home’s value. Stamp duty is charged on the remainder of the balance.
A first home stamp duty concession is available to eligible buyers on homes valued under $550,000.
Eligible buyers can claim a first home vacant land concession on land valued under $400,000. Buyers must build their first home and move in within 2 years of settlement.
Certain transfers are exempt from stamp duty in Queensland including those between spouses or when buying a manufactured home.
WA offers stamp duty savings for first home buyers eligible for the First Home Owner Grant. A concessional rate of stamp duty applies to houses and land valued up to $530,000 or $400,000 for vacant land.
Spousal, charitable, or family farm property transactions may be exempt from stamp duty in WA.
Eligible first home buyers of an established home with a dutiable value of $500,000 may receive a 50 per cent stamp duty discount.
Eligible pensioners downsizing from one Tasmanian home to another may claim a 50 per cent reduction of stamp duty on properties $500,000 or less.
Tasmania also offers personal relationship duty exemption, breakdown of relationship duty exemption, and exemptions for family farm transfers.
SA does not offer a first home buyer stamp duty concession or exemption. Stamp duty exemptions only apply in circumstances such as family farm transfers, family law agreements, bankruptcy, or to religious or charitable bodies.
Eligible buyers pay no or reduced stamp duty if they haven’t owned any other property in the past two years. Full exemption is based on income thresholds. The scheme applies to all ACT properties at any price.
Stamp duty doesn’t apply to purchases of eligible off-the-plan units valued at $500,000 or less.
This scheme entitles eligible NDIS participants to an exemption from conveyance duty.
Stamp duty exemption forms are found on state or territory government revenue websites. As these schemes can change, be sure to check out for yourself eligibility requirements plus other exemptions or concessions on stamp duty you may be entitled to on your first home.
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