Stamp duty is the tax you pay when you buy property. You must always take stamp duty into account when working out the cost of your new home.
When do I pay? And how?
You need to pay stamp duty on or before settlement, or within 3 months after exchange of contracts unless you are buying off the plan. At JFM Property Lawyers, we can advise you on your most suitable means of payment.
What if the sale or transfer agreement is rescinded or annulled?
If the sale does not go ahead, you are not liable for duty. If you have already paid, we can help you with your application for refund.
There are currently no exemptions from Stamp Duty in New South Wales. The only benefit is for the “First Home Owner Grant (New Homes) Scheme“.
- You must be buying a new home and be a first home purchaser. You may still qualify if you or your spouse own a property but have not lived in it.
- For a $15,000 grant, contracts must be between 1st October 2012 and 30th December 2015. The grant reduces to $10,000 on 1st January 2016.
- The value of the property must not exceed $650,000;
- You must live in the home for 6 continuous months after settlement.
Please contact this office to see if you are eligible to apply for the grant. For a guide to current rates, see our: