How Does Stamp Duty Apply To Home Loans
Stamp duty is a charge which is applied by state governments on Home loans that involve the transfer of land or property. It is paid upfront and needs to be budgeted in with your loan deposit. The amount of stamp duty you are required to pay differs in each state.
However, there are three factors, along with the value of the property, that determine how much stamp duty you will have to pay.
What are these contributing factors?
- Is the property a primary residence or investment property?
- Are you a first home buyer?
- Are you purchasing an established home, a new home or vacant land?
I’ve included a stamp duty calculator on this site and it takes the guesswork out of budgeting for a Gold Coast property.
Factoring in this additional cost cannot be overlooked when you are considering your capacity to repay a loan:
The really good news is…
In a bid by state governments to stimulate home ownership and growth, there are a range of tax concessions being offered to reduce stamp duty.
Again, exact amounts differ across each state, but those who benefit the most are…
- first home buyers
- those who want to buy a new home
In Nerang, Southport, and Highland Park… or anywhere in Queensland, when the home is your principal place of residence, concessions are available on the first $350,000 of the home purchase price. Concessions are also available for first home owners.
To find out how much stamp duty you need to pay, and whether or not you are eligible for any concessions,
Give me a call on…
0408 761 847
And I’ll be happy to give you all the advice and support to help you clearly understand everything that’s involved in applying for home loans:
Look forward to your call.
Hilton of Finance
Reliable Financial Advice and Support
P.S. The following link will also help with any stamp duty questions you still have.