Belle Property

Costs of buying Buying a property involves more than just the purchase price and fees for professional services such as pest inspections or solicitors. Here are three costs that all buyers should consider before making an offer on a property in Australia. Stamp duty Stamp duty (also called transfer duty or conveyance duty) is a charge applied by state governments in Australia in relation to the transfer of land or property. Howmuch you pay is determined by the property’s value and the state where you are buying, but usually represents a substantial sum over and above the purchase price. Check the amount of stamp duty you would be liable for by visiting your local office of state revenue website. Land tax Land tax is an annual tax that landowners pay to state and territory governments. Your principal place of residence is typically exempt from land tax but other land or properties you own may be liable, so always check what you may be liable for with your local office of state revenue. Council rates Council rates are taxes collected by local governments which are used to fund a range of public or community services. Rates vary depending on the property’s value and local government area, so do your due diligence to understand what the council rates would be on a property so you are aware of the ongoing financial commitment.