How do I calculate Stamp Duty in NSW?
Below is a link to a NSW stamp duty calculator. Or simply give Mortgage Broker Revesby a call to work it out for you.
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Stamp Duty Calculator
What is Stamp Duty?
It's a one off transfer duty paid by the buyer of a property in NSW. Stamp duty is payable for:
✅Home purchase
✅Investment property
✅Vacant land
✅Farming land
✅Commercial property
✅Industrial property
✅Any business which includes land
How is Stamp Duty calculated?
Stamp duty is based on the property price. It rises with the price of the property.
✅Jane wants to buy a home for $650,000 in Panania, Sydney. Her stamp duty would be:
👉$8,990 plus 4.5% of every dollar over $300,000
👉$8,990 plus $15,750
👉Jane would need to pay stamp duty of $24,740
✅You may be able to add the stamp duty to your home loan and pay it off over the life of your mortgage. Get in touch with Mortgage Broker Revesby to see how.
Do First Home Buyers pay stamp duty?
✅NSW government has abolished stamp duty for property purchases of up to $650,000.
👉This means Jane would save $24,740.
✅Stamp duty for homes valued $650,000-$850,000 is at a discount or concession.
✅Stamp duty waivers and concessions are for both NEW and EXISTING homes.
Do I pay stamp duty on vacant land?
✅Vacant land stamp duty is calculated the same way as for a home.
✅Land larger than 2 hectares has a premium rate applied.
✅There is no stamp duty for land valued less than $350,000.
Do Foreign investors pay stamp duty?
✅Yes. Foreign investors pay standard stamp duty plus an 8% surcharge.
👉Imagine Jane is a foreign investor.
👉$24,740 stamp duty plus 8% surcharge.
👉$24,740 plus $52, 000.
👉Jane's stamp duty as a foreign investor would be $76,740.
Are there any stamp duty exemptions in NSW?
✅Deceased estates will be discounted or exempted.
✅Transfers between husband and wife will be discounted or exempted.
Who do we pay stamp duty to in NSW?
✅Office of State Revenue.
✅Not using a conveyancor? Lodge an application & pay stamp duty with Bpay or EFT.
Who pays the stamp duty?
✅When a property sale takes place, it is the purchaser that is liable for the stamp duty. It typically gets paid at settlement.
✅Your solicitor or conveyancer lodges the application on your behalf. They will typically arrange for the stamp duty to be paid and know if you are entitled to any exceptions or discounts.
Do you need a home loan?
Mortgage Broker Revesby will work out your payable stamp duty and any entitlements to exemptions or concessions. We do not charge a fee.
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