Stamp Duty – you would have heard the term before but are you aware of what it is?

To put it simply, it is a tax you pay when you buy land or established property. If you buy an established home, you pay Stamp Duty on the total amount. For example, if the home you are purchasing is $400,000 you will pay $13,015 in tax. However, when you buy a home and land package you only pay stamp duty on the land.

The Good news only gets better! If you are a first homebuyer, you are exempt from paying Stamp Duty on land less than $300,000! You could potentially have a win with a reduced amount for Stamp Duty for the land value that sits between $300,001 and $400,000.