Stamp duty fees vary from state to state, so if you’re wondering just how much you’ll need to put away to reach your Northern Territory property goal, you’ve come to the right place. Get started today by plugging your details into our handy NT stamp duty calculator and let it do the rest.
Calculations valid for 2020-2021 financial year
Includes duty discounts for first home buyers but does not include state or federal grants
Some states may give further discounts or exemptions in certain circumstances
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Home loan comparisons on Mozo - rates updated daily
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
$1234
1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.
A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
$520
$0.00
$0.00
yes - free
yes - free
Optional - with 0.10% additional interest
$520
80.00%
$50,000
$1,000,000
Variable
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the Smart Booster Home Loan
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2.09% p.a.
fixed 2 years
2.56% p.a.
$1234
Fixed, Owner Occupier, Principal & Interest, LVR 70-80%
2.09% p.a.
fixed 2 years
2.56% p.a.
Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.
Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.
2.09% p.a.
fixed 2 years
2.56% p.a.
$0
$0.00
$400.00
yes - free
yes - free
no
$0
80.00%
$150,000
$750,000
Fixed
Principal & Interest
Owner Occupier
Monthly
Read our Mozo Review to learn more about the Basic Home Loan
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2.34% p.a. variable
2.34% p.a.
$1234
Owner Occupier, Principal & Interest
2.34% p.a. variable
2.34% p.a.
Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.
Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.
2.34% p.a. variable
2.34% p.a.
$0
$0.00
$0.00
yes - free
yes - free
no
$0
80.00%
$100,000
-
Variable
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the UHomeLoan - Discount Offer
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2.19% p.a. variable
2.19% p.a.
$1234
<60% LVR, Owner Occupier, Principal & Interest
2.19% p.a. variable
2.19% p.a.
Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
2.19% p.a. variable
2.19% p.a.
$0
$0.00
$0.00
yes - free
yes - free
no
$0
60.00%
$100,000
$2,000,000
Variable
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the Celebrate Variable Home Loan
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2.04% p.a.
fixed 3 years
2.73% p.a.
$1234
Owner Occupier, LVR <80%, 300k+
2.04% p.a.
fixed 3 years
2.73% p.a.
Enjoy $3,000 cashback when you refinance with Virgin Money (T&Cs apply). Additional repayments up to $10,000 per annum. Reverts to the discounted variable rate on expiry of the fixed term.
Enjoy $3,000 cashback when you refinance with Virgin Money (T&Cs apply). Additional repayments up to $10,000 per annum. Reverts to the discounted variable rate on expiry of the fixed term.
2.04% p.a.
fixed 3 years
2.73% p.a.
$450
$10.00 monthly
$350.00
yes - up to $10,000 per annum
no
no
$450
80.00%
$300,000
-
Fixed
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
$3,000 cashback for new borrowings of at least $300,000, applications by 26 Feb 2021, settled by 28 May 2021.
Read our Mozo Review to learn more about the Special Offer Reward Me Fixed Rate Home Loan
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1.99% p.a.
fixed 4 years
3.45% p.a.
$1234
Owner Occupier, Principal & Interest
1.99% p.a.
fixed 4 years
3.45% p.a.
Ability to split your loan between fixed and variable. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply
Ability to split your loan between fixed and variable. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply
1.99% p.a.
fixed 4 years
3.45% p.a.
$0
$395.00 yearly
$0.00
yes - free up to $25,000 p.a.
yes - free
no
$0
80.00%
$5,000
-
Fixed
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
$2,000 cashback when you refinance your home loan from another financial institution when you apply by 31 March 2021 and are funded by 31 May 2021, min $250k, LVR <80%
Read our Mozo Review to learn more about the Special Fixed Rate Home Loan
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2.19% p.a. variable
2.20% p.a.
$1234
Owner Occupier, Principal & Interest, LVR <60%
2.19% p.a. variable
2.20% p.a.
Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
2.19% p.a. variable
2.20% p.a.
$250
$0.00
$300.00
yes - free
yes - free
no
$250
60.00%
$80,000
$5,000,000
Variable
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the Neat Home Loan
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Hot Deal $3,000 cashback when you refinance your home loan to BOQ (T&Cs apply)
1.99% p.a.
fixed 4 years
2.90% p.a.
