Mortgage Stamp Duty in QLD
It is a charge which is applied by the state government on transactions relating to the transfer of land or property. It is paid upfront and needs to be budgeted for in addition to your loan deposit.
Here's a link to a Stamp Duty Calculator.
What Concessions are available in QLD?
Currently in QLD there are three significant Stamp Duty Concessions when purchasing a house, I’ve summarised these below:
| Home Concession |
|---|
| Available if purchasing a home to live in within 12 months. |
| Provides a concession discounting the Stamp Duty up to the first $350,000. |
| Maximum saving of up to $7,175. |
| Can be used in conjunction with other incentives. |
| First Home Concession |
|---|
| Available if purchasing a home to live in within 12 months. |
| Applicant must never have owned a property in Australia or Overseas. |
| 100% Stamp Duty waiver up to $500k. |
| Partial Stamp Duty waiver between $500k & $550k. |
| 0% Stamp Duty waiver over $550k. |
| Maximum saving of up to $15,925. |
| Can be used in conjunction with other incentives. |
| First Home Vacant land Concession |
|---|
| Available if purchasing vacant land to construct & live in within 24 months. |
| Applicant must never have owned a property in Australia or Overseas. |
| Maximum purchase price of $400k. |
| Maximum saving of up to $7,715. |
| Can be used in conjunction with other incentives. |
What affects the cost of Stamp Duty?
The amount of stamp duty you are required to pay differs in each state, however there are three factors, along with the value of the property, that determine how much stamp duty you will pay. Contributing factors include:
- Whether or not the property is a primary residence or investment property;
- Whether or not you are a first home buyer; and
- If you are purchasing an established home, a new home or vacant land.
There are a number of stamp duty calculators available online that take the guesswork out of budgeting for a property, including this one. Factoring in this additional cost cannot be overlooked when you are considering your capacity to repay a loan.
If you have any questions regarding stamp duty, or anything else relating to the purchase of your home, please email me or talk to one of our experienced Blue Fox Brokers.
FAQ
Do first home buyers have pay Stamp Duty?
In QLD, there is $0 Stamp Duty for first home buyers purchasing for under $500,000. Partial Stamp Duty for first home buyers buying betweem $500k & $550k.
Do you pay Stamp Duty when transferring a property to a family member?
Usually yes, however there are concessions available when adding a partner to a title, or when going through a divorce/seperatation.
How do I apply for exemptions?
Your Solicitor/Conveyancer should prepare the paperwork for the relevant Stamp Duty concessions.
What Government fees are involved other than Stamp Duty?
In a property purchase, the Government fees are: Stamp Duty, Transfer Fee (usually $500-$1,500) & Mortgage Registration ($209).
What is one applicant is a first home buyer, and the other is not?
Assuming one applicant meets all the regular criteria but the other does not, you will get a concession equal to 50% of the full amount.
References for "Mortgage Stamp Duty in QLD"
https://www.qld.gov.au/housing/buying-owning-home/first-home-concession/
Zak AveryOwnerMortgage Broker
About the Author
Zak has been a Mortgage Broker since 2015, and founded Blue Fox Finance in February 2017. He has all industry memberships, qualifications, insurances and has received over 100 5-star Google reviews.