What you need to know about stamp duty - a quick guide

Understanding all the financial intricacies of buying a property, especially if it’s your first home, can be overwhelming. Real estate and governmental jargon can be confusing, but making sure you understand what’s going on is paramount.

For example, there are a lot of costs associated with the buying of property. You don’t want any hidden costs to jump you later on down the track.

Chatting with a mortgage broker will help you to navigate this by providing you with expert, personalised advice pertaining to your situation.

They will be able to find you the best home loan options available, and explain any questions you may have in detail.

One such cost you will come across is stamp duty. This tax is applied to acquisitions – such as title transfer or real estate – and denotes that a document has been brought into legal effect.

However, there are concessions available. Depending on where you live, the purchase price of the property and whether or not you’re first home buyers, you may be eligible.

Getting in contact with your local office of State Revenue will help you to clarify.

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