When you're buying a house, stamp duty can add quite a bit of money onto your purchase price! However, most first and even some second homebuyers don't understand exactly what stamp duty is and when they need to pay it. If you're planning on buying a house, there are a few key details you need to know regarding stamp duty and how to use a home stamp duty calculator, so there aren't any surprises when it's time to pay up.
How To Get The Most Accurate Information Regarding Stamp Duty
Stamp duty can change depending on what part of Australia you live in. For instance people who live in Western Australia pay a different rate than someone who lives in Queensland. If you're looking for the most accurate information regarding stamp duty, it's best to find a local home stamp duty calculator that's tailored to your specific geographic area.
What You Need To Know When Using A Home Stamp Duty Calculator
To use a home stamp duty calculator, you'll need to know a few key details, including the value of the property, the location, and whether you're planning on using it as an investment property or a primary residence. These details can all affect the amount of stamp duty that you'll need to pay. Stamp duty goes up as the purchase price goes up.
Are You A First Homebuyer?
First homebuyers in WA don't need to pay stamp duty, as long as the home's purchase price (including land) is under $500,000. Staying under this threshold can save homebuyers thousands of dollars when it comes to stamp duty. However, buyers will need to pay a mortgage registration fee and a transfer fee on the property. These fees can be under $500 though, which can be quite manageable for new buyers.
If you're planning on buying a new home, understanding stamp duty is important! While first homebuyers do not need to pay for stamp duty, second and third homebuyers definitely need to remember that they're responsible for it! To make sure that you're accessing the most up to date information possible, ask your Easystart Homes representative to help you use a home stamp duty calculator.