Stamp duty, also known as land transfer duty, is a tax that state and territory governments apply to certain documents and transactions.

The amount of stamp duty you’ll pay will change based on the value of the transaction and where the purchase took place, so it’s important to check the specific details for the state or territory where you plan to buy property.

You can work out the stamp duty on a property in any Australian state or territory using the calculator developed by Conveyancing.com.au.

However, if you want more details about a specific state or territory, you can use the links below.

Australian Capital Territory

New South Wales

Queensland

Tasmania

Victoria

Western Australia

Legal fees are a necessary part of buying property. With all the paperwork and fine print involved, having someone who can work with you to translate it is essential to ensure you don’t get into any trouble down the line. This is where conveyancers and solictors come in.

Typically the legal fees associated with buying a property can range from $800 to $2,500, although some conveyancers will charge a reduced fee if the purchase doesn’t reach settlement. Before we get into that though, what is the difference between a conveyancer and a solicitor?

Conveyancers prepare and review all documentation related to transfers, conduct title and certificate searches, communicate with the vendor on your behalf and help you deal with any issues that might arise throughout the transfer process. They are generally well versed in local laws and procedures. Conveyancers can be less expensive than qualified solicitors, making them an excellent choice for straightforward property transactions.

As opposed to a conveyancer, a solicitor is a fully fledged legal professional. They do the same tasks as a conveyancer (in fact, in this role they are conveyancers), but they have a greater knowledge of the law. They are more equipped to deal with complicated or out-of-the-ordinary issues or complex sales. And they can advise you on difficult matters, such as tax implications.

Another important difference is that a solicitor can act on property transactions Australia wide, not specific to the state that their certificate was received. In contrast, conveyancers are only permitted to transact in the state that they are licensed.

How to choose between a conveyancer and a solicitor

When deciding whether to use a conveyancer or a solicitor when purchasing your home, it’s helpful to be fully informed about the benefits and drawbacks of each. Below is a collection of external resources that can help you make the best choice for your situation.

Advice from BOQ

Advice from uBank

Advice from Coutts Lawyers and Conveyencers

Recommended conveyancers and solicitors

After deciding between a conveyancer and a solicitor, you need to start looking for someone in the industry who’ll be the right fit for you. To make it easier for you, we’ve brought together a list of conveyancers and solicitors that we trust.

Conveyancer (NSW, Vic and Qld): Conveyancing.com.au

Conveyancer (NSW, Sydney): CM Law

More coming soon

When borrowing more than 80 per cent of a property’s value, it is generally a condition of the loan that the borrower pays Lenders Mortgage Insurance (LMI).

One method to avoid paying LMI is to save up the minimum deposit for the property purchase. Alternatively, if your deposit is less than 20 per cent but you have a guarantor for the property loan, you may be able to avoid paying LMI. Your guarantor can assist by providing additional security, which reduces the Loan to Value Ratio (LVR) to 80 per cent and therefore enables you to avoid paying LMI.

If LMI is added to your loan amount, your minimum monthly mortgage repayments will marginally increase to cover the cost.

To help you work out the LMI for a property, you can use the LMI calculator that Home Loan Experts have put together.

Additional reading

For more information about LMI, we recommend checking out the links below, which do a great job of running you through the ins and outs of what can otherwise be a little complicated.

Mortgage choice

Insurance Council (articles)

loans.com.au

Strata and property reports are slightly different documents, but they’re crucial to have before you drop a small fortune on a home. Here we breakdown some of the differences between these documents, and what you should expect to pay for each.

For properties that exist under a Strata Title, such as an apartment block, strata reports will provide a full review of the Owners Corporation records, including information about the condition of the common areas and the strata’s finances, along with the minutes from strata meetings. These can cost up to $450 to order a report, however you usually pay a smaller fee of around $50 to access the report before locking yourself into a contract, while the remaining cost is paid if you purchase the property.

In contrast, a property report provides information about the condition of the property itself. Typically the owner of the property purchases a report for $300 to $600 when they intend to sell the property. Much like a strata report, you can access it for a smaller fee as a prospective buyer, but you will pay a larger sum once you purchase the property.

Coming soon!

Check back in soon as we find other ways to help you on your housing journey.

Coming soon!

Check back in soon as we find other ways to help you on your housing journey.