What is Stamp Duty?
When a piece of land or an established property is purchased here in South Australia, there is a Government charge that is applied otherwise known as Stamp Duty. This charge is applied by the relevant State Government for each state and territory. The total charges will vary depending on the purchase price of the security and in some states and territories there are First Home Buyer concessions which lower the final amount payable making it much more affordable for the younger generation to get their foot in the door.
As said above, each state and territory has its own unique way of calculating the charges and the way the fee is calculated is based simply on a scaled formula; the higher the final purchase price the higher the stamp duty payable. Stamp duty is payable at time of settlement along with other lender charges such as Lenders Mortgage Insurance (LMI).
If you would like to have a look at stamp duty charges for South Australia go to the Revenue SA website, alternatively there are other calculators online to check out but this one will be the most accurate, or you can always pick your mortgage broker’s brain to help assist you with the final charges.
If you have a question regarding specific information regarding Stamp Duty, speak to your mortgage broker Gerry Bosco and he will be able to assist with answering any questions.