How do you work out the buying costs also price of the stamp duty is it a % of the property price of the house ?.
For ball park I use 5% of purchase price. This is inclusive of stamp duty.
For accurate stamp duty assessments go to the relevant state government website. All states have different rates & thresholds and ways of calculating the amount payable.
If you are buying in a trust – that amount can be different again in some states.
As Derek mentioned, google to find the applicable stamp duty for your state. Some have discounts depending on whether its for a PPOR, first home buyer, so it will vary.
There's also other costs such as conveyancing fees, adjustment of rates, mortgage registration, title search, etc which can be a few thousand.
Most people use 5% of the purchase price as an estimate like Derek.
Cheers
Tom
5% is a good general rule.
Your broker/banker will be able to crunch the finer numbers for you.
There's heaps of online calculators for working out Govt. stamp duty.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
thanks guys ill check it out
I find the following Stamp Duty calculator pretty handy:
http://www.rams.com.au/home-loans/calculators/stamp-duty-calculator/
but there are heaps of them.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
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If you are a buyer that looks for property in various states then this is a good website:
Regards
Shahin
TheFinanceShop | Elite Property Finance
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Stamp duty is different in every state, for instance the stamp duty on established property is the most expensive in Australia. However if you buy an off the plan property the stamp duty is only based on the land value, so it is possible to buy a $500,000 property and only pay a few thousand in stamp duty. Now if you buy the same property anywhere else in Australia you will pay stamp duty on the full contract price.
Nigel Kibel | Property Know How
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Unsure of other states, but in Queensland, yes off the plan purchase will have stamp duty payable on the full contract price. However House and Land packages will have stamp duty payable on the land price only.
Don't forget stamp duty in ACT may be deductible against income as the land is lease hold.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Yes, good old ACT – the downside is that we have to pay land tax on each IP though which can quickly erode the benefits of the stamp duty deduction.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Does anyone know or heard of them taking more stamp duty then the contract purchase price?
I posted the details in the help wanted section.
cheers wilko
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