Transfer duty should be factored in when purchasing a residential property as it is payable on all residential property transactions. Duty applies to principal places of residence (i.e. owner-occupied homes), rental homes, holiday homes and land on which a residence is constructed within five years of purchase.
First home owners rate
First home buyers may qualify for the First Home Owners Rate (FHOR) which is a reduced rate for purchase of a home under $600,000. No duty is payable for homes under $500,000.
To be eligible for FHOR of duty, the unencumbered value of the vacant land must not exceed $400,000. For land under $300,000 no duty is payable.
Calculate the amount of stamp duty payable by using the Stamp Duty calculator.