Stamp duty on a $1,000,000 property in NSW is $39,187 at 2026-27 rates. At exactly $1 million, a first home buyer pays the same as everyone else. The first home buyer concession applies only below $1 million, and it shrinks to almost nothing as the price approaches it: at $990,000 the saving is under $2,000.

Duty near $1 million
Price First home buyer General rate First home buyer saves
$900,000 $19,594 $34,687 $15,094
$950,000 $29,390 $36,937 $7,547
$975,000 $34,289 $38,062 $3,773
$990,000 $37,228 $38,737 $1,509
$1,000,000 $39,187 $39,187 $0
$1,050,000 $41,437 $41,437 $0

Why does the concession fade before $1 million?

The concession is a straight line from no duty at $800,000 to the full $39,187 at $1 million. The full rate climbs only 4.5 cents per dollar in this band, while the concessional amount climbs about 19.6 cents, so the two meet at $1 million. Near the top of the band the saving is small, which is why stretching to $999,000 to keep the concession rarely pays.

How is the $39,187 worked out?

$11,602 plus $4.50 for every $100 above $387,000: $11,602 plus 4.5% of $613,000. The same figure applies to an owner-occupier and to an Australian-resident investor. Foreign buyers pay surcharge purchaser duty on top, as well as Australian Government fees. See FIRB fees.

How much cash does a $1 million home need?

Cash to buy at $1,000,000 before conveyancing
Route Deposit Duty LMI Cash total
First home buyer, 5% Deposit Scheme $50,000 $39,187 $0 $89,552
10% deposit $100,000 $39,187 about $22,000 to $33,000, usually added to the loan $139,552
20% deposit $200,000 $39,187 $0 $239,552

Totals include $365 of registration fees. Against an $800,000 purchase, where an eligible first home buyer needs about $40,000 plus fees, $1 million asks for more than twice the cash: $10,000 more deposit and the full duty.

What income does the loan behind a $1 million home need?

With a 5% deposit the loan is $950,000, which on our assumptions needs about $207,000 as a single applicant or $209,000 combined as a couple with no other debts. With 20% down the $800,000 loan needs about $174,000 or $181,000. The income needed for a $1m home loan shows the larger loan.

How does the duty change around $1 million?

Each extra $10,000 of price adds $450 of duty for most buyers, because this band is charged at 4.5 cents in the dollar.

Duty either side of $1 million, 2026-27 rates
Price Most buyers Eligible first home buyer
$900,000 $34,687 $19,594
$950,000 $36,937 $29,390
$1,000,000 (this price) $39,187 $39,187
$1,050,000 $41,437 $41,437
$1,100,000 $43,687 $43,687

Can you pay less duty on a $1 million home?

  • First home buyer relief ends at $1 million, so at $1 million every buyer pays the full rate.
  • Each $10,000 you negotiate off the price saves $450 of duty.
  • Adding a spouse or partner to the title later can be exempt; see NSW stamp duty exemptions.
  • Investors pay the same duty as owner-occupiers, and foreign buyers pay surcharge purchaser duty on top.

Does buying off the plan change the duty?

Not the amount: duty is worked out on the contract price at the same rates. What can change is the timing. Revenue NSW says off-the-plan buyers may be able to defer the duty for up to 12 months. That keeps $39,187 in your account while the building goes up, if you qualify. The first home buyer thresholds are the same as for an established home.

What are the repayments on a $1 million purchase?

  • 5% down: a $950,000 loan at $5,696 a month (6%, 30 years).
  • 10% down: a $900,000 loan at $5,396 a month (6%, 30 years).
  • 20% down: a $800,000 loan at $4,796 a month (6%, 30 years).

Stamp duty at the next price points: $900,000 and $1.2 million. The stamp duty calculator works out any other price.

Questions people ask

What is stamp duty on $1 million in NSW?

$39,187 at the 2026-27 rates, for owner-occupiers, investors and first home buyers alike.

Do first home buyers get a concession at $1 million?

No. The concession is for homes valued below $1 million, and close to the limit it is worth little: about $1,509 at $990,000.

Is there extra duty on a $1 million home?

Not for Australian residents. Premium duty starts at $3,870,000 in 2026-27, and surcharge purchaser duty applies only to foreign persons.

When is stamp duty paid?

Within three months of exchange, when the liability arises. With a standard six-week settlement, the conveyancer pays it from your funds at settlement.

Charles Touma sets out the deposit, duty and loan for a $1 million purchase and checks which lenders fit your income. A free 30-minute call covers your numbers. General information only, not credit advice. Lender policies change, and your own circumstances decide what suits you.

Sources: Revenue NSW, transfer duty rates 2026-27; Revenue NSW, First Home Buyers Assistance Scheme; Housing Australia, 5% Deposit Scheme price caps, checked 27 October 2026.

General information only, not credit, legal or tax advice. Your situation is assessed properly before any recommendation. Government scheme details change; figures are current at the time of writing.