$1234
Owner Occupier, Principal & Interest, <80% LVR
1.99% p.a.
fixed 4 years
2.90% p.a.
Have the certainty of fixed repayments with a competitive rate from BOQ. Flexible repayment options available and make up to $5,000 in additional repayments annually. $3,000 cashback when you refinance your home loan to BOQ (min. $250k lending, max 80% LVR, T&Cs apply).
Have the certainty of fixed repayments with a competitive rate from BOQ. Flexible repayment options available and make up to $5,000 in additional repayments annually. $3,000 cashback when you refinance your home loan to BOQ (min. $250k lending, max 80% LVR, T&Cs apply).
1.99% p.a.
fixed 4 years
2.90% p.a.
$450
$10.00 monthly
$350.00
yes - free up to $5,000 p.a
no
no
$450
80.00%
$150,000
-
Fixed
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
$3,000 cashback when you refinance your home loan to BOQ, min $250,000, 80% LVR or less. Apply before 28 May 2021, settle by 27 August 2021.
Read our Mozo Review to learn more about the Discount Fixed Rate
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2.17% p.a. variable
2.20% p.a.
$1234
Owner Occupier, Principal & Interest, LVR <80%
2.17% p.a. variable
2.20% p.a.
Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed.
Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed.
2.17% p.a. variable
2.20% p.a.
$785
$0.00
$300.00
yes - free
yes - free
Optional - $10 per month
$785
80.00%
$200,000
$2,000,000
Variable
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the Well Balanced
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Hot Deal $3,288 cashback when you refinance your home loan to HSBC (T&Cs apply)
1.88% p.a.
fixed 2 years
2.86% p.a.
$1234
Owner Occupier, Principal & Interest, LVR <80%
1.88% p.a.
fixed 2 years
2.86% p.a.
Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Refinancers borrowing $250,000 or more will receive $3288 (T&Cs, eligibility and lending criteria apply). Mozo Experts Choice Fixed Home Loan 2020 winner^
Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Refinancers borrowing $250,000 or more will receive $3288 (T&Cs, eligibility and lending criteria apply). Mozo Experts Choice Fixed Home Loan 2020 winner^
1.88% p.a.
fixed 2 years
2.86% p.a.
$270
$390.00 yearly
$300.00
yes - free up to $10,000 p.a.
no
no
$270
80.00%
$500,000
$7,500,000
Fixed
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
Receive $3,288 when you refinance a minimum of $250k for applications from 15 Feb to 30 April 2021, settled by 30 June 2021.
Read our Mozo Review to learn more about the Fixed Rate Home Loan
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1.89% p.a.
fixed 2 years
2.94% p.a.
$1234
Owner Occupier, Principal & Interest, <80% LVR
1.89% p.a.
fixed 2 years
2.94% p.a.
Competitive low rates starting from 1.89% (2.94% comparison rate) 2 years fixed for owner occupiers. No monthly account keeping fees & No loan establishment fee.
Competitive low rates starting from 1.89% (2.94% comparison rate) 2 years fixed for owner occupiers. No monthly account keeping fees & No loan establishment fee.
1.89% p.a.
fixed 2 years
2.94% p.a.
$0
$375.00 yearly
$350.00
yes - free up to $500 per month
no
no
$0
80.00%
$150,000
-
Fixed
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the Fixed Home Loan Special Offer
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2.09% p.a. variable
2.12% p.a.
$1234
Owner Occupier, Principal & Interest, LVR <70%
2.09% p.a. variable
2.12% p.a.
Yard’s low-rate variable special home loan is packed with all features – unlimited additional repayments, free redraw, 100% offset account. Enjoy a simple online application. Special rate applies to home loan applications submitted by 28 February 2021.
Yard’s low-rate variable special home loan is packed with all features – unlimited additional repayments, free redraw, 100% offset account. Enjoy a simple online application. Special rate applies to home loan applications submitted by 28 February 2021.
2.09% p.a. variable
2.12% p.a.
$849
$0.00
$500.00
yes - free
yes - free
Optional - $10 per month
$849
70.00%
$150,000
$1,500,000
Variable
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
Special rate applies to home loan applications submitted by 28 February 2021.
Read our Mozo Review to learn more about the Variable Home Loan Special
Details Close
1.75% p.a.
fixed 3 years
2.22% p.a.
