How much stamp duty is typical – and how much does this add to your mortgage?

A new Housing Industry Association report, Stamp Duty Watch, is looking to provide clarity around how much stamp duty is being paid by home buyers across the country.

In the winter 2014 edition, HIA senior economist Shane Garrett said the report confirmed “how onerous the stamp duty burden is for the long-term financial well-being of ordinary home buyers around Australia”.

Here’s what the typical home buyers are required to pay:
(Note: These figures are based on the stamp duty bill on the purchase of a median-priced property for owner occupiers as of July 2014)

• Victoria - $24,100
• New South Wales - $19,230
• Western Australia - $17,530
• Queensland - $5,600
• South Australia - $14,830
• ACT - $16,550
• Tasmania - $8,535
• Northern Territory - $15,950

Source: HIA.

And here’s how it affects the overall mortgage repayments:
(Note: This is based on the effect of adding the above figure to a 30 year mortgage term at a discounted variable interest rate of 5.1%)

• Victoria - $46,400
• New South Wales - $37,100
• Western Australia - $33,800
• Queensland - $10,800
• South Australia - $28,600
• ACT - $31,900
• Tasmania - $16,465
• Northern Territory - $30,800

Source: HIA

“In all but two of the eight jurisdictions, stamp duty will set buyers back at least $15,000 on the median-priced home,” said Garrett.

“With the exception of Queensland, the tax adds at least 3% to the cost of the dwelling. In Victoria, the typical stamp duty bill comes to some 5% of the dwelling price,” he said.