Re: Does having a larger deposit mean I can reduce stamp duty?
Posted: Tue Oct 22, 2019 6:41 pm
Hello Zanele. Welcome to the forums.
No, the amount of stamp duty you pay is not dependent on the size of your deposit. The amount of stamp duty paid depends on the value of your property, which state or territory you are buying your property and type of property you buy.
You can use our stamp duty calculator to find out how much you will need to pay.
However, having a deposit of more than 20% means that you save thousands by not having to pay Lenders Mortgage Insurance, but you still have to get approval from the Foreign Investment Review Board. For a property worth $1 million, the FIRB fees will be $5,700.
We specialise in temporary resident home loans.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify.
Cheers,
No, the amount of stamp duty you pay is not dependent on the size of your deposit. The amount of stamp duty paid depends on the value of your property, which state or territory you are buying your property and type of property you buy.
You can use our stamp duty calculator to find out how much you will need to pay.
However, having a deposit of more than 20% means that you save thousands by not having to pay Lenders Mortgage Insurance, but you still have to get approval from the Foreign Investment Review Board. For a property worth $1 million, the FIRB fees will be $5,700.
We specialise in temporary resident home loans.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify.
Cheers,