Stamp Duty - General Rate - from 6 June 2018
Stamp Duty - Home buyer concession After 1 September 2013 established home are now no longer eligible for the Home Buyers Concession Scheme.
The following thresholds apply to eligible properties purchased from 6 June 2018
Eligible Vacant Block (Land)
Income threshold amountTo be eligible for a duty concession, the income test must be satisfied. The combined total income of all applicants and their domestic partner/s over the 1 year period prior to the date of the grant, transfer or agreement for transfer (whichever is first) must be less than or equal to the relevant income threshold as follows:
Stamp Duty - Pensioner duty concession
Property value threshold amount after 6 June 2018.
Eligible property (residential home)
Eligible vacant block (land)
Mortgage Registration Fee 2018 -2019: $145.00
Land Transfer Fee: $386.00
First Home Owner Grant: After 1 January 2017, the First Home Owner Grant will reduce to $7,000 from $10,000.
Stamp Duty - General Rate
Stamp Duty - Foreign Purchaser: From 1 July 2017, the foreign purchaser duty rate increased from 4 per cent to 8 per cent.
Stamp Duty - First Home Buyers Assistance: From 1 July 2017 the First Home New Home scheme will be replaced by the First Home Buyers Assistance scheme. First home buyers will not have to pay duty for both new and existing homes for properties up to $650,000. The duty will be reduced for amounts between $650,000 and $800,000. Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000, and will receive concessions on duty for vacant land valued between $350,000 and $450,000. To calculate the First Home Buyers Assistance concession on a home between $650,000 and $800,000, multiply the purchase price by 21% and subtract $136,510. To calculate concession on land between $350,000 and $450,000, multiply the purchase price by 0.1574 and subtract $55,090.
First Home Owner Grant (New Homes) from 1 July 2017 a) First home owners can access a $10,000 grant for: b) building a new home under a home building contract where the contract price, when added with the land value, does not exceed $750,000 c) a new home being built by an owner builder where the value of the land and building does not exceed $750,000 or purchasing a new home worth up to $600,000.
New Home Grant schemeThe New Home Grant scheme, providing a $5,000 New Home Grant closed on 30 June 2017.
Mortgage Registration Fee from 1 July 2018: $141.60
Land Transfer Fee: $141.60.
Stamp Duty - General Rate Duty is calculated on the purchase price or unencumbered value of the dutiable property, whichever is the greater, as follows: - Where the dutiable value does not exceed $525,000 in accordance with the follow formula:
D = (0.06571441 x V2 ) + 15V
Where
D = the duty payable in $
and
V = the dutiable value 1000
From 1 July 2017, where the dutiable value exceeds $525,000, but is less than $3 million - 4.95 per cent of that amount. From 1 July 2017, where the dutiable value is $3 million or more - 5.75 per cent of that amount. From 1 July 2017, where the dutiable value is $5 million or more - 5.95 per cent of that amount.
First Home Owner Discount (FHOD) From 1 September 2016, the FHOD is a stamp duty saving of up to $23,928.60 for established homes valued at $650,000 or less. This equates to a full stamp duty concession on the initial $500,000 value of the home.
Principal Place of Residence RebateAfter 4 December 2012, this duty concession increases to $7,000 and available for new home or land to build new home. The PPRR is not available to persons eligible for the First Home Owner Grant
Stamp Duty - Senior, Pensioner and Carer ConcessionAfter 28 April 2015 the SPCC is an amount up to $10,000 off the stamp duty payable which represents the stamp duty on approximately the first $292,300 of the value of the property acquired.
Mortgage Registration Fee: $145.00 from 1 July 2018
Land Transfer Fee: $145.00
First Home Owner Grant: From 7 May 2019, the FHOG will be reduced to $10,000 from $26,000.
Stamp Duty - Home Concession Rates
Stamp Duty - First Home Concession Rate
Stamp Duty - First Home Vacant Land Concession rate
Mortgage Registration Fee after 1 July 2018: $187.00
Land Transfer Fee: $187.00 + additional fee for lodging a transfer if the consideration is more than $180,000 - $35.00 for each $10,000 or part of $10,000 more than $180,000
First Home Owner Grant: From 1 July 2018, for new home, the grant decreases to $15,000 from $20,000. The cap is $750,000
Stamp Duty - Foreign Purchaser: From 1 July 2018, QLD increases its additional foreigner acquirer duty rate from 3% to 7%.
Stamp Duty - All Rate
Stamp Duty - Foreign Purchaser: From 1 January 2018, the foreign purchasers are required to pay a foreign ownership surcharge of 7% of the value of the interest in residential land.
Mortgage Registration Fee: $163.00
Land Transfer Fee: from 1 July 2018:
First Home Owner Grant: FHOG is $15,000 for first home owners who build or purchase a brand new home. FHOG is no longer available for established home for an established home after 1 July 2014
If you purchase the vacant land, the stamp duty is levied on both land value and building cost rather than land element only
Stamp Duty - Foreign Purchaser: From 1 July 2018 TAS introduces a Foreign Investor Duty Surcharge of an additional 3 per cent on the dutiable value for all transactions of residential property by foreign persons. An additional 0.5 per cent also applies on the dutiable value of a property for all transactions of primary production property by foreign persons.
First Home Owner Grant: After 1 January 2016, eligible First Home Owners are entitled to a one-off $20,000 for new constructed home.
Mortgage Registration Fee after 1 July 2018: $135.09
Land Transfer Fee: $206.98
Stamp Duty - Non Principal place of Residence RateFor the purchase of any other property (i.e. not Principal place of residence) for contracts entered into on or after 6 May 2008.
Stamp Duty - Foreign Purchaser: On or after 1 July 2016, a foreign purchaser must pay additional duty of 7 per cent on the dutiable value of the purchased property. In calculation, this 7% is applied across the thresholds rather than the final duty of Australian residence.
Stamp Duty - Principal Place of Residence (PPR) RateFor the purchase of a home (which will be used as Principal place of residence) for contracts entered into on or after 6 May 2008.
Stamp Duty - First Home Buyer Concession after 1 July 2017
VIC abolishes stamp duty for both new and existing properties under $600,000. First home buyers purchasing a property between $600,000 and $750,000 also receive a tapered discount.
If a first home buyer purchases vacant land to build a new home to be their principal place of residence, the home must be built within 12 months for the FHB concessions to apply (choose "Yes" for the Option "Are you first home buyer"). If the buyer takes more than 12 months to build the home, they are not eligible for the First Home Buyer Concession (choose "No" for the Option "Are you first home buyer").
Eligible pensioners are entitled to the exemption or concession. The calculation & formula used in the calculator for the Pensioner and first home owner exemptions and concession can be found in the Victoria Duties Act 2000, amendments as at 1 July 2011.
Mortgage Registration Fee 2018 - 2019: (a) Paper Transaction: $116.80 (b) Electronic Transaction: $108.10
Land Transfer Fee: (a) Paper Transaction Fee: the sum of $96.10 plus $2.34 for every whole consideration, the maximum fee is $3,606.00(b) Electronic Transaction Fee: the sum of $87.30 plus $2.34 for every whole consideration, the maximum fee is $3,597.00
First Home Owner Grant after 1 July 2017: The First Home Owner Grant (FHOG) has increased from $10,000 to $20,000 for new homes built in regional Victoria (see below) and valued up to $750,000.
Property Location for First Home Owner Grant
Stamp Duty - General RateThe general rate of duty applies to most dutiable transactions not relating to residential land, and is assessed on the dutiable value of the transaction. The dutiable value is generally the greater of the consideration paid for the dutiable transaction, or the unencumbered value of the dutiable property that is the subject of the transaction.
Stamp Duty - Residential RateResidential property includes primary residences, rental properties and vacant land where building commences within 5 years.
Note: If the dutiable value of a residential property is between $116,001 and $200,000, the Residential Rate of Duty will result in a lower assessment of transfer duty. In the calculator, if dutiable value is less than $116,001 and the purchaser isn't a first home owner, the calculation will use this rate, otherwise use Residential Rate.
Stamp Duty - First Home Owner Rate – Established Home as at 3 July 2014
Stamp Duty - First Home Owner Rate – Vacant Land
Stamp Duty - Vacant Land According to WA Department of Finance: Where vacant land is bought, duty will initially be charged at the general rate. Once a house is built on the land that is eligible for the First Home Owner Grant, a refund will be available, on application, once the grant is issued.
Stamp Duty - Foreign Purchaser: From 1 January 2019, foreign buyers duty imposes additional 7% duty on the dutiable value
Mortgage Registration Fee from 1 July 2018: $171.20
Land Transfer Fee from 1 July 2018:
First Home Owner Grant: After 1 July 2017, First Home Buyer Grant reduced to $10,000 from $15,000. The cap limits the total value of properties (i.e. total value of home and land) to $750,000.00 or less, or if the home is located north of the 26th parallel to $1,000,000 or less.
Note: The information provided by the calculator is intended to provide illustrative examples based on stated assumptions and your inputs. Calculations are meant as estimates only and it is advised that you consult with a mortgage broker about your specific circumstances. Financial Calculators © VisionAbacus Pty Ltd
