Stamp Duty QLD

There are a few different factors that go into calculating Stamp Duty (also known as Transfer Duty) in Queensland, but to make it easy for you, we’ve made a handy calculator. Try it out! 

What is Stamp Duty? 

Stamp duty is a state-based tax that gets applied when certain assets, including houses and vehicles, are transferred from one owner to another. 

Aside from the property itself, stamp duty can be your biggest expense when buying a property. Stamp duty in Queensland needs to be paid in full within 30 days of settlement, so it’s definitely something you need to plan for. 

Who pays Stamp Duty in QLD? 

In Queensland, the person buying the property is responsible for paying the stamp duty. 

There are some cases, including divorce settlements, deceased estates and gifts, when stamp duty might not apply, or have a reduced rate applied, but always check with a conveyancer or solicitor to check about your individual situation. 

How much is Stamp Duty in QLD? 

Stamp duty in Queensland is usually calculated as a percentage of the purchase price. 

As of March 2023, the stamp duty rates in Queensland are:¹QLD Revenue Office – Transfer Duty Rates 

Do First Time Home Buyers have to pay Stamp Duty in QLD? 

Buying your first home in Queensland? First of all, congratulations! Second of all, you’ll be happy to know that you can get a concession on your stamp duty! Here’s what you need to know. 

The First Home Concession applies to homes valued up to $549,999 and can save you up to $15,925. 

If your home is under $500,000, you won’t have to pay any stamp duty at all. If your home is between $500,000 and $549,999, you’ll still get a concession. If your home is $550,000 or over, the First Home Concession won’t apply, but the Home Concession still might – more on that below. 

To be eligible for the First Time Home Buyer concession, you need to: 

• Be legally buying the home as an individual (rather than a trust or a company)
• Have never owned another residence in Australia, including holding interest in or partly owning a residence. 
• Be at least 18 years old 
• Move into the property within 1 year of settlement 
• Not sell, lease, or transfer any part of the property before you move into it. If you move out, transfer, or lease any part of the property in the first year, you might only be eligible for part of the concession. 
• Pay market value if the property is valued between $500,001 and $549,999 
• Not have already claimed the First Home Vacant Land concession 

Let’s look at some examples for different priced homes, with and without the rebate. Remember that the rebate cuts out at $550,000! 

Are there any other Stamp Duty concessions available in QLD? 

There are a handful of stamp duty concessions available in Queensland, each with different eligibility criteria. Let’s take a quick look at your options. 

First home concession 

As already mentioned, first home owners are eligible for a lower stamp duty rate plus an extra rebate. Depending on how much your home is, you might end up not paying anything. This is the one we’ve been talking about so far in this article! 

Home concession 

The home concession is a reduced stamp duty rate that applies to the first $350,000 of the home price. The regular rate then applies to the rest. As long as you meet all the requirements, the home concession is available even if you’ve owned a home before. If you’re eligible for this concession, you could save up to $7,175. 

First home vacant land concession 

This concession can save you up to $7,175 when you buy a vacant lot of land to build your first home, as long as the land is valued under $400,000. If you get this concession, you won’t be able to get the first home concession as well. 

It’s important to know that the first home concession is separate to the first homeowners grant and the regional home building boost grant. If you meet all the requirements, you might be able to claim more than one! 

What other fees might I need to pay besides Stamp Duty? 

There are a lot of costs when it comes to buying a house in Queensland. So take a minute before buying those season tickets to the Broncos and check out some of the other fees and expenses you might need to pay while buying a home. 

Conveyancing 

Conveyancing refers to the process of transferring ownership of a property from a seller to a buyer, usually with help from a solicitor and a real estate agent. In simple terms, a conveyancer makes sure that both the buyer and the seller do what they agree to do in the contract of sale, for example paying off any outstanding strata fees, making repairs, or removing rubbish from the land. In Queensland, conveyancing usually costs between $500 and $1300 plus disbursements. 

Mortgage Registration Fee 

Mortgage registration fees are paid to the state government to register the physical property as the security on your home loan. These fees go towards making sure all your documentation is properly lodged, including any transfers and mortgages. Each state is different, but in Queensland the Mortgage Registration Fee is currently $224.32.²Real Estate Institute of Queensland – Hidden costs when buying a house  

Transfer Registration Fee 

When you buy a property, there’s a legal document that makes the transfer from the seller to you official. The Queensland State Government charges a fee to manage that registration transfer. This fee can vary depending on the dutiable value of your property, your own personal exemptions or whether you’re dealing with state land.  

Where can I find and compare loans for my dream home? 

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