What will this home actually cost at settlement?
Answer five questions to see the duty, concessions, working and source.
Questions people actually ask
Answered against the published rules, and dated.
Duty is charged in bands. The rate you see applies only to the part of the price above that band’s starting point; everything below it is covered by the fixed amount. Applying the top rate to the whole price overstates duty at every price.
NSW removes duty entirely up to $800,000 and reduces it on a sliding scale to $1,000,000. Victoria removes it to $600,000 and reduces it to $750,000. Both require you to move in within twelve months and live there for a continuous period, and both count property you have owned anywhere in Australia.
Yes, at lower limits. In NSW land is free of duty to $350,000 and reduced to $450,000. In Queensland the land concession runs to $500,000 and reduces to $650,000. Choosing vacant land above switches the working to those figures.
Additional duty charged on the purchase price where the buyer is not an Australian citizen or permanent resident: 9% in NSW, 8% in Victoria and 8% in Queensland at the rates loaded here. A first home concession does not reduce it.
It is enough to budget with and to check a quote against, but it is not a settlement statement. Rates adjustments, land tax apportionment and any off-the-plan or pensioner concession sit outside this calculation. Download the working and send it across if you want it checked.