The lowdown - Stamp Duty

The Queensland Government loves a good fee or tax. Same goes with property purchases.

As a first home buyer, which a lot of Kiwis are when buying in QLD, you will pay stamp duty on a property purchase over AUD500,000. Up to $500k, you pay the Transfer Fee and mortgage registration fee, but no Stamp Duty. Above $500,000 you pay all three.

Note that this applies to those buyers that have never owned property anywhere in the world.

For example:

$350k purchase: Transfer fee $940 Mortgage Registration $224 Stamp duty $0

$500k purchase: Transfer fee $1,572 Mortgage registration $224 Stamp Duty $0

$800k purchase: Transfer fee $2,836 Mortgage Registration $224 Stamp Duty $21,850

$1m purchase: Transfer fee $3,679 Mortgage registration $224 Stamp duty $30,850

This only applies for your primary residence. Investment purchases always attract stamp duty.

Here’s the word from QLD Government:

https://qro.qld.gov.au/duties/transfer-duty/calculate/transfer-duty-estimator/

For those that have owned property before, the Home concession applies. Unlike the first home concession, you can claim the home concession even when you have owned a home before.

The home concession rate applies to the first $350,000 of the consideration or value of the residence, and the general transfer duty rates then apply to the balance.

You do not have to be an Australian citizen or permanent resident to claim a concession, but you must meet the eligibility criteria.

https://qro.qld.gov.au/duties/transfer-duty/concessions/homes/home-concession/