What is Stamp Duty?
Okay, so Cath's got a great question for us today. What exactly is Stamp Duty, why do I have to pay it, how can I work it out?
So she's buying a $650,000 property, it really depends on what State that you're purchasing that property in. Every State has their own rules and regulations and percentages, based on the cost of the property, right, so it's a percentage, they get revenue from it build roads etc., we've got to suck it up unfortunately.
And secondly, you can easily work it out. There's a cool calculator on our website solverewealth.com.au and you can work it out, plug in your property purchase and then the Stamp Duty amount that you're about to pay and then you have to come up with that out of your own money, you can't loan that amount in today's lending.
So go ahead, figure out the amount, factor it into your deposits, go and get it done Cath.
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