What is
stamp duty?
Stamp duty is a tax that is payable to the government on registering
a conveyance of commercial or residential property. It is generally necessary that
your solicitor have funds available to pay the stamp duty at the time of purchase.
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What are the rates?
For residential and investor property, the stamp duty rates are
as follows. Generally, new residential property (except for larger houses) do not
attract stamp duty.
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Owner occupier and first time buyer of new property exempt under 125 sp m.
New Property
New homes up to 125 sq m that are bought as principal private residences are exempt
from stamp duty, if a floor area certificate is provided. Where properties bought
as principal residences exceeed 125 sq m stamp duty is payable
on the site value, or 25% of the full value of the property, whichever is higher.
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For more information on all options available to you, contact one of our mortgage
advisors today on 1890 462 462