What is the term Stamp Duty and How it can be Calculated?
Stamp duty is a large upfront cost that can be tedious to pay for a borrower. However, it is an unexpected cost of purchasing a property that you need to know about. It is good to calculate property cost before the purchase, so you know how much it will affect your budgeting efforts and finances as a whole, so you adjust your home loan budget accordingly. Read on to learn further about stamp duty, what is its importance and how it's calculated. What is Stamp Duty? Stamp duty makes buying a home less attractive. It is actually an additional fee that the state and territory governments charge when purchasing property in Australia. However, the cost of stamp duty varies depending on where the property is located or purchased in Australia. Is stamp duty varies from state to state? Stamp duty is a state tax, meaning the amount you pay depends on which state you purchase in. Here are some of the factors that affect how much stamp duty you have to pay, I.e., Location of prop