How much is stamp duty?
Stamp duty rates are set by state and territory governments, so there is no uniform system for the whole country. Look into the guidelines for the state you are buying in to ensure you have an idea of the cost of stamp duty and make sure you budget for it in your savings. You will also need to consider whether you are eligible for any concessions or grants, such as the First Home Owner Grant in NSW.
When is stamp duty due?
Again, the time that you have to pay stamp duty varies in each state and territory. In New South Wales you must pay within three months of settlement. In the Northern Territory, stamp duty is payable within 60 days of entering the transaction or settlement, depending which is sooner. In the ACT, you must pay stamp duty within 28 days of settlement. In Tasmania, you are expected to pay within three months of the property transfer, which often takes place on settlement day. In Queensland, you must pay stamp duty within 30 days of settlement. In South Australia, stamp duty is due on settlement day. In Victoria, your stamp duty payment is due within 30 days of the property being transferred. If you are buying in Western Australia, your stamp duty will be due within two months of settlement.
Our website provides a host of calculators to guide you through your next property purchase including one for stamp duty; https://www.annpatersonrealestate.com.au/stamp-duty-calculator.