Am I eligible for a concession on stamp duty?
Stamp duty is a basic tax that isn't limited to just real estate - other assets sales such as cars and businesses have to pay this tax.
What is Stamp Duty?
In real estate, Stamp Duty is paid by the purchaser and determined by the property value, purpose, type and most importantly where it is located. Like the First Home Owners Grant, stamp duty is administered on a state level and so how much you pay depends on the current state legislation.
When do you pay Stamp Duty?
Stamp duty has to be paid within 30 days of the property transaction. For most buyers, their conveyancer or solicitor will handle the transaction of funds.
Why you need to talk to a mortgage broker about stamp duty.
Mortgage brokers know the latest changes that state governments have in store for stamp duty and can advise if a grant is ending or coming up soon that may save you money. If you’re eligible for any concession your mortgage broker will take care of any paperwork involved.
You can use our Stamp Duty Calculator to determine exactly how much you will need to pay in your state, but to know exactly what you may or may not be eligible for you should speak with a mortgage broker.
Who can get stamp duty concessions?
All transfers of land - whether done through a sale or gift will be charged stamp duty. Depending on your personal circumstances, there may be concessions available for;
- First home buyers
- Off-the-plan buyers
- Buyers who purchase the property as owner occupiers.
If you prefer a more accurate picture on the grants and concessions available to you, speak with a Loan Market broker who will not only tell you what’s available today, but which grants and concessions could be ending or starting soon.