Have you budgeted for stamp duty?
Stamp duty can be one of the largest additional costs you need to pay when buying a home and it is often forgotten by buyers.
When purchasing property in Queensland, stamp duty (also known as transfer duty) may be required to be paid. The amount of stamp duty payable depends on a number of factors:
the cost of the property;
the type of property you buy (vacant land or built on); and
how you will be purchasing the property (as an investment or to live in) as there are stamp duty concessions or exemptions available if you are purchasing the property as your first principal place of residence or principal place of residence.
In Queensland, purchasers are required to pay stamp duty to the Office of State Revenue either:
within 30 days of the contract date; or
if the contract is subject to special conditions such as finance and/or building and pest inspections, within 30 days from the date the special conditions are satisfied.
However, if you are obtaining finance for the purchase, then your bank will require stamped transfers at settlement.
If you would like to find out how much stamp duty you may be required to pay on your next purchase, log on to the Queensland Office of State Revenue website at www.osr.qld.gov.au and follow the link to the transfer duty calculator.