What are the fees and taxes for buying a house in Australia?

In addition to the house price and bank interest rate, you also need to pay some taxes and fees when buying a house in Australia: some fees are paid by all buyers, and some are only paid by overseas buyers. It is recommended that you learn more about the specific situation and consult with agents, accountants, and lawyers.

FIRB (Foreign Investment Review Board) foreign investment application fee

If you are an overseas buyer, you need to pay FIRB fees. For details, please refer toOfficial website information.

• $ Property below AUD 1 million: $ 5,700
• $ 1 million Australian dollars to $ 1,999,999 properties: $ 11,500
• $ 2 million Australian dollars to $ 2,999,999 Property: $ 23,100
• $ 3 million Australian dollars to $ 3,999,999 Property: $ 34,600
• $ 4 million Australian dollars to $ 4,999,999 Property: $ 46,200
• $ 5 million Australian dollars to $ 5,999,999 Property: $ 57,700
• $ 6 million Australian dollars to $ 6,999,999 Property: $ 69,300
• $ 7 million Australian dollars $7,999,999 Property: $ 80,900
• $ 8 million Australian dollars to $8,999,999 Property: $ 92,600
• $ 9 million Australian dollars to $ 9,999,999 properties: $ 104,100

Stamp duty for buying a house in Australia

Whether you are an Australian citizen, permanent resident, temporary resident or pure overseas person, you need to pay stamp duty when buying a property in Australia. The amount of stamp duty varies from state to state. In addition to paying stamp duty, temporary residents and pure overseas persons also need to payAdditional stamp duty.

The additional stamp duty varies from state to state (percentage multiplied by the property price):

• Victoria 8%
• New South Wales 8%
• Queensland 7%
• South Australia 7%
• Western Australia 7%
• Tasmania 3%

You can use professional calculators to calculate the rates for each state.Click here for the link.

Land tax

Land tax is required every year, and local residents are exempt from paying it for self-occupied houses. For overseas buyers, the land tax will be slightly higher; if you buy an apartment, since all owners jointly own the land, the amount shared by each owner is very small and can be almost ignored. Since July 1, 2017, the annual land tax paid by overseas investors has increased from 0.75% to 2%.

Council rate

The municipal fees for different properties are also different. Generally, you have to pay about $1200 per year.

Strata fee

Independent houses with land do not need to pay property management fees, but apartments, townhouses and other properties do need to pay property management fees. The specific property management fees vary from building to building, and are about several hundred Australian dollars per quarter.

Water rate

$1000-1200 per year, please refer to the charging standards of the city where you are located.

Attorney Fees

When buying a house in Australia, lawyer fees are essential, and the cost is generally $800+. You can ask a few lawyers about the fees.

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