Decoding the Jargon - STAMP DUTY
Stamp duty can add many thousands of dollars to your new home purchase. So it is important to understand what it is and what, if any, concessions might be available to you.
All Australian states and territories charge Stamp Duty. The amount payable is based on the purchase price or the market value of the property (whichever is greater) and it is applied to many transactions including transfers of property, mortgages and motor vehicle registrations.
Each individual State and Territory is responsible for their own calculation of how much is payable, so rates do vary from state to state. When stamp duty is due to be paid also varies from state to state, but generally it is paid at settlement of a purchase.
Concessions/exemptions are available to some purchasers, for eg; First Home Buyers Exemption. Dependant on the state or territory you are purchasing in, there are also concessions available for some types of property transfers between family members.
To be sure you are not paying more Stamp Duty than you should, contact a Gadsden Finance Broker for an Obligation Free chat PH: 03 5443 9098
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