1. What is stamp duty?

To buy a property you will need to pay a variety of fees and charges. One of the biggest upfront costs of  a home loan is stamp duty.

Stamp duty is a tax imposed by state governments in Australia on the purchase of assets such as real estate. This includes title transfers in real estate, vehicles, insurance policies and home loans.

Stamp duty can have a significant impact on the overall cost of purchasing a property. That’s why it’s important to take into account how much you need to pay before you buy a new home. Here are some things you should know:

How much is stamp duty?

There are many factors involved in determining the cost of stamp duty for a property. These include:

1. The state you’re buying in 

2. All states have different methods of calculating stamp duty so the amount will differ.

3. The price of the property 

4. In general, the cheaper the property is the less stamp duty you will pay.

5. The type of home you’re buying

6.  Vacant land will have less stamp duty compared to buying an established home.