Mark Twain once said that “the only two certainties in life are death and taxes” and unfortunately stamp duty is one of those taxes.
Stamp duty is a tax levied upon the sale of shares and property to cover the cost of the legal documents of such transactions. It is levied by the respective state governments and various rate cuts depend upon which state you reside.
Stamp duty often leaves home buyers feeling confused. Some of the more common questions we frequently get asked are:
- Why do I have to pay stamp duty?
- Can I borrow money for stamp duty?
- How much stamp duty do I have to pay?
Luckily there is a handy tool that you can use to your advantage and lessen the confusion around stamp duty payments.
A stamp duty calculator allows you to calculate how much you will have to pay. It calculates transfer duty, mortgage duty, mortgage registration and transfer fees for properties with an existing dwelling. Different rates of duty and fees may apply for vacant land and you should contact the OSR in your state or territory for the correct rates.
Calculating how much you have to pay may not sound like fun but it is a vital part of the home buying process and there are positives such as figuring out whether you are eligible for the Federal Government First Home Owner Scheme (FHOS) or stamp duty concessions.
The Aussie stamp duty calculator only provides an indication of the stamp duty you might be charged, but an Aussie Mortgage Broker will make sure you know exactly which additional costs you need to look out for.
If you are a first home buyer you may be able to get a break from stamp duty. Find out more from the revenue office in your state or territory: