Stamp Duty – Foreign Purchaser:
The current foreign purchaser duty rate is 8 per cent.
Stamp Duty – First Home Buyers Assistance:
The First Home New Home scheme will be replaced by the First Home Buyers Assistance scheme. First home buyers will not have to pay duty for both new and existing homes for properties up to $650,000. The duty will be reduced for amounts between $650,000 and $800,000.
Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000, and will receive concessions on duty for vacant land valued between $350,000 and $450,000.
To calculate the First Home Buyers Assistance concession on a home between $650,000 and $800,000, multiply the purchase price by 21% and subtract $136,510. To calculate concession on land between $350,000 and $450,000, multiply the purchase price by 0.1574 and subtract $55,090.
First Home Owner Grant (New Homes)
a) First home owners can access a $10,000 grant for:
b) The purchase price of the new home must be no more than $600,000.
c) If buying land to build a new home, the total price – including the land and home – must be no more than $750,000.
Mortgage Registration Fee from 1 July 2019: $143.50
Land Transfer Fee: $143.50.