Understanding Stamp Duty

Stamp Duty is one of those upsetting and challenging costs involved with buying a home. Knowing about it and understanding it can prevent you from feeling blindsided when you are trying to get into a home. The funds from this type of collection helps society as a whole too, so that can help you to feel a little better about it with the funds going back to the public needs in Australia.

Who Pays?

Most of the time, the Stamp Duty is paid by the buyer of the property. The amount is based on the location and the selling price of the home. There are times when the seller will agree to pay this on their behalf. That all has to be put into writing though within the contract. The funds must be paid within 30 days of the settlement of the property.

To find out the cost, there are free online tools. Just enter the location and the home amount to generate the figures. This can help you to make sure you have enough money ready for the purchase of the home. If you can’t afford it, talk to the seller about reducing the cost of the home or helping to pay the Stamp Duty.