How much stamp duty will you need to pay?
Stamp duty is a charge levied on particular transactions or documents and is regulated by the different Australian state and territory authorities. It’s usually charged at a percentage of the sale price. In general, the stamp duty owed on your first home (when utilising the First Home Owner Grant) is significantly less than it will be for future properties; additionally, properties purchased as investments will incur a higher stamp duty.
To use the calculator, select the state that your potential property is located in. First Home Owner Grants differ from state to state, as do the regulations around stamp duty, so we’ve provided links above to the individual state and territory regulatory bodies for further reading.
Stamp duty can be a hefty cost on top of a property purchase and it’s always important to factor this into your savings and mortgage repayments. To make sure you're getting all the figures right, it’s best to discuss your finances with the home loans experts at Mortgage Choice.