Question 1

What is stamp duty and when do I pay it?

Accepted Answer

Stamp duty (transfer duty) is a state tax on property purchases. You pay it when you buy property, typically at settlement. The amount depends on the property value, location, and your circumstances.

Question 2

Do first home buyers get stamp duty concessions?

Accepted Answer

Yes, most states offer concessions for first home buyers. These can include complete exemptions for properties under certain values, or reduced rates for properties up to higher thresholds.

Question 3

How much is the foreign buyer surcharge?

Accepted Answer

Foreign buyer surcharges vary by state but are typically 7-8% of the property value, in addition to standard stamp duty. This applies to non-residents and temporary visa holders.

Question 4

Are there different rates for different property types?

Accepted Answer

Yes, rates can vary based on property type. New homes and off-the-plan purchases often qualify for additional concessions, while vacant land may have different rate structures.

Question 5

When do stamp duty rates change?

Accepted Answer

Stamp duty rates and thresholds are set by state governments and can change with annual budgets. It's important to check current rates when planning a purchase.

Question 6

Can I avoid stamp duty?

Accepted Answer

While you can't avoid stamp duty entirely, you may qualify for concessions based on your circumstances (first home buyer, pensioner, etc.) or by purchasing in certain areas or property types.

Stamp Duty in Wollongong