Buying a home
How much is stamp duty in Queensland?
4 August 2022
When you buy a house, you have to pay stamp duty. But it’s not always clear how much you’re up for.
That’s because stamp duty costs – which are technically called ‘transfer duty’ in Queensland – can change depending on your circumstances.
Stamp duty basics
Stamp duty costs depend on various factors, including:
- the purchase price of the property
- the location of the property
- whether the buyer is an investor, owner occupier or first home buyer.
You can calculate the stamp duty you may have to pay on your property using Suncorp Bank's Stamp Duty Calculator.
Stamp duty exemptions may also be available in other situations like the transfer of property to kids or a spouse following the death of a property owner.
Breaking down stamp duty costs in Queensland
Working out how stamp duty costs affect first homeowners, owner occupiers and property investors can help you budget for buying a home.
Stamp duty concessions for first home owners
Eligible first home buyers get a double dose of stamp duty discounts in Queensland – duty is calculated at the home concession rate minus the additional first home concession amount.
There is a catch, though: properties must be valued under a specific cap – currently $550,000.*
*Figure is correct as at 8 February 2022.
For more information on first home concessions and qualifying criteria visit the Queensland Government's website.
Home concession on stamp duty in Queensland
You’re entitled to a discount as an owner occupier in Queensland as long as you meet certain eligibility requirements. The home concession applies to a portion of the property’s price, with general transfer duty rates applied to the balance.
Is there a stamp duty concession for vacant land?
Eligible first home buyers buying vacant land to build their home can claim the first home vacant land concession. The concession applies to land valued under a certain cap and is calculated by subtracting the concession amount from the standard transfer duty rate.
For example, no duty is payable on land valued at less than $250,000, while land worth more than $400,000 will receive no concession.*
*Figures are correct as at 8 February 2022.
Knowing where stamp duty costs fit
Suncorp Bank’s lending experts can help you understand your options, including helping you estimate how much stamp duty you'll need to pay and how you could potentially include these costs in your home financing. All consultations are 100% obligation free.
- Property co-ownership: the pros and cons
- How much do you (really) need for a house deposit?
- Everything you need to know about the First Home Owners Grant in your state
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The information in this article is accurate as of August, 2022.
It is intended to be of a general nature only and any advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries.