If you’re looking to buy a property in NSW, you’ve probably heard people talk about stamp duty, also known as transfer duty. But what is it, and does it apply to you?
Simply put, stamp duty is a tax we pay when buying a house. The NSW government will charge a percentage of the price of the property you’re buying. On average, people in NSW pay tens of thousands of dollars in stamp duty. That’s on top of the mortgage, deposit and other expenses that come when buying a property.
Reference: https://www.conveyancing.com.au/blogs/stamp-duty-nsw