Stamp Duty Discounts for First Home buyers

It is important to do your stamp duty calculations right the first time around.

It is important to have accurate stamp duty calculations handy before you purchase a home in your area. This is the case because first home buyers can receive fantastic discounts on stamp duty payments. These discounts are provided by each state government in Australia to promote home ownership across the country.

For example, most first home buyers in Queensland can receive generous discounts on land and home transfer stamp duty.

A Queensland stamp duty calculator is important to have around because it can help first home buyers calculate stamp duty discounts in Queensland. This is the case because Queensland first home buyers can receive discounts of up to $8,750 off their home transfer duty and up to 100% of their land transfer duty. These discounts are prorated based on the value of the home and the land it sits on. As a result, it is a good idea to use a stamp duty calculator to figure out how much money first home buyers can save on stamp duty in Queensland.

In addition, first home buyers living in the Australian Capital Territory can qualify for very generous home transfer stamp duty discounts.

First home buyers living in the Australian Capital Territory can receive discounts on home transfer stamp duty on homes worth up to $440,000. First home buyers who purchase a home worth less than $360,000 pay only $20 in home transfer duty. The discount for home transfer drops thereafter for homes valued from $360,001-$439,999. Therefore, first home buyers living in the Australian Capital Territory should use an online stamp duty calculator to find out how much they can save on home transfer stamp duty before they purchase their first home.

If you are interested in obtaining these discounts, be sure to lodge your application as soon as possible.

Most state governments set very strict deadlines for obtaining discounts on stamp duty. As a result, it’s important to lodge your application as soon as you purchase your first home. It’s easy to do this because most of the application forms for stamp duty concessions are available straight away from your local taxation and revenue website.

Therefore, it pays to use a duty calculator to help you perform stamp duty calculations.

Many websites offer free calculators which provide very good estimates of stamp duty payments. These websites include your local taxation and revenue office website and websites which cater to people looking for deals on mortgages. Give these calculators ago today to see how much first home buyers can save on stamp duty in your area.