What government fees are involved?
Government fees vary from state to state, but as a general rule there are four types of government fees:
- Stamp duty on purchase price
- Stamp duty on the loan amount (mortgage duty)
- Mortgage registration fee (charged on both purchases and refinances)
- Transfer fee (charged on purchases)
Government fees are usually charged at settlement with the costs deducted from the loan amount. It is recommended you check with your State Revenue Office for more information about government charges.
Do I need to pay government fees as a first home buyer?
If you are a first home buyer, you may be exempt from some government fees such as stamp duty; however, as this differs from state to state it is recommended you check with your State Revenue Office for more information about government charges.
Do I need to pay government fees if refinancing?
If you are refinancing you may be charged a government stamp duty on the loan amount. This differs from state to state so it is recommended you check with your State Revenue Office for more information about government charges.