Question 1

What is stamp duty?

Accepted Answer

Stamp duty, also known as transfer duty, is a government tax paid when purchasing property in Australia. The amount varies by state, property value, and buyer type.

Question 2

Do first home buyers pay stamp duty?

Accepted Answer

Eligible first home buyers may receive stamp duty exemptions or concessions depending on the state, property value, and whether the property is new or existing.

Question 3

Is stamp duty different for investment properties?

Accepted Answer

Yes. Some states charge different rates or remove concessions for investment properties compared to owner occupied homes.

Question 4

When do I pay stamp duty?

Accepted Answer

Stamp duty is generally paid at settlement or shortly after purchasing a property, depending on the rules in your state or territory.

Question 5

What other upfront costs should I budget for?

Accepted Answer

You may also need to budget for lender fees, conveyancing, inspections, registration fees, and moving costs. A mortgage broker can help you estimate your total upfront costs before you buy.

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