Stamp Duty - What You Need To Know

It’s important to budget carefully when you are planning to buy a home - and that means counting all of the costs involved.

Those buying a house for the first time may not be aware that there are taxes involved with any transfer of land.

This is called stamp duty and you will need to factor it in to your calculations so that you won’t be caught short at the last moment.

Your obligations

Everyone needs to pay stamp duty, but the amount can differ based on a few different factors.

If you know what sort of price you will be paying for a property you can work out what you’ll need to pay in stamp duty using a mortgage calculator.

As the amount can vary depending on which state you are in, this calculator can help you find out what you’ll pay where you are buying.

Discounts

If you are buying your first home you may well be eligible for a discount on your stamp duty.

These are concessions offered by state governments that can be very helpful in making home ownership more affordable for first-timers.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.