Stamp duty in QLD is calculated based on the sale price of the property, and while other factors may influence how much stamp duty you end up paying, you won’t pay more or less because of your property type (e.g. an apartment or a townhouse). Of course, some types of houses may be more valuable than others and therefore sell for a higher price and incur a higher rate of duty.
Your payable stamp duty on a given property transaction will not be affected by what you plan on using the property for. So whether you’re looking to occupy the home as an owner-occupier or rent it out as an investor, you’ll typically pay the same amount of stamp duty.
That being said, it’s worth noting that most stamp duty concessions and exemptions around Australia are typically only available to those looking to buy a home, rather than an investment property. So, depending on your buying circumstances, you may find yourself paying more in stamp duty on an investment property than if you’d bought a residential property for yourself to live in.
If you buy a home in Queensland from another state (like New South Wales), you’ll still have to pay the applicable QLD stamp duty. You will, however, also be able to claim the QLD concessions so long as you meet the relevant eligibility criteria.
If you’ve owned another property in Australia that was your primary residence, you won’t be eligible for the first home concession or first home vacant land concession. You may still be eligible to claim QLD’s home concession if you plan to move into the property within 12 months and it will be your principal place of residence.
Foreign buyers (whether they’re a resident, company or trust) that purchase residential land in QLD must pay however much regular stamp duty is payable on the transaction, plus a 7% additional foreign acquirer duty (AFAD).⁵
Stamp duty is typically due within 30 days of signing documents but before the sale is settled; the Queensland Government recommends having your documents stamped “well before settlement” if you’re buying property with the help of a home loan.⁶
Banks and lenders will generally have you sign these documents early on, so you can potentially include stamp duty in the amount you borrow for a mortgage if desired.
The concessions for stamp duty often require you to live in the property for 12 months and not sell or lease all or part of the property within that time. If you move out or put the home on the market, for example, you might lose the concession and be required to pay additional stamp duty. If the situation changes, you can apply for a transfer duty reassessment and pay any outstanding stamp duty from then. Any outstanding stamp duty may accrue interest and incur penalties.
The stamp duty rates charged on the sale of commercial properties are the same as the rates charged on the sale of residential properties.
Different parts of Australia will charge different rates of stamp duty and may have different considerations to take into account when calculating your payable stamp duty. We can assist you in learning more about how stamp duty works in:
While certain states have stamp duty concessions or exemptions for pensioners, there are no specific stamp duty concessions for pensioners or seniors in QLD. However, you may still be able to apply for the three concessions listed above if you meet the criteria, as none of them have age restrictions.
You may also want to consider speaking to a specialist lender for seniors, many of which exist and are dedicated to helping elderly Australians find the right home loans for their needs.
1 Queensland Revenue Office. Transfer duty rates. 2023.
2 Queensland Revenue Office. Home concession. 2023.
3 Queensland Revenue Office. First home concession. 2023.
4 Queensland Revenue Office. First home vacant land concession. 2023.
5 Queensland Revenue Office. Additional foreign acquirer duty (AFAD). 2023.
6 Queensland Revenue Office. When transfer duty applies. 2023.