27 Apr Understanding Stamp Duty
Whilst not everybody talks about it, when transacting in the Australian property market, taxes and levies are part of the package deal. One of the most expensive costs you’ll come across when buying Australian properties is stamp duty, a tax imposed by the state government. It’s important to understand the additional fees and stamp duty when seeking finance for a property purchase.
On the plus side your stamp duty is going to good use. The revenue your state or territory receives from stamp duty is added to the state governments budget to improve various sectors like health, transport and our emergency services. But we understand that no one really wants to pay more stamp duty than they have to, so how much will you need to pay?
The amount of stamp duty varies from state to state but is also dependent on various factors like first home buyers grants and concessions. As a rule, you can expect the higher the cost of your property, the more stamp duty you have to pay.
Most states have online calculators to help you estimate the amount of stamp duty you need to pay. Here is a guide on how much stamp duty should be paid in each state and territory for residential properties.
We have a provided a snapshot of fees and charges associated with a purchase of $500,000 Australia wide.
At Finestream, we are dedicated to working together with you throughout the entire process of buying property and help you fully understand the associated costs. Whether you’re looking to upgrade or downsize your existing home or just want to review your rate and loan type, register your details here and we will contact you shortly.