Stamp Duty
In the same vein as taking out a home loan, try to avoid unexpected fees when purchasing a property. Stamp duty charges are government fees that are paid as part of the property purchase process.
There are a few different types of stamp duty you may need to pay. We have put together a short list of government fees to consider when budgeting for your new home.
Property Transfer Stamp Duty
Transfer stamp duty is payable to your State Government on the purchase price of your property and covers the transfer of title of the property from one person to another.
The rate of duty you pay will vary depending on the state you are buying in, some states and territories may charge a set fee while others are on a sliding scale. You can check your stamp duty requirements by visiting your appropriate State Revenue Department website.
Stamp duty is generally due on the date of settlement.
A mortgage registration fee is payable when a mortgage is either established or discharged against a property and is an administrative charge imposed by the land titles office in each state or territory for registering the lenders mortgage on the title record for the property.
First home buyers should check what stamp duty and registration fee concessions are available in their state.
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Your future starts
with a new home
Most of us have aspirations of moving somewhere bigger and better yet are often uncertain how we are going to get the home loan finance. PreApproveMyLoan is here to both pre-approve your loan and find the best new home loan that suits you. PreApproveMyLoan is here to help demystify and explain all aspects of home loans and loan products so you can make the right loan decision.
Need advice?
We're here to help.
Feel free to contact one of our helpful staff members today and find out exactly which loan will best suits your needs. Our loan professionals are standing by 24/7.
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