You've got a clear idea of how much you can afford to spend on your first home, but your home loan doesn't cover the extra one-off costs of buying property. One of these is Stamp Duty.
Stamp Duty is a state government tax. It's paid within 30 days of the purchase of the property, and the amount due is calculated based on the value of the contract to purchase. This varies between the States and Territories.
If you know how much you might be able to borrow, you have an idea how much you'd like to spend on a property, or you have an exact figure for a property that you're ready to make an offer on, you can use this Stamp Duty Calculator to work out exactly how much you need to set aside, in addition to your deposit.
Certain States may have exemptions or concessions that apply to the Stamp Duty. Concessions might be available for:
For more information, you can visit the website for your State or Territory.
NSW Government Office of State Revenue
State Revenue Office of Victoria
Tasmanian Government Department of Treasury and Finance
Government of Western Australia, Department of Finance
Northern Territory Government Department of Treasury and Finance