The festive season is traditionally a popular time for house-shopping, as many Australians take advantage of time off work.
Now, the peak industry body representing Australia’s finance brokers has made buying a house – and knowing its real price – a lot easier.
The Finance Brokers Association of Australia (FBAA) has launched the first industry smartphone app for homebuyers, which will take the guesswork out of trying to calculate repayments and stamp duty.
FBAA chief executive officer Peter White said stamp duty is confusing for most people and will add thousands of dollars onto the price of a home.
“Many homebuyers forget that they need to calculate stamp duty on top of the asking price of a house.
“For example, on a $600,000 home, stamp duty can range from around $14,500 to around $32,500 depending on the state,” he explained.
He said stamp duty was not a simple calculation and varied according to the use of the property.
The free FBAA smartphone app will allow homebuyers to immediately calculate their stamp duty based on their circumstances, so they know the real price of the property.
It will also allow them to calculate repayments, source information about purchasing a home, and even give details of their closest FBAA member broker.
“For the first time we are empowering the public, so they can calculate stamp duty and possible repayments the moment they view a property,” Mr White said.
“It’s also important for the public to be connected with an FBAA member broker, because only a member of the association can offer them dispute resolution if they have a problem.”
The app is available on Android and iPhone devices and can be found by searching “FBAA” or “finance brokers”.