The amount of stamp duty you are required to pay differs in each state, however there are three factors, along with the value of the property, that determine how much stamp duty you will pay. Contributing factors include:
There are a number of stamp duty calculators available online that take the guesswork out of budgeting for a property. Factoring in this additional cost cannot be overlooked when you are considering your capacity to repay a loan.
However, in a bid by state governments to stimulate home ownership and growth, there are a range of tax concessions available to reduce stamp duty.
Again exact amounts differ across each state, but those who benefit the most are first home buyers and those opting to buy a new home.
As of June 1, 2017, First home buyers in NSW will no longer have to pay stamp duty on both new and existing homes worth up to $650,000. Stamp duty discounts will also apply to properties worth up to $800,000.
To find out how much stamp duty you need to pay, and whether or not you are eligible for any concessions, contact an MFAA Accredited Mortgage Brokers Atomic Home Loans for a complimentary, in depth discussion.
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