GUIDES & RESOURCES

Stamp Duty Northern Territory

If you’ve been thinking about buying a home in the Northern Territory, you might be in the process of saving up for a deposit and for any additional costs like stamp duty.

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What is stamp duty?

Stamp duty is a general tax that you need to pay when buying a home or transferring property to your name in the Northern Territory.

It’s a tax that’s imposed in every Australian state and territory, but the exact legalities can vary across the country.

It’s also one of several costs that are commonly associated with purchasing a home.

How is it calculated?

Similar to income tax, stamp duty is calculated on a sliding scale, rather than as a set percentage or flat fee.

It’s calculated based on the “dutiable value” of a property, otherwise known as the purchase price or the property’s value, whichever is greater.

Other factors, such as location and the property’s intended usage can also affect the amount of stamp duty payable.

How much does it cost?

In the Northern Territory, there are four different price brackets that determine how much stamp duty you would need to pay.

If the property you’re purchasing is less than $525,000, then there’s a formula that’s used to determine your stamp duty cost.

But if you’re buying a property that costs more than $525,000, then your stamp duty cost will be calculated based on a percentage of your property’s value.

The table below summarises the values listed under Northern Territory Government legislation. Below you can see the formula and range for how stamp duty is calculated in the NT. 

Property value

Stamp duty payable

Up to $525,000

(0.06571441 x V) + 15V, where V is 0.1% of the property’s value

$525,000 to $3,000,000

4.95% of the property value

$3,000,001 to $5,000,000

5.75% of the property value

More than $5,000,000

5.95% of the property value

When is stamp duty due?

In the NT, you typically need to pay stamp duty within 60 days of settlement. It’s a cost that needs to be paid upfront and cannot be paid in increments as a part of mortgage repayments.

When would I not need to pay stamp duty?

You generally won’t be required to pay stamp duty if the property transferral is due to the passing of the owning, a relationship/marriage breakup, or if ownership of the property is being transferred between married or de facto couples.

Do I still need to pay for stamp duty if I’m transferring my property to a family member?

Yes, you would typically be required to do so, unless you are exempt due to one of the following circumstances:

  • Having a spouse join you as a co-owner of the property
  • A transfer of property between family members, family companies and family trusts.

For more information, please visit the Northern Territory Government website.

What else should I budget for when buying a home?

On top of paying for your stamp duty, there are many costs associated with buying a home. Make sure you budget for the items listed below.

  • Deposit
  • Mortgage registration fee
  • Loan application fee
  • Transfer fee
  • Mortgage repayments
  • Lender’s Mortgage Insurance (if applicable)
  • Building and pest inspections
  • Moving costs
  • Conveyancing fees
  • Council and utility rates
  • Other expenses

Looking to compare home loans?

If you’re buying a home, you may also be on the lookout for a home loan provider.

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Updated last: 10/06/2022

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