Stamp Duty/Transfer Duty-Purchasing Real Estate

Are you buying a property? Commercial use or residential? Is this property your first home? And you don't understand Stamp Duty or Transfer Duty? 

Want to know how to recieve a discount on your stamp duty? Then this is the video for you.

In this video John Gallagher, solicitor from Argon Law provides the information about Stamp Duty or in Queensland, Transfer Duty when buying a property. 

Stamp Duty is a key source of revenue for the state government. Unless you pay it you won't be able to have the property in your name at the titles office. 

The bank won't let you buy unless there's clear evidence that the stamp duty has been paid. 

The bad news is: That discounts on stamp duty are only available to those buying property with the intention of living there. 

If you're buying a property as an investment with no intention of living there, there's no discount on stamp duty. 

Stamp duty is calculated on a sliding scale, the higher the price, the higher the rate of duty payable. 

The discounted rates of stamp duty apply when you're buying a house you're planning to live in. And if you're buying the house as your first home, there's no duty to be paid unless the purchase price exceed $500,000. 

In order to be eligible for stamp duty discounts: You must move into the property within 12 months of buying it and continue to live there for 12 months. 

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