First Home Buyers - Budgeting for Stamp Duty
If you are a first home buyer, it is likely that you have come across the term ‘stamp duty’ in your research.
It is important to have a comprehensive understanding of this cost, as well as the other fees that can be associated with buying a home.
Stamp duty is a general tax imposed on certain acquisitions, including title transfers resulting from the sale of real estate - including residential property.
These charges and fees can vary considerably from state to state, so you will want to make sure you have the information that is correct for your area.
Depending on where you live, whether you are a first home buyer, and the total value or purchase price of your property, you may find you are eligible for a stamp duty concession from the state government.
You can find out more about which concessions are available in your area and what criteria you need to meet by contacting the relevant Office of State Revenue.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today