Many first home buyers forget to account for stamp duty costs when searching for the perfect property. Also known as transfer duty, stamp duty is applied during the sale and transfer of property purchases. The rate of stamp duty differs between states and territories, and is influenced by the cost and type of property purchased.
Take a look at our easy-to-use Stamp Duty Calculator for a guide on how much stamp duty you could be charged on your property purchase in Queensland (when the QLD tab is clicked on the calculator). Calculating this amount earlier on can help you better manage your budget. Moreover, our calculator will also highlight any stamp duty exemptions or grants for which you may be eligible.
Help ease the stress of budgeting for a new home by using our Stamp Duty Calculator in conjunction with our Property Buying Cost Calculator, Borrowing Power Calculator, and our Loan Comparison Calculator.
How is stamp duty calculated in Queensland?
Queensland calculates their stamp duty on the unencumbered value of the property (i.e. the value of the property without any encumbrance, like money owed under mortgage), or the amount you purchase it for (whichever is greater).
Click the “rates and thresholds” button towards the bottom left of our house stamp duty calculator for current rates and thresholds for Queensland. The information you’ll see in this pop-up menu includes:
- First Home Owner Discount
- stamp duty: general rate
- home concession rates
- First Home Concession rate
- First Home Vacant Land Concession rate
- mortgage registration fee, which is a set amount in QLD and therefore doesn’t change on our stamp duty calculator
- land transfer fee
- First Home Owner Grant
- stamp duty: foreign purchaser.
Using our House Stamp Duty Calculator for Queensland
Below is a detailed breakdown of the information you’re required to input 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. You could expect:
- First Home Owner’s Grant: If you’re purchasing a new home or building a new home for the first time, you may be able to receive a grant. Depending on the date of your contract, you may receive $15,000 or $20,000 towards purchases valued at less than $750,000. You can claim this grant and a transfer duty concession, although each of these has their own eligibility requirements.
- First Home Concession: If you have never held interest in residential land, are buying a home valued at less than $550,000, and will live in the home as your principal place of residence, you may be eligible for a first home concession. For more information on First Home Concession requirements, please visit the Queensland Government website.
- First Home Vacant Land Concession: If you are purchasing vacant land valued at less than $400,000, have never held interest in a residential land, and will build your first home on this vacant land (among other requirements), you may be eligible for the First Home Vacant Land Concession.
If you select “no”, you could be eligible for the Home Concession if you purchase a home and move into it within one year of the transfer date, and live it the home as your principal place of residence.
- Property type: Select whether you’re purchasing your property as your primary residence or as an investment. If you’re purchasing property as an investment, you will be exempt from the home concession and first home buyer grant and concessions.
- Are you purchasing? Select whether you are purchasing an “established home”, a “new home”, or “vacant land”.
- Foreign purchaser: If you are a foreign purchaser acquiring residential land, you could expect an additional duty of 3%.
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: Queensland charges $181 for mortgage registration.
- Transfer fee: Queensland charges a $181.00 transfer fee. An additional fee can apply for lodging a transfer if the consideration is greater than $180,000. This fee is outlined in further detail in our “rates and thresholds” pop-out menu.
The total amount of these costs appears next to “total government fees”.
4. 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 Queensland, once your transfer liability duty is assessed, you can pay your stamp duty through credit card, telephone or internet banking, electronic funds transfer, or cheque or money order to the Office of State Revenue (OSR).
For more information on how stamp duty could affect you, as well as further insight into other exemptions and concessions, please visit the OSR website.
Find the right home loan for your needs
Finding the loan that suits your budget and lifestyle is an important step in purchasing your home. To compare a range of home loans with ease, try our online home loan comparison service today. Simply input the required information into our comparison tool, and you will be presented with a range of quotes from our panel of trusted lenders.
The information in this article is accurate at 2 January 2018.