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 Owner Rate of Duty
When a home buyer is eligible for the First Home Owner Grant, a concessional rate of transfer duty will apply if the value of the dutiable property is below certain thresholds.
As at 3 July 2014 the First Home Owner Rate of Duty applies to a dutiable transaction with a dutiable value of up to $530,000 for a house and land, or $400,000 for vacant land.
Calculate the amount of duty payable by using the Department of Finance's Transfer Duty Calculator.
For more information on Transfer Duty visit the Office of State Revenue website.