Transfer duty, or stamp duty in Australia is payable when a property is purchased. This applies to owner-occupiers, investors, buying vacant land, commercial or a business that includes land.
In New South Wales, stamp duty is paid within 3 months of an exchange of contract (except off-the-plan purchases). So how much does one pay?
For instance, buying an established dwelling for $650,000 in New South Wales as an owner-occupier has a transfer duty of $24,585 applied. Is it a lot? Well it depends. Consider the duty payable in other states (based on a $650,000 property):
- NT: $32,473.00
- VIC: $25,552.57
- TAS: $24,974.00
- WA: $24,890.00
- ACT: $18,442.00
- QLD: $17,229.00
Is stamp duty completely avoidable? Not really. But avoiding the post-purchase shock or regret is. Do your research. Seek the right advice from the right experts.
Use an experienced and qualified buyers agent to discuss the property buying needs specific to you. Fortune Property Finder is a trusted, experienced buyers agent in Newcastle, acting exclusively for the buyer. Contact us at info@fpf.net.au to ask how we help.
Transfer duty does not include conveyancer fees, transfer fees, mortgage registration fees or other grants or concessions offered on a state basis. Foreign buyer circumstances also vary. Therefore, this information is of a general nature. Individual circumstances may vary.