When you first buy a home, there are a lot of financial concerns to think about. Things such as gathering the funds for your down payment and making sure you qualify for a mortgage are just two of the concerns you may have. However, it's possible that you could be responsible for another type of fee -- stamp duty. Learn a little bit about what stamp duty is, as well as how to use a home stamp duty calculator in Perth to find out how much you will owe.
What Is Stamp Duty?
Stamp duty is a fee that's levied by each individual state in Australia. The fee isn't on the property itself, rather, it's levied on the documents that make the property transaction legal. The name refers to the stamp that's placed on the document by the local government. Because stamp duty can vary according to a number of factors, it's important that property buyers figure their fees with a stamp duty calculator in Perth.
How To Use A Stamp Duty Calculator In Perth
Using a stamp duty calculator in Perth isn't hard, but you do need to know a few key pieces of information. Stamp duty can vary by location so the results from a stamp duty calculator in Perth can differ from those in another part of the country. Additionally, you'll need to know the value of the property, whether you're planning on living in the home or using it as an investment property, or if you're a first home buyer.
Examples Of Costs Using A Home Stamp Duty Calculator In Perth
For example, if you're a first home buyer purchasing a $349,000 home in Perth, you can expect to just pay $390. First home buyers don't need to pay stamp duty on property, they only need to pay a mortgage registration fee and a transfer fee. However, second or third buyers, or those who are purchasing a home as an investment, will pay an additional $10,697 for stamp duty on the property. This is why it's so important to use a stamp duty calculator in Perth before you purchase a home.