One of the first steps anyone looking to buy a home is to use an online calculator to ensure your numbers are in place. Most buyers tend to overlook factoring in the cost of Stamp Duty. In this blog, we’re going to cover everything about a first home buyer stamp duty calculator NSW.
Let’s just first understand, what is stamp duty?
Stamp duty is a mandatory tax on estate commerce that is levied by each state and territory government. This fee is used to validate the registration of the capital and legalize the property ownership document under the buyer’s name.
The tax might vary depending on the size and value of the property, residency status and if it is the first home. Apart from the fee, there is also a payment due period which differs in different states, talking about NSW the stamp duty must be paid within the duration of three months after the settlement of the property.