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What is stamp duty?

What is stamp duty?

Stamp duty can be one of the biggest upfront costs of buying property. So what exactly is it and can you estimate how much you might have to pay?

Stamp duty is a tax levied by state or territory governments on certain purchases, including buying a home, land or investment property.

The amount of stamp duty charged varies depending on where the transaction takes place and the value of the property.

Each state and territory has its own fee schedule, so you need to check with your local revenue office.

Does everyone pay stamp duty?

If you’re buying your first home you might not have to pay stamp duty if you are eligible for the state-based First Home Owners Grant.

Other concessions and exemptions may also be available according to individual circumstances, such as if you are on a pension or run a farm. You should check with your solicitor or conveyancer to confirm.

Your conveyancer or solicitor can arrange to pay stamp duty on your behalf to the relevant state or territory revenue body.

Estimating what you might pay

You can use an upfront costs calculator to get an estimate of all the costs associated with buying property, including government costs (which includes stamp duty), based on your particular circumstances and details of the property you’d like to buy.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.