The Rules Of Stamp Duty
Signing a purchase agreement on your new home can be a very exciting experience - after all, it means you now own a piece of property all to yourself!
However, before you walk away holding those shiny new keys, you must settle the transaction fees associated with the sale.
One of the main costs of buying real estate is stamp duty. This fee can vary from state to date state and comes in all different shapes and sizes.
Transfer stamp duty is payable to your state government on the purchase price of your property and covers the transfer of title of the real estate from one person to another.
The mortgage registration fee is payable when a loan is either established or discharged against a property and is an administrative charge imposed by the land titles office in each state or territory for registering the lenders mortgage on the title record for the property.
In some states a mortgage stamp duty is a charge levelled on the amount of money you borrow to purchase property and where applicable, mortgage stamp duty is payable to your state government upon settlement.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.