$1234
Owner Occupier, Principal & Interest
1.75% p.a.
fixed 3 years
2.22% p.a.
$0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.
$0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.
1.75% p.a.
fixed 3 years
2.22% p.a.
$0
$0.00
$0.00
yes - free up to $20,000 p.a.
no
no
$0
80.00%
$100,000
$2,000,000
Fixed
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
$395 Establishment fee waived for fixed rate loans that settle by 31 March 2020. Receive 1.75% 3 year fixed rate when you apply by 29 April 2021 and settle within 90 days.
Read our Mozo Review to learn more about the UHomeLoan
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2.54% p.a. variable
2.55% p.a.
$1234
LVR<80%, Owner Occupier, Principal & Interest
2.54% p.a. variable
2.55% p.a.
No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more.
No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more.
2.54% p.a. variable
2.55% p.a.
$0
$0.00
$350.00
Yes - free
yes - free
no
$0
80.00%
$150,000
-
Variable
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the Back to Basics Special
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2.19% p.a.
fixed 3 years
2.68% p.a.
$1234
Owner Occupier, Principal & Interest, LVR<80%
2.19% p.a.
fixed 3 years
2.68% p.a.
Competitive fixed rates ranging from 2.19% (2.68% comparison rate*) across 1 to 5 year terms. No application fee or annual fee. Free extra repayments (up to $10,000 per year).
Competitive fixed rates ranging from 2.19% (2.68% comparison rate*) across 1 to 5 year terms. No application fee or annual fee. Free extra repayments (up to $10,000 per year).
2.19% p.a.
fixed 3 years
2.68% p.a.
$0
$0.00
$275.00
yes - free up to $10,000 p.a.
no
no
$0
80.00%
$150,000
-
Fixed
Principal & Interest
Owner Occupier
Monthly, Fortnightly, Weekly
Read our Mozo Review to learn more about the Fixed Rate Home Loan
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2.29% p.a. variable
2.23% p.a.
$1234
70-80% LVR, Owner Occupier, Principal & Interest
2.29% p.a. variable
2.23% p.a.
Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit. To reward borrowers for paying down their home loan, Athena will now automatically lower the rate as the loan is paid down. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit. To reward borrowers for paying down their home loan, Athena will now automatically lower the rate as the loan is paid down. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
2.29% p.a. variable
2.23% p.a.
$0
$0.00
$0.00
yes - free
yes - free
no
$0
80.00%
$100,000
$2,000,000
Variable
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the Liberate Variable Home Loan
Details Close
1.99% p.a.
fixed 2 years
2.17% p.a.
$1234
Owner Occupier, Principal & Interest, LVR <80%
1.99% p.a.
fixed 2 years
2.17% p.a.
Super low rates from an online lender and the personal support from a family run company Free extra repayments and redraw facility. Flexible repayment schedule.
Super low rates from an online lender and the personal support from a family run company Free extra repayments and redraw facility. Flexible repayment schedule.
1.99% p.a.
fixed 2 years
2.17% p.a.
$785
$0.00
$300.00
yes - free
yes - free
Optional - $10 per month
$785
80.00%
$200,000
$2,000,000
Fixed
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the Well Balanced Fixed
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2.44% p.a. variable
2.49% p.a.
$1234
LVR <70%
2.44% p.a. variable
2.49% p.a.
Find your fit with competitive home loans for borrowers with clear credit and strong employment history. Flexible repayment terms. 20 year home loan history. Get a dedicated loan consultant for the loan application process. 30% deposit required.
Find your fit with competitive home loans for borrowers with clear credit and strong employment history. Flexible repayment terms. 20 year home loan history. Get a dedicated loan consultant for the loan application process. 30% deposit required.
2.44% p.a. variable
2.49% p.a.
$710
-
$250.00
yes - free
yes - free
no
$710
70.00%
$100,000
$2,500,000
Variable
Principal & Interest, Interest Only
Owner Occupier, Investor
Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the Prime Home Loan
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2.34% p.a. variable
2.35% p.a.
$1234
Owner Occupier, Principal & Interest, LVR 70-80%
2.34% p.a. variable
2.35% p.a.
Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process.
Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process.
2.34% p.a. variable
2.35% p.a.
$250
$0.00
$300.00
yes - free
yes - free
no
$250
80.00%
$80,000
$5,000,000
Variable
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the Neat Home Loan
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2.94% p.a. variable
3.34% p.a.
