What Is Stamp Duty?
Stamp duty or transfer duty is a fee that is imposed by the government when a property is transferred from one owner to another. It is payable on all property purchase transactions in Queensland. The amount charged is calculated according to property value and whether you’re purchasing the property as a home or an investment. The higher the property value, the more stamp duty you will need to pay.
Stamp duty can be a major additional cost towards purchasing a property, but concessions and discounts are applicable under different situations; for example, first home buyers pay a lower rate of duty than somebody buying an investment property.
Three significant factors primarily determine stamp duty:
- The territory you’re buying the property in,
- The value of the property,
- Eligibility for any concessions or exemptions.
How Do I Calculate Stamp Duty In QLD?
The Queensland Office of State Revenue (OSR) determines the stamp duty by applying a transfer duty rate to the ‘dutiable value’ of your property. Your property’s dutiable value is its market value or the amount you agree to pay for the property, whichever is higher . Even if the property is a gift, you might still be required to pay transfer duty based on the property’s market value. The stamp duty (transfer) rates for Queensland (QLD) from 1 July 2020 are as follows:
| Property Value | Stamp Duty (Transfer Duty) Rate |
|---|---|
| $0-$5,000 | $0.00 (No stamp duty) |
| $5,001 to $75,000 | $1.50 for each $100, or part of $100, over $5,000 |
| $75,001 to $540,000 | $1,050 plus $3.50 for each $100, or part of $100, over $75,000 |
| $540,001 to $1,000,000 | $17,325 plus $4.50 for each $100, or part of $100, over $540,000 |
| More than $1,000,000 | $38,025 plus $5.75 for each $100, or part of $100, over $1,000,000 |
Source: QLD Government
What Other Fees Are There With Stamp Duty In The QLD?
In addition to the stamp duty, there is the:
- Mortgage Registration Fee – $208.83 (It is a flat fee charged for registering the mortgage on the property title.)
- Land Transfer Fee – $208.83 + additional fee for lodging a transfer if the consideration is more than $180,000 – $39.22 for each $10,000 or part of $10,000 more than $180,000
Note: The stamp duty is correct to the threshold, but the mortgage registration fee and transfer fee has differences.
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TRY IT NOWQLD Stamp Duty Exemptions
| - | Stamp Duty Concessions |
|---|---|
| Home Concession | If you move into the property within 12 months of purchasing it and intend to make it your principal place of residence, you could qualify for the home concession. |
| First Home Concession | If the value of home is under $500,000. You can avoid paying stamp duty altogether. And if between $500,000 and $550,000, you will have a reduced stamp duty rate. |
| First Home Vacant Land Concession | If you purchase a vacant land and intend to build a home that’ll be your primary residence, you might be eligible for this concession. There is no stamp duty for land that sells for less than $250,000 and you could benefit from a reduced stamp duty fee on land that sells for between $250,000 and $400,000. |
Source: QLD Government
Home Concession Rate
| Dutiable Value | Duty Threshold |
|---|---|
| Up to $350,000 | $1.00 for each $100 or part of $100 |
| $350,001 to $540,000 | $3,500 + $3.50 for every $100 or part of $100 over $350,000 |
| $540,001 to $1,000,000 | $10,150 + $4.50 for every $100 or part of $100 over $540,000 |
| More than $1,000,000 | $30,850 + $5.75 for every $100 or part of $100 over $1,000,000 |
Source: QLD Government
First Home Concession Rate
| Dutiable Value | Duty Threshold |
|---|---|
| Up to $505,000 | $8,750 |
| $505,000 to $509,999.99 | $7,875 |
| $510,000 to $514,999.99 | $7,000 |
| $515,000 to $519,999.99 | $6,125 |
| $520,000 to $524,999.99 | $5,250 |
| $525,000 to $529,999.99 | $4,375 |
| $530,000 to $534,999.99 | $3,500 |
| $535,000 to $539,999.99 | $2,625 |
| $540,000 to $544,999.99 | $1,750 |
| $545,000 to $549,999.99 | $875 |
| $550,000 or more | Nil |
Source: QLD Government
First Home Vacant Land Concession Rate
| Dutiable Value | Duty Threshold |
|---|---|
| Up to $250,000 | 100% of transfer duty |
| $250,000-$259,999.99 | $7,175 |
| $260,000–$269,999.99 | $6,700 |
| $270,000–$279,999.99 | $6,225 |
| $280,000–$289,999.99 | $5,750 |
| $290,000–$299,999.99 | $5,275 |
| $300,000–$309,999.99 | $4,800 |
| $310,000–$319,999.99 | $4,325 |
| $320,000–$329,999.99 | $3,850 |
| $330,000–$339,999.99 | $3,375 |
| $340,000–$349,999.99 | $2,900 |
| $350,000–$359,999.99 | $2,425 |
| $360,000–$369,999.99 | $1,950 |
| $370,000–$379,999.999 | $1,475 |
| $380,000–$389,999.99 | $1,000 |
| $390,000–$399,999.99 | $525 |
| $400,000 or more | No concession |
Source: QLD Government
First Home Owner Grant
The First Home Owner Grant in Queensland is $30,000 for a new home or new build valued less than $750,000.
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LEARN MOREHow Much Is Stamp Duty For A Foreign Purchaser In The QLD?
Foreign property buyers have to pay foreign citizen stamp duty of 7% of the property value, on top of their transfer duty. You will still be entitled to the concessions like first home or first home vacant land as long as you meet the other criteria of these concessions.
You might be able to avoid foreign citizen stamp duty if only the expat or Australian citizen is on the title of the loan while still borrowing with a foreign citizen or non-resident. You can find the lending criteria and advantages of this loan on the One on Title, Two on Loan page.
Note: You are a foreign individual if you are not an Australian Citizen or Permanent Resident. A permanent resident holds a permanent visa or is a New Zealand Citizen with a special category visa, as defined.
Are You Ready To Apply For A Home Loan?
If you want to buy or build a property in Queensland, we can help you get qualified for a home loan.
Our mortgage brokers will help you through the process of finding out how much stamp duty you may need to pay and they will help you identify if you are eligible for exemptions.
Fill in our free assessment form or call us at 1300 889 743 to speak to one of our specialist mortgage brokers.
FAQs: Stamp Duty QLD
Who pays stamp duty in QLD?
Everyone who buys or acquires property in Queensland will need to pay stamp duty.
Regardless of whether the property is for residential, commercial or investment purposes, you need to pay stamp duty unless you’re eligible for an exemption or your property is valued at less than $5,000.
Who is the stamp duty payable to in QLD?
When do you pay stamp duty in QLD?
Do I have to pay stamp duty for an off-the-plan purchase?
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