Conveyancing Duty in Tasmania to Increase from October 2012
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When buying property in Tasmania you will be required to pay Conveyancing Duty (previously called Stamp Duty) to the State Government.
This is administered by the State Revenue Office. The rates of duty are detailed on State Revenue Office website and are set to increase for property transfers (settlements) on and after 1 October 2012. A fact sheet from the State Revenue Office of the changes announced in the May 2012 budget provides information on the impact of the changes.
In addition, if you are purchasing property for investment purposes you will also be liable to pay land tax each year.
Other costs of buying property include fees payable to the Land Titles Office for registration and transfers. Your solicitor or conveyancer can quote for these and will make the necessary payments and include them as part of your settlement and payment to them.
If you are financing the purchasing then the cost of borrowing includes loan application fees, valuations fees, mortgage insurance and ongoing interest on the mortgage.