When budgeting for their first home, many buyers are more concerned with property costs and mortgage repayments that they often forget to calculate stamp duty costs.
Stamp duty (otherwise known as transfer of land duty) is applied during the sale and transfer of property purchases. The rate of stamp duty varies between Australian states and territories, and is also determined by the type and cost of the property in question. You may need to pay stamp duty on different types of purchases like:
Our handy Stamp Duty Calculator can help provide a guide on how much stamp duty you could be charged on your new home or land, based on how stamp duty is calculated in the Northern Territory (NT). On top of this, our calculator will also highlight any stamp duty exemptions or grants you may be eligible for.
To help you better manage your finances, be sure to also try out our Borrowing Power Calculator, Property Buying Cost Calculator, and Loan Comparison Calculator.
NT calculates stamp duty on the consideration (i.e. the amount you agree to pay for the property) or the unencumbered value of the property (i.e. the value of the property, disregarding any encumbrance, like money owed under mortgage).
To view the stamp duty formula used from 1 July 2017, please click the “rates and thresholds” button towards the bottom left of our calculator. Along with this formula, you will find information on the following:
We’ve provided a detailed breakdown of the information you’re required to enter into our calculator.
The results in this field include:
The total amount of these costs appears next to “total government fees”.
This part of the results estimates government grants for which you may be entitled. The total amount of these grants appears next to “total government grant”.
In NT, you can lodge your documents with the Territory Revenue Office (TRO). For further information on how stamp duty could affect you as well as extra insight into other exemptions and concessions, please visit the TRO website.
Our First Home Buyer’s guide helps clarify often confusing topics around purchasing a home, including the process of applying for a loan (as well as the different loans available), and the ongoing costs associated with owning a home.
To help you take that big step towards purchasing your new property, be sure to compare home loans with our online comparison tool. Instead of trawling through multiple websites to find value in your loan, you can compare a range of loans and find the one that suits your needs.
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The information in this article is accurate at 2 January 2018.