Varying across different states and territories, settlement costs and fees are an unavoidable expense when purchasing property in Australia. Generally, these charges cover things such as stamp duty, legal fees, loan application fees, and other miscellaneous expenses. 

Vital to proper budgeting and planning, ensuring you understand property settlement costs as a buyer is essential. Wondering ‘how much does property settlement cost’? Below we have outlined the average cost of property settlement in Australia for a better idea of what to expect when buying property in 2024.  

 

What Is Included With Property Settlement Costs & Fees? 

Stamp Duty. This is also often known as ‘transfer duty’ and is a tax payable on the value of the home’s sale price. Each state and territory determines the duty payable in a different manner. 

Legal Fees. Legal fees for property settlement also represent a significant cost at settlement. Typically being between $2000 to $5000 depending on the type of legal representation you engage (solicitor vs conveyancer) and which state or territory you are buying in.  

Loan Application Fees. These can be between $500 to $1000 or more depending on your chosen lender. 

Miscellaneous. Including things such as pest and building inspections, title searches, and registration fees, expect these charges to add another $500 to $1500 or more to your closing costs. 

 

Stamp Duty By State & Territory

While each state and territory charges a different amount of stamp duty on property purchases, it is usually determined using a similar method which is a sliding scale of percentages against the sale price. 

Arguably the biggest portion of your property settlement costs and fees, below is a comparison of an $800,000 sale in each location, showing the difference in duty payable: 

New South Wales (NSW) – Stamp duty of approximately $31,490

Victoria (VIC) – Stamp duty of approximately $43,070

Queensland (QLD) – Stamp duty of approximately $21,850

Western Australia (WA) – Stamp duty of approximately $30,735

South Australia (SA) – Stamp duty of approximately $35,330

Tasmania (TAS) – Stamp duty of approximately $31,535

Australian Capital Territory (ACT) – Stamp duty of approximately $19,800

Northern Territory (NT) – Stamp duty of approximately $36,100

Ways To Offset These Fees

If the prospect of high stamp duty and other settlement costs and fees are making your home ownership dreams feel even farther out of reach, you may be interested to learn that there are some ways to help reduce these. 

For eligible first-home buyers, there are a variety of different government schemes and incentives that can help to minimise or contribute towards these costs. These include concessions for lowered or waived stamp duty as well as cash grants with additional funding also offered in some states for new home builds. 

Stop Renting Perth – Low Fees, Maximum Offsets

At Stop Renting Perth we offer competitively priced house and land packages created especially for those seeking to escape the cycle of renting. Allowing our eligible clients to access significant savings through available grants, we also provide affordable legal and financial advice from trusted industry experts to keep your closing costs down.  

Discover a better way to buy and build with us, book your obligation free consultation today to learn more.