Stamp duty is a government charge or tax by all Australian territories and states on transactions relating to the transfer of land or property. It is also known as land transfer duty. Stamp duty needs to be paid upfront when you purchase a property and needs to be budgeted for in addition to your loan deposit.
How Much is Stamp Duty
How much stamp duty you need to pay depends on the state or territory the property or land is located. The amount of stamp duty each state and territory government charges varies depending on the following 3 factors as well as the value of the property or land
- whether the property is a primary residence or investment property;
- whether you are a first home buyer; and
- whether you are purchasing an established home, a new home or vacant land.
Tax Concessions For Stamp Duty
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 the exact amounts differ across each state, but those who benefit the most are first home buyers and those opting to buy a new home.
In Victoria, if you are a first home buyer, you may receive a one-off duty reduction.
If you have a concession card, which includes pensioner concession card, health care card, commonwealth seniors health card and DVA gold card, you may be eligible for the stamp duty concession.
Calculating Stamp Duty
Mortgage Corp loan experts have developed this unique all in one mortgage calculator
It combines the Stamp Duty Calculator, the Loan Repayment Calculator and the Mortgage Insurance Calculator. It will calculate the estimated figure for your Home Loan, Stamp Duty, Mortgage Insurance, Monthly Mortgage Repayment and more.
To find out how much stamp duty you need to pay, and whether or not you are eligible for any concessions, call your Mortgage Corp Loan Expert today.