A First Home Buyers Guide To Stamp Duty - Get The Facts
First home buyers have a lot on their plate when they first approach the property market, and understanding all the real estate jargon is one of the obstacles to overcome.
When you're preparing to buy a property, you will come across the term stamp duty. Historically, this was a general tax which applied to a literal stamp which, when printed onto a document, denoted that the tax had been paid and the document was officially legal.
Stamp duty was usually applied to acquisitions like title transfer and real estate sales.
In this day and age, the stamp isn't necessarily physical - but the fee on documents is still in effect.
Stamp duty varies from state to state, which makes researching the stamp duty laws in your area a must do.
However, there are concessions in many states across the country. Depending on where you live, the total purchase price of the property, and whether or not you're a first home buyer, you may be eligible.
Getting in contact with the relevant Office of State Revenue will help you with information regarding concessions.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.