Stamp duty and LMI Calculator
Estimate the stamp duty and lenders mortgage insurance that you might need to pay when buying a property. Find out if you’re eligible for the First Home Owners’ Grant in your state.
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.
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Frequently asked questions
Stamp duty, also known as transfer duty, is a tax you pay when you buy a property in Australia. The amount you pay depends on a number of facts. These can include things like:
- The price of the property
- The state or territory you buy it in
- Whether it’s your main home or an investment.
Stamp duty is different in every state. You can use our stamp duty calculator to get an estimate of what you might need to pay.
Yes. Stamp duty applies to both an investment property and a property you intend to live in.
You can use the stamp duty calculator on this page to estimate the stamp duty that may be payable on an investment property.
Usually, you need to pay stamp duty when you buy a property. But if you buy a property off-the-plan, you may be able to delay paying it for up to 12 months.
Each state and territory has different rules for when stamp duty is due. To find the exact rules, visit the revenue office website for the state or territory you’re buying in:
Some people are exempt from paying stamp duty. These may include:
- First home buyers: Your state or territory may reduce, discount, or remove stamp duty.
- Other groups: Sometimes other exemptions are offered. Check the rules in your state or territory or talk to a legal or financial adviser.
Note: Our stamp duty calculator doesn’t show any exemptions.
Lenders Mortgage Insurance (LMI) is a cost you pay if you borrow more than 80% of a property’s purchase price. The amount of LMI you pay depends on how much you borrow and how big your deposit is.
You can pay LMI upfront or add it to your loan and pay it off over time. If you add it to your loan, you’ll also pay interest on it.
Use the calculator on this page to check if you need to pay LMI and to get an estimate of the cost.
You may be able to avoid paying LMI even with a deposit of less than 20%. You might not need LMI in certain situations like:
Australian Government 5% Deposit Scheme
If you qualify for one of the schemes you won’t pay LMI. Find out more
Westpac’s Family Security Guarantee
Where a family member can use the equity in their home to help you buy your home. Find out more
Registered nurses or midwifes
Are you a registered nurse or midwife? Do you earn at least $90,000 a year? You may be able to get a home loan with a 10% deposit (90% LVR) and no LMI. Credit criteria, terms and conditions, and fees apply. Open to eligible registered nurses and midwives, emergency services workers, and medical practitioners. Find out more
Lenders Mortgage Insurance (LMI) and Loan Protection Insurance are both paid by the borrower. The difference is, LMI protects the bank if you can’t repay your home loan. Loan protection insurance on the other hand helps you. It may pay off your home loan if you become terminally ill or pass away.
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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 personal objectives, circumstances and needs into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
Any tax information described is general in nature and it is not tax advice or a guide to tax laws. We recommend you seek independent, professional tax advice applicable to your personal circumstances.
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