REVEALED: how you could end up paying more than DOUBLE the tax by buying a house just a few blocks away
- Homes that sell for the same price in neighboring suburbs have different taxes
- A $ 500,000 home or apartment in Tweed Heads has a stamp duty of $ 17,932
- A house of the same price in neighboring Coolangatta attracts a tax of $ 8,750
- It emphasizes stamp rights in New South Wales compared to Queensland
Home buyers can end up paying double the tax only for choosing a home with the same price in a neighboring street.
Someone who buys a $ 500,000 waterfront apartment in Tweed Heads pays $ 17,932 in stamp duty if they are not a buyer for the first home.
By choosing a unit in neighboring Coolangatta on the Gold Coast, their tax assessment has more than halved – up to $ 8,750.
Home buyers can end up paying double the tax only for choosing a home with the same price in an adjacent suburb. Someone who buys a $ 500,000 waterfront apartment in Tweed Heads (photo) pays $ 17,932 in stamp duty if they are not a first buyer
Both suburbs, in the same streets, lie on either side of a state border.
In New South Wales, someone who buys a home for half a million dollars pays five tax brackets.
In neighboring Queensland, they only pay two stamp brackets.
Graham Cooke, the insight manager of the finder.com.au financial product comparison site, said stamp duty often came as a big shock to buyers.
& # 39; Do your homework, check the rates before you buy & # 39 ;, he told Daily Mail Australia.
& # 39; It is something that many people overlook. Include that in every budget for buying a house. & # 39;
While home buyers pay more stamp duty in Tweed Heads, Coolangatta is more expensive.
In the stakes overlooking the water, a one-bedroom and one-bathroom apartment on the Queensland side of the border sells for $ 499,000.
By choosing a unit in neighboring Coolangatta on the Gold Coast, their tax bill is more than halved – up to $ 8,750
For just $ 9,000 more, on the NSW side, a two-bedroom unit at Tweed Heads with two bathrooms, also overlooking the Pacific Ocean, is available for $ 508,000.
The average unit price of Coolangatta is $ 572,290 compared to $ 426,034 in Tweed Heads, according to data from CoreLogic.
First home buyers at both locations receive an exemption from stamp duty.
In NSW they are spared from paying this transfer tax if the property is worth less than $ 650,000.
Queensland offers discounts of $ 8,750 for homes that sell up to $ 505,000.
This means that Tweed Heads is a better value for a buyer in the first home, while Coolangatta is better for someone who wants to pay fewer stamp duties.
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