Refinance Your Home Loan - Get The Details
Careful budgeting is an important part of buying a property - making sure you count all the costs involved is crucial to ensuring a seamless transaction.
First home buyers may be unaware of all the costs involved - including the tax involved with any transfer of land.
This is called stamp duty and will need to be factored into your financial calculations to make sure you aren’t blindsided by unexpected costs at the last minute.
Any transfer of land will be required to pay stamp duty; however, the amount of the tax is influenced by a number of factors.
If you know the price of your prospective property purchase, you can work out your stamp duty amount using a mortgage calculator.
The amount will also vary depending on which state you’re buying property in. Getting in contact with a mortgage broker will help you to understand your obligations.
If you’re buying property for the first time, you may be eligible for a stamp duty tax cut.
These concessions are offered by state governments to ensure housing is affordable for newcomers to the market.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.