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Frequently Asked Questions
How is my stamp duty calculated?
Your stamp duty is calculated based on various factors. This includes whether or not you’re a first home buyer, the location of your property, how much your property is valued at, etc. You can also calculate how much stamp duty you can expect to pay on vacant blocks of land where you’re planning to build.
Do I have to pay stamp duty as a first home buyer?
This depends on which state you live in, and how much the property is that you’re purchasing. Different states have different regulations surrounding first home buyers and stamp duty. For example, in Victoria, the government abolishes stamp duty for both new and existing properties under $600,000. For properties over this amount, stamp duty is calculated on a sliding scale.
What other costs can I expect to pay when buying a house?
Stamp duty is one of many hidden costs associated with buying a house. Most home buyers – especially first home buyers – only consider the loan repayments and deposit when saving for a home. In reality, there are quite a few other costs involved. These costs include stamp duty, conveyancing fees, Lender’s Mortgage Insurance (LMI), building and pest inspections and more.
To learn more, speak to an expert from Inovayt read our blog on the hidden costs of buying a property.
Why Choose Inovayt
Simple
Finding the right financing to match your needs and goals is never an easy task. Our team prides themselves on finding the right solution for each client, regardless of their personal situation.
Flexible
Our brokers work hand in hand with our clients, to ensure they receive the best possible outcome. We are available to chat face to face, online, or via phone, at a time that suits you.
Solutions-driven
Our focus is always about achieve the best possible outcomes for our clients. We will tackle any hurdles that may come up, to ensure that you are satisfied and have achieved your desired outcome.
