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Buying a home comes with its fair share of expenses; some that are expected and some you may not have accounted for. Stamp duty is one of those expenses and, while most people in Australia know all about it, not everyone knows exactly how much to set aside.
Take control of your budget by understanding how much stamp duty you may expect to pay, with a little help from iSelect.
Stamp duty is a type of land transfer tax that’s charged on all real estate purchases throughout Australia. The actual cost of stamp duty varies depending on a few factors, such as the state or territory, the property price and the location of the property. It goes towards the state who then uses it for various services and infrastructure purposes.
It’s a one-off payment that you’ll need to factor in when considering your budget. In most cases, stamp duty is paid at the time of settlement, typically within 30 days.
Finances don’t need to be a headache. This Stamp Duty Calculator can provide a guide about fees you may need to pay. All you need to do is enter some simple information for results that are tailored to the information you provide.
The details you need to feed to the calculator are:
Once you’ve entered your details, the calculator will present a breakdown of results. Because you need to consider more than just stamp duty, the results also show the mortgage registration fee and transfer fee.
The results will also display the government concessions you may be entitled to, if any. This includes first home owner grants and any other grants or concessions. Interpreting the results can help you prepare for these expenses, which are often higher than many buyers anticipate!
You may be wondering about the other expenses that were displayed by the Stamp Duty Calculator results. To clear this up, we’ve explained what they are and why they have to be paid.
The above fees vary depending on which state or territory the property is based.
We’ve already covered the fact that property price and location affect the cost of stamp duty. There are other factors that also affect it, which are worth knowing about. If any of them apply to you, you might find yourself saving a significant amount of money.