Buying a Home: Costs & Fees
What government fees are involved in a property transaction?
While government fees can vary from state to state, you are likely to find that four different kinds of fees may apply to your property transaction.
These include stamp duty on the purchase price of your property, stamp duty on the loan amount (also known as mortgage duty), a mortgage registration fee - which is applicable to property purchases as well as refinances - and a transfer fee charged on purchases only.
These fees are usually charged at settlement and the costs are deducted from your loan amount. For more information about the types of fees that may apply in your situation, you should contact your state revenue office.
If I am a first home buyer, what kind of government fees will I need to pay?
First home buyers may qualify for a reduction or exemption from some government fees, such as stamp duty. Conditions usually apply to this type of exemption and these can vary from state to state.
Your state revenue office will be able to provide more information about the different types of government charges and exemptions you may be eligible for as a first home buyer.
Do I need to pay government fees if refinancing?
If you are refinancing your mortgage, government stamp duty may apply. This type of charge, like other government fees, can vary from state to state. These charges may also be affected by changes to the law - some of which are made on an annual basis. You may wish to contact your state revenue office for the most up-to-date information.
In some cases, you may also need to pay a mortgage registration fee if you are refinancing.