So what is Stamp Duty?
Stamp Duty adds to the cost of buying a property and can be a nasty surprise to some people when they are adding up the sums to do their budget.
Stamp Duty is a government tax that involves payment when you acquire a property. The good news is that we will always consider your personal circumstances after discussing this with you to see if there are any concessions or exemptions available to you.
Stamp duty is paid to the State government. The State government then re-invest the duty in services for all in the community – police, health, education, roads, transport and emergency services to name a few.
The amount of stamp duty you will pay is determined by various factors which include applicable rates based on the price of the property, however this can vary with your eligible applicable concessions. First home buyers for instance may receive a discounted rate to help get people into the housing market.
For those of you here in Victoria just click on this link to get more detail on Stamp Duty including access to a calculator and a list of exemptions and concessions.