WHAT IS STAMP DUTY?
Stamp duty is a tax levied on the purchase of a property.
HOW IS STAMP DUTY CALCULATED?
The amount of tax you are required to pay is dependent on several factors, including:
- the value of the property,
- the state or territory the property is in.,
- whether you are looking for a Principal Place of Residence or Investment property,
- whether you are buying an existing or newly built property, and
- the type of buyer you are.
WHY IS IT IMPORTANT TO CONSIDER?
All factors considered stamp duty is a significant upfront cost.
It is most useful when planning your budget and therefore considering loan affordability with respect to your personal finances. Unfortunately for newer property buyers, it is a cost that is commonly overlooked.
You may be eligible for concessions depending on the state or territory, the type of buyer you are and the purpose of the property you are looking to purchase.
A thorough understanding of your financial position and investment goals can help to clarify your home buying journey, allowing you to move forward with purpose.
It is also important to have a professional home loan adviser by your side who is able to guide you through the costs and obligations associated with a property purpose.
Contact us to map out your home buying journey today with Qi Wealth.
This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances