Use a Stamp Duty Calculator to Determine Fees
Buying a new home is one of the largest financial commitments that many Australians see in their lifetimes.
Beyond the mortgage payments and lender fees, there is also a state-imposed stamp duty that must be paid at the time of purchase.
This fee is different in each state, so if you are looking to buy in the real estate market a quick check on a stamp duty calculator will help determine how much you will be expected to pay.
A mortgage broker can also discuss these specifics with you and walk you through any paperwork so that you understand your payment responsibilities in full.
First-time home buyers in New South Wales may be encouraged by a recent push from the Real Estate Institute of New South Wales (REINSW) to reduce stamp duty fees in order to ease the burden on new buyers.
REINSW president Christian Payne suggested that reform to the current system will increase affordability and bolster the economy as whole.
In the meantime, a chat with your mortgage broker will help you navigate the current real estate rules and regulations.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.