How To Calculate Your Stamp Duty Costs
When you’re buying a home it is critical to plan for all the costs that come with a property purchase.
No one likes surprises! The better prepared you are, the less likely that you’ll suddenly find yourself struggling to meet an unexpected bill or expense.
One of the most important extra costs of buying property is stamp duty.
This is a tax levied by state governments on all land transfers, and which must be paid by the party purchasing the property.
The amount you need to pay for this duty varies depending on several factors, the most important ones being the value of the house you are buying and which state you are buying in.
A stamp duty costs calculator can help you determine how much you will need to pay.
First home buyers may be eligible for concessions on their land transfer duty, if they fulfil the criteria of the state where they are buying.
Some states have larger concessions on offer for those building a house or buying a new property as their first home - ask a mortgage expert if you are eligible for any concessions.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.