Stamp duty is tax which is imposed on various acquisitions including real estate, cars and assets belonging to a business. Further, it can also be charged on home loans, gifts and some insurances.
For real estate, stamp duty is payable within 30 days of settlement of you new property.
If you are a first-home-buyer looking to get into the market in the year ahead then there is some good news for you! As of 1 July 2017, any eligible first-home-buyer that enters into a contract from this date will be exempt from paying stamp duty for a home purchased at or under $600,000. Under the current first-home-buyer scheme you receive a 50% discount in stamp duty up to $600,000 purchase price. For example currently first-home-buyers pay $15,535 instead of the full $31,070, however come 1 July first-home buyers will pay $0 for stamp duty if they purchase under or at $600,000.