How Much Stamp Duty Will I Have To Pay?
When buying your first home, it is important to know about all the extra costs involved and one of the most important to consider is stamp duty.
Stamp duty is a general tax imposed on title transfers in real estate sales and is paid by the buyer.
As it will add to the purchase price of the property, it is a good idea to know what you need to pay at an early stage so that you can plan for it financially and factor it into your savings.
The tax varies from state to state, but you can find out your state’s requirements by using a stamp duty calculator.
First home buyers may even be eligible for concessions, as state governments have recently introduced measures aimed at making it easier for them to enter the market.
These concessions could significantly alter the amount you pay for the duty and are worth investigating to see how much they could save you.
A mortgage broker can tell you whether you qualify for any discounts and can tell you about the criteria required to receive concessions in your state.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.