Glossary

Transfer duty

What transfer duty is, when it's payable, and how it factors into a purchaser's funds-to-complete on settlement.

Transfer duty, sometimes still referred to by its older name of stamp duty, is a state or territory tax payable on the transfer of property, calculated as a percentage of the purchase price or market value and generally payable by the purchaser at or shortly after settlement. Rates and concessions vary by state and by the type of purchaser and property, and foreign purchasers of residential property typically pay an additional foreign purchaser surcharge on top of standard transfer duty. For a purchaser arranging finance, transfer duty is one of the larger up-front costs to fund alongside the deposit and legal fees, and lenders will confirm it is accounted for in the borrower's funds-to-complete calculation as part of assessing the transaction. Exact duty payable, and any concessions that might apply, should be confirmed with a conveyancer or the relevant state revenue office ahead of exchanging contracts.⚠

Related

Commercial property loans · Land tax · Foreign purchaser surcharge

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