xStamp duty is a significant upfront cost when buying property in Australia. However, each state and territory offers concessions to eligible buyers, particularly first-home buyers and those purchasing off-the-plan or for specific purposes. Here’s a breakdown of stamp duty concessions by state.
New South Wales (NSW)
The First Home Buyer Assistance Scheme (FHBAS) offers full exemptions on stamp duty for properties up to $800,000 and concessions for properties valued up to $1 million. First-home buyers purchasing vacant land can receive exemptions for land up to $350,000, with discounts applying up to $450,000.
Victoria (VIC)
Eligible first-home buyers can receive a full exemption on stamp duty for properties valued up to $600,000 and a concession for properties up to $750,000. Pensioners and off-the-plan buyers may also be eligible for reduced stamp duty.
Queensland (QLD)
Queensland provides first-home buyer concessions on homes valued up to $550,000, with a full exemption available for properties under $500,000. Concessions also apply to vacant land purchases up to $400,000.
Western Australia (WA)
The First Home Owner Duty Concession allows buyers to pay no stamp duty on homes up to $430,000, with a concessional rate for properties up to $530,000. A similar concession applies to vacant land up to $300,000.
South Australia (SA)
South Australia does not offer first-home buyer stamp duty exemptions or concessions. However, some buyers may qualify for off-the-plan concessions on apartment purchases.
Tasmania (TAS)
First-home buyers purchasing established homes may receive a 50% discount on stamp duty for properties up to $600,000. Pensioners downsizing to a smaller home can also receive concessions.
Australian Capital Territory (ACT)
The ACT has replaced stamp duty with a progressive property tax but still offers concessions. Eligible first-home buyers may pay no duty on properties up to $1 million, depending on income thresholds.
Northern Territory (NT)
The Territory Home Owner Discount (THOD) offers a $18,601 discount for eligible home buyers on properties valued up to $650,000.
Stamp duty concessions can significantly reduce upfront costs, but eligibility rules vary. Buyers should check their state’s revenue office for the latest updates.
