If you’re buying property in Tasmania, stamp duty is an added cost you’ll have to account for in your budget. But how much do you need to save to cover the cost of stamp duty? Easy, simply plug your numbers into the calculator and we’ll work it out for you in a flash.
Calculations valid for 2023-2024 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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If you want to know a little more about how stamp duty in Tasmania works, we’ve pulled together a list of frequently asked questions so that you can understand the ins and outs of this tax and when you will need to pay it.
You’re already dropping a bundle of money on buying a home - why do you then need to pay more for stamp duty?
Well, stamp duty is a tax designed primarily to cover the cost of the legal documents involved in buying and selling property - mainly changing the ownership title and searching to ensure that you’re buying the property from the legal owner.
When you use our calculator to work out the cost of your Tasmania stamp duty, your results are broken down into a few different components which make up the total cost commonly thought of as stamp duty. These include:
Each state has different rates for calculating stamp duty, based on the value of the property you’re buying. Here’s a breakdown of the different cost tiers for stamp duty in Tasmania, for properties bought after October 2013:
Source: State Revenue Office of Tasmania, Rates of Duty
Seem complicated? That’s why we’ve built the calculator above, so you don’t have to crunch these numbers yourself.
Stamp duty is charged by sate governments, which means the cost and the fineprint varies from state to state. We’ve built dedicated calculators for each state to make calculating stamp duty easy for all Aussies.
In many states stamp duty is also now known by different names, like “land transfer duty”. In Tasmania, it’s now simply called Duty.
You can pay your Transfer Duty through the Tasmanian Revenue Online website, by sending your documents via post, or in person at the Tasmanian Revenue Office.
There are a range of documents and forms you need to lodge, along with a cheque for the stamp duty amount you owe if you’re paying in person or via post. Once your payment is approved, your stamped documents will be returned to you so you can keep them for your records.
In Tasmania, you’ll need to pay stamp duty within 3 months of purchasing a property. If you don’t pay within this timeframe, you can wind up being hit with penalties or interest so it’s important to make sure that you have everything in order before signing on the dotted line.
In Tasmania, some first home owners can score stamp duty concessions to help them get a foot in the market. If you're buying an existing home worth $400,000 or less, it's worth looking into whether you're eligible for this concession.
First home buyers may also be able to score a land tax exemption, a first home owners grant, or jump on board with the Federal Government’s First Home Super Saver Scheme.
First home buyers don't get all the help! There are a couple of other circumstances under which you might be able to claim a concession on your Tasmanian stamp duty.
Generally speaking, no, you aren’t able to cover your stamp duty costs with a personal loan. However, if you haven’t budgeted to pay stamp duty upfront, you’re not stuck. You may be able to take the cost of your stamp duty out of your home loan deposit - just remember that this will affect your loan-to-value ratio (LVR), as you’ll be borrowing more money.
One thing to keep in mind is that if you’re using a portion of your Tassie home deposit to pay stamp duty and your LVR winds up being higher than 80%, you’ll also wind up paying Lenders Mortgage Insurance, which could add another few thousand dollars to your bill.
When you’re heading across state lines to buy a property - whether you’re moving to Tasmania yourself or jumping on an investment opportunity - you may be a little confused about the how stamp duty applies. Basically, if you’re buying a property in Tasmania, then the stamp duty rates and rules of Tasmania apply, no matter which state you’re from.
Yes, people buying a home in Tasmania from overseas will pay duty. Overseas buyers will also have to budget for an additional tax of 3% of the property duty when buying in Tasmania.
It’s important to be aware of the effect stamp duty can have on your budget, but don’t forget to plan for the other costs of buying a home! Along with the sale price of your house, you’ll need to consider other costs involved with a property purchase and a home loan, including:
From stamp duty to legal fees, there are a number of things you’ll need to save for when purchasing your first home in Tasmania. So when the time comes to choose a home loan, why not choose an offer that’ll help you save over the long term? That’s where our Home Loans Interest Rates page comes in handy. It can help you compare a range of interest rates from different lenders to potentially find the right option for you