Stamp Duty NSW
Stamp Duty NSW. At Settle Easy, we know that buying or selling property is a big deal. It can be especially stressful if you are a first home buyer, or if you haven’t been in the property market for a few years.
But don’t worry.
Our expert local conveyancers will help you with all the legal aspects of your property transaction and guide you through the entire conveyancing process from start to finish.
Our easy-to-use online conveyancing platform streamlines the whole process end to end. You’ll work with one of the best conveyancers in the business who’ll be your main point of contact throughout.
We specialise in residential, off the plan and commercial conveyancing to help you reach all your property goals.
One of the areas our customers often ask us about is stamp duty – also known as transfer duty.
The good news is that our local conveyancers are passionate about conveyancing and genuinely care about our customers. We look forward to answering all your conveyancing-related questions.
As a starting point, here’s a short list of our most frequently asked stamp duty related questions.
- All your stamp duty questions answered
- What is stamp duty?
- How much does stamp duty cost?
- When do I have to pay stamp duty?
- Am I eligible for stamp duty concessions?
What is stamp duty?
Transfer duty or stamp duty as it’s more commonly known, is a tax or duty that must be paid when you acquire a property – even if you receive that property as a gift or if it is obtained through a company or trust.
How much does stamp duty cost?
The simple answer is that stamp duty costs a lot.
Apart from your home deposit, if you buy property in NSW, stamp duty is likely to be one of your biggest expenses.
And it’s something that is calculated on a case-by-case basis. For individuals purchasing residential property in NSW, you might find this toolkit helpful.
It’s important to budget for stamp duty because it’s an expense that is on top of mortgage fees and any other costs that are part of acquiring property.
We recommend you ask your expert conveyancer at Settle Easy to help work out exactly how much stamp duty you will need to pay.
You can also try our easy-to-use free stamp duty calculator. That way, you can anticipate what your stamp duty costs will be and budget accordingly.
When do I have to pay stamp duty?
In NSW, stamp duty must be paid within three months of signing a contract for sale. It cannot be paid in installments and is payable on settlement day.
The exception to this is if you buy a home off-the-plan, which you intend to use as your main residence. In this case, you can defer your transfer duty for up to 12 months after you sign the agreement, or until the property is completed or handed over – whichever comes first.
Our customers sometimes ask where stamp duty goes once it is paid. The simple answer is that like all taxes, this money is invested into the economy by the NSW State Government.
Am I eligible for stamp duty concessions?
There is some good news.
Although most property buyers in NSW will need to pay stamp duty, if you are a first home buyer, you might be eligible for an exemption or a concession.
The First Home Buyer Assistance Scheme (FHBAS) offers stamp duty exemptions if you are:
- buying an existing home
- buying a new home
- buying vacant land on which you intend to build a home.
You can find out more about stamp duty exemptions and stamp duty concessions at www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme or by speaking to your friendly expert conveyancer at Settle Easy.
It’s really important that you spend time finding out what stamp duty you may have to pay before making one of the biggest financial commitments of your life.
Understanding stamp duty
There are so many decisions you need to make on the way to home ownership, but with Settle Easy we’re here to help you every step of the way.
Stamp duty is just one part of the conveyancing process, so for more information about stamp duty or anything else conveyancing-related, we’re ready to help you settle easy.