Brisbane Stamp Duty Rates

November 8, 2022
buying property in australia from overseas

What are the Brisbane stamp duty rates? It’s one of the most important questions to be answered when buying a home in this vibrant city. 

Stamp duty is a tax levied on people who buy property, and its rates in Brisbane depend on the type of property you are buying. 

If you need clarification about current rates, there are plenty of sources where you can find more information and make sure that you are doing the correct calculations.

In this article, we’ll help you understand all about stamp duty in Queensland and why they are so important to know.

What is stamp duty?

Brisbane Stamp Duty Rates

Stamp duty is just a form of tax imposed on certain legal documents to make them official. The most common type of stamp duty is on property transactions, where it is usually charged as a percentage of the purchase price

The buyer typically pays stamp duty on property transactions, although there are some exceptions. In some cases, the seller may also be liable for stamp duty.

Furthermore, the amount of stamp duty payable on a document depends on the value of the Brisbane property for sale or documented transaction.

Is it important to pay stamp duties?

While Brisbane stamp duty rates can seem a burden, they do play an essential role in ensuring that legal documents are properly executed and registered. Without stamp duty, there would be a greater risk of fraud and other irregularities

Stamp duty also ensures that buyers know the total cost of a property before purchasing it. This can help avoid problems further down the line, such as buyers needing help to afford the property once all the costs have been considered.

While it may not be the most popular tax, it does serve an important purpose. So, we suggest you take it as seriously as your minimum down payment for a home loan in Brisbane.

How much is stamp duty in QLD?

Brisbane Stamp Duty Rates

It doesn’t matter if you’re buying property at auction in Brisbane or got it gifted from someone dear to you. Knowing how much Brisbane stamp duty rates you’ll be paying is equally essential

The stamp duty is mostly calculated on the basis of the property’s value. Simply put, the higher your property costs, the more stamp duty you’ll be paying for it. 

Though there are some stamp duty exemptions QLD to this rule, such as for first home buyers and certain types of contracts. Thus, it’s always a great idea to check with the relevant authorities before making a purchase.

The stamp duty calculator QLD can help you calculate the exact cost of stamp duty for your property.

General Brisbane stamp duty rates

You can refer to this table for a better understanding of the Brisbane stamp duty rates:

Price/Value of the PurchaseStamp duty rate
Less than $5,000Nil
Between $5,000 and $75,000$1.50 for each $100, or part of $100 for over $5,000
Between $75,000 and $540,000$1,050 plus $3.50 for each $100, or part of $100 for over $75,000
Between $540,000 and $1,000,000$17,325 plus $4.50 for each $100, or part of $100 for over $540,000
More than $1,000,000$38,025 plus $5.75 for each $100, or part of $100 for over $1,000,000

Please note that the transfer duty rate is the same for holders of senior or pensioner concession cards. Also, a 7% additional tax is imposed on foreigners who purchase residential land, which includes companies and trusts

Thus, we recommend using a Brisbane stamp duty calculator for accurate estimations.

Is there any first home concession for stamp duty in Brisbane?

Brisbane Stamp Duty Rates

First home buyers in Brisbane may be eligible for a concessional rate of stamp duty on properties valued up to $550,000. 

This concession can save you up to $15,925 on your stamp duties. To be eligible, you must follow these conditions:

  • You must be a first home buyer and move into your property within a year of settlement.
  • You must have never claimed a first home vacant land concession before.
  • You must be buying a property worth between $500,001 and $549,999
  • You must not have previously owned a property in Australia.
  • Your age must be at least 18 years or above. 

Being a permanent or Australian citizen is optional to claim the first home concession in Brisbane. Although, if you are an overseas buyer, you may be required to pay additional Brisbane stamp duty rates.

Is mortgage transfer the same as stamp duty in Brisbane?

It must have crossed your mind that mortgage duty is the same as stamp duty. The simple answer is no

Mortgage duty was abolished in Queensland over a decade ago (1 July 2008, in case you are curious). Stamp duty, on the other hand, is still levied on certain property transactions – including the transferring of a mortgage.

If you agree to transfer a mortgage solely secured by Queensland real estate, you must pay a $5 charge. So, while mortgage and stamp duties may sound similar, they are, in fact, very different when it comes to property transactions in Brisbane.

What if you don’t pay stamp duty?

Brisbane Stamp Duty Rates

We understand that stamp duty can add thousands of dollars to the cost of your new home, making it even more challenging to save for a deposit and get onto the property ladder.

But if you don’t pay stamp duty, these are a few potential consequences:

  • You may be fined by the government.
  • Your property transaction may be void, meaning you won’t legally own the property.
  • You may face jail time if you don’t pay stamp duty on a property transaction.

It is important to remember that this tax goes towards important state government services such as hospitals and schools. Without stamp duty, these services would suffer.

So, it’s definitely not something to be taken lightly. If you’re unsure whether you need to pay stamp duty, it’s always best to seek professional advice.

Need more financial advice? 

Browse our finance category. It is jam-packed with tips and information from top experts in the field. And don’t forget to download the Soho app for quicker browsing and property matching. It’s getting you into your dream home faster!

Soho is your expert team in Australian real estate, offering an innovative platform for effortless property searches. With deep insights into buying, renting, and market trends, we guide you to make informed decisions, whether it's your first home or exploring new suburbs.
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