Updated 2 July 2018 to reflect recent changes to NSW Stamp Duty.
Read this article if you want to learn about calculating Stamp Duty in New South Wales.
If you just want to know how much you’ll pay, use the online stamp duty calculator.
Important notes about NSW Stamp Duty
- First Home Buyers of new or existing properties may receive a concession or exemption of stamp duty.
This article is intended as a useful short-cut resource that you can come back to when you’re searching for anything to do with NSW Stamp Duty, we’ll keep it updated and link off to the official government sites and resources too.
Standard Rates of NSW Stamp Duty (Transfer Duty)
Stamp Duty really is just a tax we pay for nothing much in return.
Here’s how to calculate the NSW stamp duty:
|Your Purchase Price||Rate of NSW Stamp Duty|
|$0 – $14,000||$1.25 for every $100 or part of the value|
|$14,001 – $30,000||$175 plus $1.50 for every $100,|
that exceeds $14,000
|$30,001 – $80,000||$415 plus $1.75 for every $100,|
that exceeds $30,000
|$80,001 – $300,000||$1,290 plus $3.50 for every $100,|
that exceeds $80,000
|$300,001 – $1M||$8,990 plus $4.50 for every $100,|
that exceeds $300,000
|$1,000,001 – $2,999,999||$40,490 plus $5.50 for every $100,|
that exceeds $1,000,000
|Over $3M||$150,490 plus $7 for every $100,|
that exceeds $3,000,000
Use the online stamp duty calculator to calculate your costs, including stamp duty concessions.
NSW Stamp Duty Discounts
There are various NSW stamp duty exemptions or concessions, in here you’ll find all the details of the most common so that you can see whether or not you may be eligible.
Concessions for Home Buyers
Home Buyers pay the full rate of duty in NSW, as above.
Concessions for First Home Buyers
Yes, there is some hope!
From 1 July 2017 the NSW State Government has announced the First Home Buyers Assistance Scheme:
- First home buyers purchasing new or existing properties will receive a Stamp Duty exemption for purchases up to $650,000.
- For purchases between $650,000 and $800,000 there’s a discount available:
- Multiply the value by 21% and deduct $136,510.
Eg. $750,000 x 21% – $136,510 = $20,990 (and this would be the amount of duty payable).
- Multiply the value by 21% and deduct $136,510.
There’s also changes to the First Home Owners Grant (FHOG), with the grant being $10,000 and subject to additional requirements.
You can read more about the FHOG in NSW over here.
Concessions for First Home Buyers purchasing Vacant Land
First home buyers purchasing vacant land to build a new home will receive a stamp duty exemption for purchase amounts up to $350,000.
Concessions are available for those purchasing new homes between $350,000 and $450,000. If you fit in to this category, here’s how you calculate the stamp duty:
- Multiply the purchase price by 0.1574 and subtract $55,090.
Home buyers (occupying within 12 months of settlement for a period of at least 6 months) are eligible for a 12 month delay in payment of stamp duty (from the date of signing the contract, or at settlement, whichever occurs first).
If you’re purchasing as an investor however, you will not be eligible to delay payment of stamp duty.
From 1 July 2017, Foreign Investors pay a surcharge of 8%.
Other Government Fees:
There are many possible fees that you could encounter, depending on the nature of your transaction, however in this article we’ll address only the 3 you’re most likely to encounter during a property transaction.
- Transfer Registration
- Mortgage Registration
- Mortgage Discharge Registration
In the New South Wales State Budget each year, the Treasurer will announce changes to the fees.
NSW Transfer Registration (when a ‘transfer of ownership’ is occurring)
When you purchase a property, there is a legal document that transfers the ownership of that property in to your name.
And the transfer of ownership has to be registered, and the State Government charges a fee for managing the register.
- Effective the 1st July 2018, the NSW Transfer Registration fee is $141.60
NSW Mortgage Registration (when you are borrowing money)
The mortgage gives the bank the right to sell your property if you don’t pay them back.
- The NSW Mortgage Registration Fee as at 1st July 2018 is $141.60.
The mortgage registration ensures that the mortgage can be viewed by a simple title search.
This therefore prevents you from selling your home and not paying back the lender – because the transfer of ownership wouldn’t be able to happen unless the previous mortgage was discharged.
NSW Mortgage Discharge Registration (when you are refinancing or selling)
This is payable when your existing mortgage is being discharged (released).
- The NSW Mortgage Discharge Registration Fee as at 1st July 2018 is $141.60.
This is usually payable when you’re refinancing or selling.
However, if you’re purchasing a property, your new lender may prepare a Mortgage Discharge and charge you this fee. Your solicitor arranging the settlement, will pass on that fee to the seller so that you’re not out of pocket.
General Information on just about everything to do with NSW Stamp Duty:
Registration Fees for Land Transfer and Mortgage Registration:
Not purchasing in New South Wales?
Click the below link, and then choose your State: