| The remaining fees are for Council certificates, land tax search, title search and priority notice. Additional fees may be incurred if further searches or documents (eg. Schedule of Easements) are required.
Duty
Duty (stamp duty) is a State Government tax imposed on all purchase transactions. Duty is charged on an increasing scale based on the purchase price. It is payable only by the Purchaser. There is no duty payable when selling.
Duty must be paid within three months of the date of the contract unless the contract is conditional on the sale of the Purchaser’s property or the issue of a title. This is the case even if completion is delayed or not required until a later date. This can result in a Purchaser incurring a substantial expense before completing a purchase and therefore before having access to loan proceeds.
Go to the State Revenue Office Stamp Duty Calculator for a calculation of the exact duty payable.
First Home Buyers
There are two sources of assistance for first home buyers. These are the First Home Owners Grant and the Duty Concession. The First Home Owners Grant provides a lump sum payment of up to $7,000 to eligible applicants.
The Duty Concession is a reduced rate of duty payable on the purchase of a property by a Purchaser who has been approved for a First Home Owner Grant. The amount of Duty Concession varies depending upon whether it relates to the purchase of an established dwelling or vacant land. A reduction in duty of up to $4,000 is available on the purchase of an established dwelling with a purchase price of up to $350,000.
A refund of duty of up to $2,400 is available on the purchase of vacant land with a purchase price up to $175,000 upon which a builder or owner/builder later constructs a home under a home building contract.
In the case of vacant land the house must be built within two years of the date of the contract to purchase the land. The refund of duty is payable when the First Home Owner Grant has been paid.
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