When looking at buying any type of property in Australia, there are a number of Government costs to bear in mind, of which stamp duty is just one of them. Stamp duty is a revenue levied by states on various types of transactions including transfers and agreements for the sale of real estate (referred to as transfer duty).
The cost of stamp duty will vary for a number of different reasons depending on the value of the property, the state you are buying in and whether you are a First Home Buyer.
If you’re a first home buyer then you may be able to take advantage of some concessions. Every state in Australia has a first-time buyer concession for stamp duty in order to help people purchase their first home. One example is NSW which has the First Home Plus Scheme in place, where eligible first home buyers have the advantage of paying no transfer or mortgage duty on homes valued up to $500,000. For homes valued between $500,000 and $600,000 buyers are entitled to receive a concession.
When purchasing an Investment Property, the charges differ again from state to state and can work out more costly than purchasing an Owner Occupied Home. It is important to find out what this will cost you before purchasing a property as it could eat away at your budget. It is also important to note that stamp duty is a legal requirement and must be paid within 30 days of settlement of the property.
Working this out yourself can sometimes be confusing and difficult due to different rates available. You can now calculate the Stamp Duty for your property quickly and easily by using our Calculator above which covers all states in Australia. Just enter the property value, choose your state, alter the property type and choose whether you are a First Home Buyer and the calculator will do the rest.
To find out more information about stamp duty or investing in property, contact iBuyNew today by calling 1300 123 463.