When you wish to purchase land in certain countries like Australia, you are liable to pay stamp duty, which is levied by the state, and how much you pay depends on several variables. When you are planning to buy your first home, there are many expenses you have to take into account, and stamp duty is just one of numerous costs you will incur when buying real estate.
Online Stamp Duty Calculators
If you are planning to relocate to the Brisbane area, here is a Queensland stamp duty calculator from River City Conveyancing, who are a leading conveyancing law firm with a transparent pricing system. It is important that you have legal assistance, especially when signing legally binding contracts that involve a large sum of money.
Stamp Duty Concessions
Taking Queensland as an example, if you are a first-time buyer, you will pay no stamp duty if the property has a value less than $500,000, furthermore, if you are a first-time buyer who wants to buy a new home that costs less than $750,000, you qualify for a $15,000 concession from the State of Queensland. In the event the property is bequeathed to you, you would still
have to pay stamp duty, which would be calculated based on the current market value of the property.
Talk to an Expert
Once a conveyancing lawyer knows your situation, they can quickly tell you how much stamp duty you would pay on a particular purchase, which is essential when you are crunching the numbers to see if you can actually afford the purchase. Some of the expenses when buying a house include:
* Conveyancing Fees – You are advised to use a conveyancing law firm that has fixed fees, which allows you to carefully plan for the purchase. The law firm’s website would have a stamp duty calculator that you could use, and the legal experts can tell you whether or not you qualify for a concession. It is very important to use an experienced conveyancing lawyer when buying property, as they will ensure that everything is as it should be, and with fixed fees, you can’t really go wrong.
* Stamp Duty – As mentioned earlier, if you are a first-time buyer, you might not have to pay stamp duty, and you could qualify for the First Home Owner’s Grant, which is a great help to the first-time buyer. The Australian government realises how difficult things are for first time home buyers, and therefore offer some much-needed help in the form of stamp duty and other concessions.
* Relocation Costs – You will incur costs when you move, and this should be taken into account when crunching the numbers to see if you can afford the purchase. You will also have to buy curtains or blinds, plus extra furniture and some fixtures and fittings.
Using an online stamp duty calculator is a convenient way of working out the amount of duty you will have to pay, and most online conveyancing law firms would have the facility on their website.