Stamp duty is one of the biggest upfront costs that you’ll have to pay when buying a property. So exactly what is stamp duty on a house and how much will you have to pay? Read on to learn all about what is stamp duty and the purpose it serves in property.
Get home loans for professionals with MediPro Capital Finance. Call our team on 1300 375 626 or get in touch via our online form to learn more about what is stamp duty.
What is Stamp Duty on a House?
Stamp duty, or duty, is a tax that is paid to the state or territory governments when making certain purchases. These purchases are usually the sale or transfer of property, like houses, land, or investment properties. Stamp duty will also apply on other personal and business-related purchases like vehicles.
When buying a house, the government will charge you a percentage of the price of the property, or another pre-determined amount based on dollar amount. This can be up to tens of thousands of dollars in stamp duty. That’s on top of any mortgage, deposit, or other expenses related to the purchase of a house. So how much is stamp duty on a house, and will you have to pay it at all as a first home buyer?
How Much is Stamp Duty on a House?
When asking how much is stamp duty on a house there isn’t a clear definitive answer. There are multiple factors that determine how much you will owe when buying a new property. The price of the property, the state you live in, and your eligibility to pay exemption play a major role in how much stamp duty you pay.
Stamp Duty State-to-State
If you are asking yourself how much is stamp duty on a house, it all depends on where said house is. Below is a breakdown of stamp duty across the states and territories of Australia, as well as the available concessions in each state.
New South Wales
The rates in NSW vary widely, but for properties priced between $300,000 and $1,000,000, the stamp duty payable is $8,990 plus $4.50 for every $100 over $300,000. High value properties worth $3,000,000 or above have a stamp duty payable of $250,490 plus $7 for every $100 over $3,000,000. In NSW, first home buyers have a concession of $10,000.
Get an accurate estimate for NSW stamp duty with our stamp duty calculator
Queensland
In QLD, when a property falls between $75,000 and $540,000, the stamp duty is $1,050 plus $3.50 for every $100 over $75,000. When the property exceeds $540,000, the stamp duty increases to as much as $38,025 plus $5.75 for every $100 over $1,000,000 for properties valued at more than $1,000,000. First home buyer concessions are available for properties valued at less than $550,000 in QLD.
Get an accurate estimate for QLD stamp duty with our stamp duty calculator
Victoria
In VIC, stamp duty is calculated on a sliding scale, starting at 1.4% on properties valued at $25,000 and below and going up to 5.5% for properties valued over $960,000. This results in it being one of the more expensive states for stamp duty on a house. However, in Victoria first home buyers will not have to pay stamp duty at all on properties that cost less than $600,000, and at a reduced amount for properties between $600,001 and $750,000.
Get an accurate estimate for VIC stamp duty with our stamp duty calculator
Loans For Medical Professionals
At MediPro Capital Finance, we are a trusted mortgage broker for doctors, veterinarians, and everyone in between. We are here to help you understand what is stamp duty on a house, and any other financial questions you may have.
If you work in a medical field and need award winning financial services, make us your first choice. For the best rates and complete financing solutions reach out to our team on 1300 375 626 or get in touch via our online form.