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.
And whether you are interested in foreign ownership, pensioner concessions or whether you still live at home with mum and dad and are thinking about buying your first place, our property law experts will help you with all the legal paperwork that forms part 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 or property lawyers in the business who’ll be your main point of contact throughout.
And because Settle Easy’s online conveyancing is designed for you, you’ll be able to get the job done whenever and wherever it suits you.
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.
As a starting point, here’s a short list of our most frequently asked stamp duty related questions.
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.
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.
It’s important to budget for this cost 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 conveyancing expert at Settle Easy to help work out exactly how much stamp duty you will need to pay.
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.
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:
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.
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.
We’ll use easy to understand language to help you become a homeowner and reach your big property goals.