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Purchasing a home can be a very exciting time and one that involves a lot of questions, paperwork and time. One important factor that Australian homeowners need to know for their home-buying process is the stamp duty that will be levied on their new property. It is important to factor this into the property’s purchase price and to budget for this as it will increase your final costs.
Here are some commonly-asked stamp duty questions.
What is a Stamp Duty?

A stamp duty is a tax imposed on the price paid for your property. Home buyers will pay this cost upfront and it should be factored into the property’s total purchase price. The cost will vary by state and can range from 1.25 to 6.75 percent. The higher the price of the home brings a higher stamp duty rate. An additional flat fee may also be added from a few hundred dollars to tens of thousands of dollars, also depending on the home’s purchase price. As an incentive for first home buyers most states and territories in Australia offer stamp duty concessions to first home purchasers.
How much Stamp Duty do I have to pay?

First time home buyers in Queensland, New South Wales and Western Australia do not have to pay a stamp duty if either the property price or value is less than $500,000. There are a number of discounts available depending on different factors and this guide can help you
What is a Stamp Duty Concession?

For either residential or business property transfers, a stamp duty may be charged at a concessional rate if preconditions are met. These factors include property value, property type, age of the home buyer and vacant land. There are time limits for stamp duty concessions and they will run from three to 12 months after the purchase of your home. These limits vary by states and it is beneficial to apply early so these concessions can coincide with your property settlement. To apply for a stamp duty concession, you may go through your solicitor, your broker or your state revenue office.
When is a Stamp Duty Payable?

A stamp duty is paid by the purchaser to the lender during the loan process. It is paid on the actual property as part of the purchase price and it will vary based upon the home’s location and value. A stamp duty calculator can help determine the amount payable
Stamp Duty Calculator

E Stamp Duty, stamp duty calculator allows the user to calculate their stamp duty based on state, but also the amount of refund given by We Share Home Loans. Each state in Australia has a different stamp duty amount and a different calculation, plus they can change regularly, so its important before you purchase any property, you use E Stamp duty’s, stamp duty calculator.
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