$1234
Owner Occupier, Principal & Interest
2.94% p.a. variable
3.34% p.a.
Enjoy a great low rate with no ongoing fees. Ability to split your loan between fixed and variable. 100% offset account. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply.
Enjoy a great low rate with no ongoing fees. Ability to split your loan between fixed and variable. 100% offset account. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply.
2.94% p.a. variable
3.34% p.a.
$0
$395.00 yearly
$0.00
yes - free
yes - free
yes
$0
80.00%
$150,000
-
Variable
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
$2,000 cashback when you refinance your home loan from another financial institution when you apply by 31 March 2021 and are funded by 31 May 2021, min $250k, LVR <80%
Read our Mozo Review to learn more about the Discounted Variable Home Loan
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2.48% p.a. variable
2.50% p.a.
$1234
Owner Occupier, Principal & Interest
2.48% p.a. variable
2.50% p.a.
A low-rate home loan that could save you thousands, with no ongoing fees plus unlimited extra repayments and free redraws. Mozo Experts Choice Low Cost Home Loan 2020.^ You'll need to be borrowing $1 million or less and have at least a 20% deposit required.
A low-rate home loan that could save you thousands, with no ongoing fees plus unlimited extra repayments and free redraws. Mozo Experts Choice Low Cost Home Loan 2020.^ You'll need to be borrowing $1 million or less and have at least a 20% deposit required.
2.48% p.a. variable
2.50% p.a.
$520
$0.00
$0.00
yes - free
yes - free
Optional - with 0.10% additional interest
$520
80.00%
$50,000
$2,000,000
Variable
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the Smart Home Loan 80
Details Close
Hot Deal $3,000 cashback when you refinance your home loan to BOQ (T&Cs apply)
2.59% p.a. variable
2.76% p.a.
$1234
Owner Occupier, Principal & Interest, <70% LVR
2.59% p.a. variable
2.76% p.a.
An ongoing low variable interest rate with free redraw, flexible repayment options and one free valuation. Discounted Economy variable rate available for owner occupier lending with max LVR of 70%.
An ongoing low variable interest rate with free redraw, flexible repayment options and one free valuation. Discounted Economy variable rate available for owner occupier lending with max LVR of 70%.
2.59% p.a. variable
2.76% p.a.
$450
$10.00 monthly
$320.00
yes - free
yes
no
$450
70.00%
$150,000
-
Variable
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
$3,000 cashback when you refinance your home loan to BOQ, min $250,000, 80% LVR or less. Apply before 28 May 2021, settle by 27 August 2021.
Read our Mozo Review to learn more about the Economy Variable Home Loan
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2.29% p.a. variable
2.32% p.a.
$1234
Owner Occupier, Principal & Interest, LVR 70-80%
2.29% p.a. variable
2.32% p.a.
Yard’s low-rate variable special home loan is packed with all features – unlimited additional repayments, free redraw, 100% offset account. Enjoy a simple online application. Special rate applies to home loan applications submitted by 28 February 2021.
Yard’s low-rate variable special home loan is packed with all features – unlimited additional repayments, free redraw, 100% offset account. Enjoy a simple online application. Special rate applies to home loan applications submitted by 28 February 2021.
2.29% p.a. variable
2.32% p.a.
$849
$0.00
$500.00
yes - free
yes - free
Optional - $10 per month
$849
80.00%
$150,000
$1,500,000
Variable
Principal & Interest
Owner Occupier
Weekly, Fortnightly, Monthly
Special rate applies to home loan applications submitted by 28 February 2021.
Read our Mozo Review to learn more about the Variable Home Loan Special
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WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
Got your heart set on a new property but need an estimate of how much you may need to pay for stamp duty in the NT? That’s where our Northern Territory stamp duty calculator can help you out.
Your total stamp duty costs will be made up of three costs:
Stamp duty is a tax imposed by all Australian state and territory governments on various transactions, including car registrations and transfers, insurance policies, and property. Stamp duty is used by these governments for the same purposes as other taxes - namely towards funding infrastructure and services.
In the Northern Territory, stamp duty can make up a significant portion of the cost of purchasing a property, so buyers can make it easy for themselves by calculating just how much they’ll need to cover stamp duty and incorporating it into their property saving plan along with the cost of a home loan deposit.
Many, but not all, buyers in the Northern Territory will need to pay stamp duty when they purchase a property - the general rule being that if you’re not a first home buyer, senior or pensioner you’ll probably need to pay it. Stamp duty in the Northern Territory is based on the unique formula below, but if you’d like to avoid working it out yourself, our calculator is there to help you.
D = (0.0657144 x V²) + 15V
D = the stamp duty ($)
V = the purchase price
Bear in mind that the Northern Territory government works out stamp duty differently to other state and territory governments in Australia, so if you’re purchasing a property in a different state you’ll need to use their own stamp duty formula. Luckily Mozo’s Stamp Duty Calculator also works for other states, so be sure to check out the relevant calculators at these links.
The Northern Territory offers a number of concessions and exemptions for the following buyers and situations:
First home buyers
As in other areas of Australia, first home buyers in the Northern Territory may be eligible for significant discounts on their stamp duty. These discounts apply to the purchase of established homes, and will depend on the value of the home itself:
It’s also worth noting that, depending on the situation, first home buyers in the Northern Territory have a number of other incentives available to them. These include the First Home Buyers Grant (up to $26,000), the Home Renovation Grant (up to $10,000) and the Household Goods Grant (up to $2,000). For more information and details on these grants, make sure you visit the NT Government’s first home buyer hub.
Seniors and pensioners
Eligible pensioners, seniors and carers in the Northern Territory will also be able to receive a significant stamp duty concession of up to $10,000 on properties valued up to $750,000 and for land valued up to $385,000.
Principal Place of Residence Rebate (PPRR)
Wanting to buy a brand new home in the NT, or a piece of land with the intention of building a new home on it? Well you may be eligible for the Principal Place of Residence Rebate worth up to $7,000 off your stamp duty.
To be eligible you must purchase a home in the Northern Territory that’s never been lived in or, if you’re purchasing a block of land, you must build a new home on it within five years, and occupy it within a year of construction being completed.
According to the Northern Territory government website, stamp duty is generally payable “within 60 days of entering into the transaction or at settlement, whichever is earlier.”
When you do go to pay for your stamp duty with the Territory Revenue Office (TRO), you’ll be able to choose between making your payment via electronic funds transfer (EFT), cheque or money order in the post, or in person with cash or cheque.
Apart from stamp duty and government fees, prospective buyers should also be aware of the other, often unexpected, costs that are are associated with taking out a home loan.
Home loans generally come with a number of standard costs such as upfront fees, ongoing service fees and discharge fees, so it’s always worth shopping around among different mortgage providers as some will charge lower fees or even no fees at all.
A good way to this is by comparing the comparison rate on different home loans. Taking into account the headline rate as well as the fees charged for a specific loan, the comparison rate can often provide a clearer picture of what you’ll really be paying for your home loan.
In the same way you would compare a range of properties to find the right fit, comparing a range of home loans could be important in order for you to grab the home loan features you want for the right price.
While the difference between home loan rates may seem small, they can certainly add up over time, so finding a home loan that is even 50 basis points cheaper could mean thousands of dollars saved over the life of your loan.
Let’s have a look at an example. Say you were looking at a property in the NT with a value of $600,000. You’ve saved up a 20% deposit to avoid having to pay LMI, so the loan you’re wanting to take out works out at roughly $480,000. If you opted for a provider offering a home loan rate of 3.75%, making principal and interest repayments, the Mozo home loan repayments calculator reveals you would end up paying $260,349 in interest over a 25 year period.
If you instead decided to go for a home loan with an interest rate of 4.25%, you would end up paying $300,103 in interest over the same period - a whopping $39,754 difference.
It just goes to show how much you could save by simply comparing interest rates, so do yourself (and your future bank balance) a favour by heading over to Mozo’s home loan comparison tables to begin your search for a better value home loan today.
No matter where you are in Australia, purchasing your first home can be quite an expensive experience. But one thing that doesn't have to cost the world is your home loan. There are a number of ways to save on your home loan, from having an extra repayment feature to an offset account. However one way to guarantee yourself massive savings is by choosing a competitive interest rate. Our Home Loans Interest Rates page can help you compare interest rates from a range of lenders, from big banks to credit unions and even online lenders.