Stamp duty is the tax you paid when you first purchased your home to cover the cost of changing the title of the property and ownership details.
The amount you paid in stamp duty depends on the state or territory that you live in, the cost of the home and the type of property that you are buying.
Or, maybe you were lucky enough to qualify for an exemption due to your personal circumstances.
When you are refinancing your home, stamp duty may apply. However, there are some circumstances in which you can avoid it, these include:
- If the name of the borrower and amount of the loan remain the same
- If you refinance with the same lender
There are also some circumstances in which you may pay the fee and then receive a refund from the lender.
With this in mind, it makes sense to do the research to determine if you will need to pay stamp duty. Especially, if your reason for refinancing is to save money.
As stamp duty is determined state by state, it’s a good idea to reach out to your state government body to determine if stamp duty (also known in some states and territories as ‘Transfer Duty’, ‘Conveyance Duty’ or just ‘Duty’) will be relevant for you.
For the most up to date information, check out your relevant government’s website below.
- NSW Stamp Duty Information
- QLD Stamp Duty Information
- VIC Stamp Duty Information
- SA Stamp Duty Information
- TAS Stamp Duty Information
- WA Stamp Duty Information
- ACT Stamp Duty Information
- NT Stamp Duty Information
If you need help figuring out if stamp duty applies to your refinance, reach out to your local Aussie Broker. They can crunch the numbers to ensure refinancing is the right move for you and even help you with the paperwork.