Here’s your guide to everything you need to know about stamp duty when preparing to buy a first home.
What is stamp duty?
Stamp duty is a compulsory tax that state and local governments charge home buyers when purchasing a property.
Does stamp duty differ state by state?
In short, yes. Stamp duty is administered on a state level and so how much you pay depends on the current state legislation.
How much is stamp duty?
The amount of stamp duty you are required to pay is dependent on a few factors. This includes things like the value of your property and the state or territory you’re purchasing in. You can calculate stamp duty by using our stamp duty calculator or by simply having a chat with me.
Getting in contact with the relevant Office of State Revenue will help you with information regarding concessions. To get more detailed information on your situation, talk to a Loan Market mortgage broker today.
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