GUIDES & RESOURCES

Stamp Duty Queensland

Saving for a house is a big deal. You probably know that you need to budget for a deposit, plus additional costs and you’re probably aware that stamp duty, also known as Transfer Duty, can be one of the big ones.

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What is Stamp Duty?

Stamp duty is a land transfer tax that applies to certain transactions such as the purchase of a home.

Other than the cost of your actual property, stamp duty could be the largest cost you pay when purchasing a home. And, stamp duty is typically paid in-full, upfront. You’ll usually be asked to pay stamp duty within 30 days of settlement. So, if you’re saving up for a deposit, it can be helpful to have an idea of how much stamp duty you’ll have to pay.

How is stamp duty 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 does the Queensland Stamp Duty Calculator work?

You’ll be pleased to hear that this is not difficult. In fact, it’s been especially created to keep things as simple as possible. All you have to do is enter some straightforward information. The Queensland Stamp Duty Calculator will then take your information and give you an estimate of the stamp duty you might expect to pay.

What information does the Queensland Stamp Duty Calculator need?

  • The state or territory of the property you’re buying: well, this one’s easy, Queensland. If you’re not buying in Queensland, you don’t have to pay stamp duty there and can select the relevant state or territory.
  • The purchase price of the property: Queensland Stamp Duty rates are based on a sliding scale of taxation, so generally the higher the property price, the higher the stamp duty rate will be.
  • The amount you’re expecting to borrow.
  • Whether you’re buying the property to live in or as an investment: In Queensland, people buying a home to live in will often be eligible for a concession.
  • Are you buying an established home, a newly constructed home or vacant land to build a home? This is important, because Queensland Stamp Duty is different for different types of property.
  • Are you a first-time buyer? Government grants may be available for first-time buyers which could reduce or eliminate stamp duty, if you meet a set of eligibility criteria.

And the result is?

The Queensland Stamp Duty Calculator will present you with a breakdown of results based on the details you entered. The results will include other costs you may encounter, like the possible mortgage registration fee and transfer fee. It will also show Queensland Stamp Duty concessions you may be entitled to. These costs are often higher than a lot of buyers expect, so it’s good to get an idea before you’re left worrying about paying unexpected charges. Like your home deposit, stamp duty is a usually big fee that you’ll probably need to create a savings plan for.

Is the Queensland Stamp Duty Calculator accurate?

The more accurate the data you put into the calculator, the more accurate your estimate is likely to be.

The Queensland Stamp Duty Calculator will give you a more accurate figure for Queensland than other stamp duty calculators as it uses figures from the State Revenue Office.

However, you should still only take these results as a guide, and remember that legislation could change and affect stamp duty costs. If you had a figure estimated some time ago, don’t assume it will still be relevant. Check again, near the time you’re going to buy your property.

Also, you likely won’t know a property’s dutiable value with 100% accuracy until it’s been purchased or professionally valued. Nevertheless, input your best guess using an online property report tool.

Are there any concessions or special circumstances?

Certain Stamp Duty concessions are available in Queensland including these listed below.

  • Home concession: a lower rate of duty (when buying another home after your first home)
  • First home concession: the lower home concession rate of duty plus a further rebate that may result in you paying no duty (when you have never owned a home before)
  • First home vacant land concession: the normal rate of duty plus a further rebate that may result in you paying no duty (when buying land to build your first home)

Remember, it’s worth checking, because certain concessions and special considerations can change over time.

These will be covered by most questions in the Queensland Stamp Duty Calculator, but it’s best to stay aware of what concessions if any, you may be eligible for. The conveyancer or solicitor you use when buying and settling the property will generally be able to provide guidance on stamp duty and relevant concessions.

Remember, other states are not the same, so if you hear of a concession in another state, it doesn’t mean it’s applicable in Queensland.

What other fees might I have to pay?

As discussed earlier, the Queensland Stamp Duty Calculator will give you a figure which shows other potential fees you could be charged. This includes the mortgage registration fee and transfer fee. Remember, though, there will be other fees that you should consider, such as your legal and conveyancing fees, mortgage application fees, mortgage insurance, council rates, building inspections and on and on. It’s always worth having some idea of those costs to avoid nasty shocks.

Where can I check these things?

Your home loan provider is a good start along with your real estate agent. They’ll have a lot of information and local knowledge and should be able to give you some good ballpark figures. But for more detailed advice—at a cost—ask your accountant.

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If you’re buying a home, you may also be on the lookout for a home loan provider that suits you. We’ve partnered with Lendi to help you compare a range of home loans from 35+ lenders online, give Lendi a call on 1300 186 260 (08:30-18:30).

Sources:
1.  https://www.qld.gov.au/housing/buying-owning-home/advice-buying-home/transfer-duty/how-much-you-will-pay/calculating-transfer-duty/how-to-calculate-transfer-duty
2. https://www.qld.gov.au/housing/buying-owning-home/advice-buying-home/transfer-duty/how-much-you-will-pay/concessions-on-transfer-duty/concessions-for-homes/home-concession
3. https://www.qld.gov.au/housing/buying-owning-home/advice-buying-home/transfer-duty/how-much-you-will-pay/concessions-on-transfer-duty/concessions-for-homes/first-home-concession
4. https://www.qld.gov.au/housing/buying-owning-home/advice-buying-home/transfer-duty/how-much-you-will-pay/concessions-on-transfer-duty/concessions-for-homes/first-home-vacant-land-concession

Last updated: 1/04/2021

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