Stamp duty discounts

When purchasing property, there are a number of different transactions that generally require payment of stamp duty. Stamp duty is payable in all states, but as a first home buyer you may be entitled to generous concessions or exemptions on some or all of these fees.

Transfer stamp duty

Transfer Stamp Duty is payable to your State Government on the purchase price of the property. It’s generally due between the date of settlement and three months after the exchange of contracts. Check your contract for confirmation of due dates.

Mortgage stamp duty

Mortgage Stamp Duty is payable to State Government on the amount secured by your mortgage. It’s generally due upon settlement.

Mortgage registration fee

A Mortgage Registration Fee is payable when a mortgage is either established or discharged against a property.

New Stamp Duty Savings Introduced in NSW

As part of the 2010 state budget, the NSW Government has introduced a range of stamp duty concessions for property buyers. The stamp duty concessions include:

• no stamp duty charges for buyers over the age of 65 buying a newly constructed property, up to the value of $600,000 (buyers must sell their current place of residence)
• no stamp duty charges for any buyer purchasing a property off-the-plan or as a house and land package, up to the value of $600,000
• A 25% discount on stamp duty charges for buyers with properties currently under construction

The NSW stamp duty discounts are expected to remain in force until June 2012, and potentially save property buyers as much as $22,000.

Information for your state

These taxes/fees are state government-based fees and are applied according to the law of the state where the property is physically located (i.e. not the property that you live in, if you reside in another state). Each state government calculates these fees differently.

Queensland first home buyers save on stamp duty

Queensland first home buyers will find that it is easier to get into the property market as the State Government abolished stamp duty on homes up to $500,000 in value on September 1 2008.

For more information on stamp duty discounts

For full disclosure on any stamp duty concession entitlements, contact your state government. You can also talk to your local mortgage broker and we will return your enquiry within 2 business hours. Or call us at any time on 13 LOAN or direct on +61 2 9249 3739.