NSW Stamp Duty Guide
Here's everything you need to know about stamp duty in New South Wales.
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In NSW, transfer or stamp duty is one of the bigger costs that come with buying a property. Stamp duty can add tens of thousands of dollars to your budget when you're planning to buy a house or apartment, although some concessions and discounts may be available. Read on to learn about concessions and exemptions for first home buyers and estimate your stamp duty costs.
Work out how much stamp duty you'll pay
NSW stamp duty changes
From 1 July 2019, NSW stamp duty price brackets are now indexed against inflation. The figures on this page are up to date but the figures in our stamp duty estimate may not be perfectly accurate.
The NSW government is considering a "once in a generation" change to stamp duty, which will give home buyers the choice to pay either stamp duty upfront (and land tax where applicable), or to opt in to a new, smaller annual property tax instead of stamp duty. Right now they are seeking feedback from the public regarding this proposal – you can have your say here until March 15, 2021.
In the meantime, if you are looking to buy property in NSW, use our NSW stamp duty calculator to estimate how much you may need to pay in stamp duty.
How is stamp duty calculated?
Stamp duty is calculated on the total dutiable value of the property subject to the transaction.
The current rates and thresholds for NSW are outlined below (if you bought your home before 01 July 2020 these rates will be slightly different):
|Value of the property subject to the transaction||Rate of duty|
|$0 - $14,000||$1.25 for every $100 or part of the value|
|$14,001 - $31,000||$175 plus $1.50 for every $100 that the value exceeds $14,000|
|$31,000 - $83,000||$430 plus $1.75 for every $10 that the value exceeds $31,000|
|$83,000 - $310,000||$1,340 plus $3.50 for every $100 that the value exceeds $83,000|
|$310,000 - $1,033,000||$9,285 plus $4.50 for every $100 that the value exceeds $310,000|
|over $1,033,000||$41,820 plus $5.50 for every $100 that the value exceeds $1,033,000|
|Premium Property Duty: over $3,101,000 (residential property only)||$155,560 plus $7.00 for every $100 that the value exceeds $3,101,000.|
(Source: NSW State Office of Revenue)
NSW Stamp duty exemptions for first home buyers
In NSW, the First Home Buyers Assistance Scheme offers exemptions for first home buyers purchasing existing property:
- If your property is valued at less than $650,000 you pay no transfer duty.
- If your property is valued between $650,000 and $800,000 you can receive a discount.
If you're a first home buyer purchasing a new home or vacant land the exemptions are even more generous:
- If your property is valued at up to $800,000 you pay no transfer duty.
- There are concessions for properties valued at up to $1,000,000.
These extra exemptions apply for a 12-month period starting from 01 August 2020.
Who is eligible?
To qualify, you need to:
- Be over 18 and a permanent resident or citizen
- Have never owned a property before
- Have never received a first home owner grant or concession before
Here are some examples of the stamp duty concession:
|Purchase Price||First Home - New Home Duty|
|$800,000||$31,335 (no discount)|
Source: Revenue NSW
Your stamp duty questions answered
- Who pays stamp duty? In NSW, the purchaser of the property or the transferee is liable to pay stamp duty. The purchaser or transferee becomes liable when the sale or transfer takes place.
- When is stamp duty paid? Stamp duty becomes payable within three months from the date when the sale or transfer took place.
- How do I pay stamp duty? The NSW Office of State Revenue accepts payment in person, via BPAY, Electronic Funds Transfer (ETF), mail or advance payment.
- Can I apply for a refund if the sale transfer is cancelled? If your sale transfer is rescinded, the transfer is no longer liable for duty. You can apply for a refund on the NSW Revenue website.
- What other fees are associated with stamp duty? There are others fees that come with stamp duty including a transfer fee and a mortgage registration fee.
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