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:
- vehicle registration duty,
- insurance duty,
- corporate trustee duty, and
- landholder duty.
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.
How is stamp duty calculated in the Northern Territory?
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:
- First Home Owner Discount
- Principal Place of Residence Rebate
- stamp duty: senior, pensioner, and carer concession
- mortgage registration fee, which is a set amount in NT and therefore doesn’t change on our stamp duty calculator
- land transfer fee, which is also a set amount in NT
- First Home Owner Grant.
Using our House Stamp Duty Calculator for NT
We’ve provided a detailed breakdown of the information you’re required to enter into our calculator.
1. Enter your details
- Value of property: Punch in the value of the property you’re planning to purchase. The value may be for an established home, a house-and-land package, or vacant land.
- Are you a first home buyer? If you are purchasing a home for the first time, select “yes”. In this instance, you may be eligible for certain grants and concessions like the following:
- First Home Owner Grant: $26,000 grant for purchasing or building a new home for the first time.
- First Home Owner Discount: Up to $23,928.60 stamp duty concession for first-time home buyers purchasing an established home valued up to $650,000. This means if you’re purchasing a home under $650,000, you might receive a total exemption from stamp duty.
- Property type: Select whether you’re purchasing your property as your primary residence or as an investment. If you’re purchasing a new home or vacant land to build a new home as your place of primary residence, you might be eligible for a stamp duty reduction of up to $7,000. This rebate doesn’t apply to those eligible for the First Home Owner Grant or seniors, pensioners, and carers stamp duty concessions. This Principal Place of Residence Rebate applies to non-first home buyers who are purchasing or building a new home.
- Are you purchasing? Select whether you are purchasing an “established home”, “new home”, or “vacant land”.
- Eligible pensioner: If you are an eligible pensioner aged 60 years and older, or a pensioner or carer holding a Northern Territory Pensioner and Carer Concession Card, you could receive a $10,000 in stamp duty concession.
2. Government fees
The results in this field include:
- Stamp duty on property: An isolated cost of stamp duty you would be required to pay for your property based on the information provided.
- Mortgage registration: NT charges a $142 mortgage registration fee.
- Transfer fee: NT charges a $142 transfer fee. This is the cost of transferring the land and titles into your ownership.
The total amount of these costs appears next to “total government fees”.
3. Government grant
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”.
Where do I pay my stamp duty?
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.
We make purchasing your home even easier
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.