Stamp duty and LMI Calculator
Frequently asked questions
What is stamp duty?
Stamp duty (also referred to as transfer duty) is a mandatory tax you pay as the home buyer on a property purchase in Australia. The amount of stamp duty you pay depends on a number of factors, including the property’s price, and whether it will be your main residence or an investment. It's important to note that stamp duty varies by state or territory, so a property purchased in Victoria may require a different amount in stamp duty than if you were to purchase in Tasmania. Use our stamp duty calculator to see how stamp duty differs by state.
Does stamp duty apply to investment property?
Yes – stamp duty applies to investment property, just as it would for a property you intend to live in.
You can use the stamp duty calculator on this page to estimate how much stamp duty may be payable on an investment property.
How do I calculate stamp duty?
You can use the stamp duty calculator on this page to estimate the amount of stamp duty you could be liable to pay when you purchase a property. To estimate stamp duty, enter into the stamp duty calculator the property price and location.
How much is stamp duty?
Stamp duty varies depending on the state or territory in which you purchase a property. If you want to work out approximately what your stamp duty will be, you can estimate the stamp duty you're liable to pay by using the stamp duty calculator on this page.
When is stamp duty payable?
If you're buying a house off-the-plan, you may be able to defer the payment of stamp duty for up to 12 months.
Otherwise, stamp duty is payable on the sale of the property. How soon you need pay stamp duty after settlement varies between states and territories.
For example, in:
- Australian Capital Territory, you pay stamp duty within 14 days of receiving a notice of assessment from Access Canberra.
- New South Wales and Tasmania, you have 3 months to pay stamp duty.
- Northern Territory, stamp duty is payable 60 days after settlement.
- Queensland, you pay stamp duty within 30 days of settlement.
- South Australia, you pay stamp duty on or before the day of settlement.
- Victoria, you pay stamp duty within 30 days after property transfer.
- Western Australia, you pay stamp duty within 2 months of settlement.
Read more at the relevant revenue office website for the property you’re purchasing:
- Australian Capital Territory
- New South Wales
- Northern Territory
- Tasmania
- South Australia
- Victoria
- Western Australia
- Queensland
Are there exemptions to pay stamp duty?
There are often a few exemptions for paying stamp duty.
For first home buyers, a state or territory may offer exemptions, concessions or reductions on stamp duty.
Other exemptions from time-to-time may also be offered. Check what currently applies in your state or territory or speak with your legal or financial advisor.
Note that the stamp duty calculator we've provided here does not give an estimate for any exemptions.
What is LMI?
Lender's mortgage insurance (LMI) is a one-off premium paid by the borrower, that protects the bank against any loss if you’re unable to repay your loan, and the proceeds of the sale are not enough to pay your loan in full. You’re likely to need to pay LMI if your loan-to-value ratio (LVR+) is more than 80% i.e. you’re borrowing more than 80% of the property’s purchase price. LMI can be paid upfront or spread across the term of the loan.
How do you calculate Lenders Mortgage Insurance (LMI)?
The Lender’s Mortgage Insurance calculation is based on the size of your deposit and your loan amount. If you borrow over 80% of the purchase price of the property, you are likely to need to pay an LMI premium.
Is LMI an upfront cost?
You can pay LMI immediately, as an upfront cost. Or you may be able to choose to add it to your loan repayments, so the cost is spread across the term of the home loan. Keep in mind that adding an LMI premium to your loan balance will mean you pay interest on it over the life of the loan.
How do I avoid LMI with less than 20% deposit?
With Westpac’s Family Security Guarantee, a member of your family may be able to act as guarantor, using the equity in their home to help you buy your home.
If you’re a registered midwife or nurse earning at least $90k a year, you could get a home loan with a 10% deposit, without paying lenders mortgage insurance*. Credit criteria, T&Cs and charges apply.
How much is LMI usually?
The amount of LMI you pay will depend on the size of your deposit and how much your borrow. Use the calculator on this page to see whether you may need to pay LMI and, if so, an estimate of how much.
What does LMI stand for?
LMI stands for Lender’s Mortgage Insurance.
What’s the difference between LMI and loan protection insurance?
Lender’s Mortgage Insurance is paid by the borrower, and it protects the bank against any loss if you’re unable to repay your loan. Loan protection insurance is also paid by the borrower, and may pay off your mortgage in the event of terminal illness or death.
When does LMI usually apply?
Lender’s Mortgage Insurance is a premium that usually applies if you need to borrow over 80% of the purchase price of the property you want to buy.
Keep exploring
How much can I borrow?
Use our calculator to estimate both your maximum borrowing power and what you could afford to borrow for a home loan, based on your preferred repayment amount, income and lifestyle.
Other calculators
Interest rates
Things you should know
Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information and if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions for investors and customers should seek independent, professional tax advice on any taxation matters before making a decision based on this information.
The output of this calculator, is subject to the assumptions provided and are subject to change. These calculations do not constitute an offer of credit or a quote and are only an estimate of what you may be able to borrow based on the accuracy of the information provided. It doesn't take into account any product features or any applicable fees. Our lending criteria and the basis upon which we assess what you can afford may change at any time without notice.
Remember, your borrowing power is only an indication of how much you can borrow. Westpac will normally lend up to 80% of a standard residential property's value. With Lenders Mortgage Insurance, Westpac can lend up to 95% of a standard residential property's value (90% of a vacant block of land's value).
All interest rates referred to in the calculators are current, as indicated on our interest rate pages. The interest rates represented on these calculators are Westpac's standard interest rates and exclude any package or promotional discounts and are subject to change. When assessing ability to service a loan, Westpac may use an interest rate that is higher than the current interest rate for the loan requested.
The taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and their interpretation.
+LVR stands for the loan-to-value ratio. LVR is the amount of your loan compared to the Bank’s valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and won’t change during the life of the loan as the LVR changes.
* LMI waiver up to 90% LVR (min 10% deposit) for registered nurses and registered midwives earning a minimum annual income of $90,000. Offer may also apply to listed emergency services and medical practitioners.