Stamp duty is a fee you will want to be aware of when buying a home in Queensland. Find out how it works, how much it could cost you, and if you are eligible for any of the available concessions as we run through a common question, what is stamp duty on a house?
If you are thinking of buying a property in Queensland one of the major up-front costs, besides your deposit, will be stamp duty. Stamp duty will be dependent of the property value, with some buyers eligible for concessions. So exactly what is stamp duty, how is it calculated, and what concession could you get?
If you are entering the property market, it is best to work with a Brisbane buyer agent experienced in property transactions. At Setlr, we can help you navigate your stamp duty costs by discussing how you can take advantage of concessions. Benefit from our expertise by calling 1300 1SETLR, emailing hello@setlr.com.au or reaching out through our online contact form.
What is Stamp Duty?
Stamp Duty, also referred to as transfer duty, is a fee that you pay to the government whenever you purchase land, property, or other assets. It is paid to transfer the ownership of that asset into your name.
You can think of stamp duty like a tax, the money it generates goes back into the economy through public sector funding, like education, roads, and healthcare. If you own a car, you would be familiar with paying stamp duty. However, when buying a property this can be a significantly higher sum of money. The rate of stamp duty on a property varies between the states and territories of Australia. It’s important to know the criteria and rates in your state when looking to buy.
How is Stamp Duty Calculated?
Now that we know what is stamp duty, we need to ask how is it calculated? Even with the many variable rates across the Australian states, stamp duty is influenced by a few common factors. These include:
- The value of the property or sale cost, whichever is higher
- The state or territory that the property is in
- The type of property, whether it is a house or unit, and owner-occupied or an investment
- If you are a first home buyer
- If you are classed as a foreign buyer
What is Stamp Duty on a House? A Queenslanders Guide
When buying a property in Queensland the stamp duty is payable to the Office of State Revenue. As with the rest of the states and territories, stamp duty costs are determined largely by the value of the property in Queensland.
If you are looking for the rate for QLD this can be found on the Queensland Revenue Office’s official website. Here you can also find the concessions and exemptions available for eligible QLD buyers.
Concessions are most common for first home buyers, but eligible purchases may also be entitled to concessions and exemptions that can result in some impressive savings.
What is Stamp Duty on a House? The Concessions You Need to Know
Queensland has concessional transfer rates for some buyers who intend to occupy the homes, known as owner-occupiers. It’s important you know the concessions and criteria. Please note that all figures apply to the rates as of 2024.
Home Concession
To claim a home concession, you must be legally acquiring the property and moving in with your personal belongings and living there daily within 1 year of settlement. This concession can be claimed even if you have owned a home before and can save you up to $7,175.
First Home Concession
As a first home buyer you are eligible for this concession. The main criteria require you have never held an interest in another residence, are over 18, and move in within 1 year of the settlement. This concession only applies to properties valued under $800,000 and can save you up to $24,525.
First Home Vacant Land Concession
If you are looking to build your first home, you can apply for the first home vacant land concession that saves you money when buying land. The criteria is very similar to the first home concession, but only up to a land value of $500,000. This concession could save you up to $10,675.
Setlr Buyers Agents Make It Easy
Now that we have answered what is stamp duty on a house it’s time to work with the Brisbane home buyers agent of choice for maximising savings when it comes to extra charges. We work with you to understand and navigate all aspect of stamp duty when buying your new property. Take that first step towards your new life. Call us today on 1300 1SETLR, email hello@setlr.com.au, or get in touch via our online contact form.