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Stamp duty is a tax levied by the state when you buy a property. The amount of stamp duty depends on the type of property you are buying, its price as well as the state in which you are buying.

 
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Using the Stamp Duty Calculator

Stamp duty can add significantly to the cost of buying a home. By entering information such as the type of property, price and territory into this online calculator, you can quickly get the cost of setting up your house, broken into stamp duty, mortgage registration and transfer fee.

As a first home owner, you might be eligible for stamp duty rebates in your state as well as meaty first home owner grants that could ease your journey into property ownership (learn more about FHOG here).

 
Stamp Duty Calculator - HashChing
 


Cost of buying a house

As you purchase your dream home, various accessory costs add up to the price of your home. To avoid any surprises at the time of settlement, it is best to take these costs into account while you plan your purchase. Most experts suggest keeping at least five percent of the purchase price handy to settle upfront costs such as conveyancing fee, bank settlement fee, loan establishment fee, and, most importantly, stamp duty.


Understanding stamp duty

One of the most substantial upfront costs that could come as a surprise for home buyers is the stamp duty, which is a tax imposed by the government on home loans, gifts, and some more acquisitions. Most states use a sliding scale to determine the applicable stamp duty on a transaction. In general, higher the market value of a property higher is the stamp duty payable. The buyer must pay the duty within 30 days of the settlement date.


Stamp duty exemptions

Stamp duty exemptions may be available in certain cases, such as:

  • Transfer of ownership to a husband or wife
  • The death of a property owner
  • Change of tenure

Several states also offer stamp duty concessions on owner occupied properties, purchase of vacant land and to first time buyers in Australia. For example, in Victoria, first home buyers are exempt from paying duty if the value of the house is less than $600,000. A concessional rate applies for properties valued between $600,000 and $750,000.

In NSW, stamp duty exemption for first home buyers purchasing new or existing homes up to the value of $650,000 is available and concessional duty is applicable for properties valued between $650,000-$800,000.

Check your State’s website for more information on applicable concessions or exemptions.


Planning your property purchase

Buying a house is a long-term financial decision that will impact your finances for years to come. To avoid mortgage stress in the future, it is advisable to crunch the numbers to find out how much house you can really afford to purchase. We offer you a bunch of online calculators to help you make an educated decision. There are financial tools available on the page as well, to plan your savings in a disciplined manner.

Now, you could save even more by comparing broker pre-negotiated deals from over 60 lenders across Australia, here. In case you have any queries, our mortgage brokers would be glad to assist you.

 

By Vidhu Bajaj,
HashChing Content Writer

 

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HashChing is helping Australians by providing access to the pre-negotiated home loan deals. Obligation free consultation with one of our partner brokers might save you time, hassle and money.

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