Stamp duty is a tax on a property transaction that is charged by each state and territory. The stamp duty rate will depend on factors such as the value of the property if it is your primary residence and your residency status. Use this free Stamp Duty calculator to estimate stamp duty costs for each state and territory.
Stamp duty (Also known as land transfer tax), is a state government tax that is payable when purchasing a property. The fee is paid in addition to the purchase price of the property, with the amount being calculated based on where the property is located, the intended purpose of the property and the value of the property.
Generally, stamp duty fees that are charged by the government are required to be paid upfront when purchasing a property. There are exceptions to this to the lender’s discretion, where they may consider financing the stamp duty costs if there are additional property securities that they can draw equity from.
Most states and territories currently offer stamp duty concessions to eligible first homeowners when purchasing their first property. The applicable concessions vary based on property value, whether it’s a new or existing property and the state you are looking to purchase in. It is also worth noting that these thresholds are re-assessed every financial year to meet current market conditions.
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As home loan brokers, we understand the importance of finding a home loan that suits your needs. The home loan brokers at WeFinance always ensure we have accurately assessed your goals and aspirations in our initial consultation, enabling us to find the most suitable home loan options available to you.
