How Much Does Victorian Stamp Duty Cost?
The simple answer to the question about how much Victorian stamp duty costs is that it costs a lot!
Apart from your home deposit, if you buy property anywhere in Australia, this duty is likely to be one of the biggest expenses in your property transaction.
In simple terms, this cost is just a tax or duty that must be paid when you acquire a property – even if you receive that property as a gift or if it is obtained through a company or trust.
But the good news is there are some concessions and exemptions the Victorian Government offers to some buyers which can reduce the amount you need to pay, but this depends on a number of different factors including whether:
- You are a first home buyer
- You are buying a home to live in
- You are a pensioner
- You are purchasing off-the-plan.
Why not visit the Victorian State Revenue Office to find out more
Calculating conveyancing stamp duty
This cost is calculated based on how much your property costs and on a case-by-case basis.
When buying property, it’s important to budget for stamp duty (which is also known as transfer duty) because it’s an expense that you need to pay in addition to mortgage fees and any other costs that are part of acquiring property.
We recommend you ask your property law experts at Settle Easy to help work out exactly how much stamp duty you will need to pay.
You might also find our easy to use free stamp duty calculator a great place to start.
That way, you can anticipate what your stamp duty costs will be and budget accordingly.
And whether you are a foreign purchaser, buying property for investment purposes or whether you are an Australian resident purchasing a principal place of residence, your conveyancing expert at Settle Easy will also help you work out exactly how much you will need to pay and explain how those calculations are made.
Who is exempt from paying stamp duty in Victoria?
There are a number of exemptions and concessions available in Victoria.
For example, depending on what buyer category you fall into, you may be entitled to an exemption and concession, but these all depend on when you purchased the property and what the value of the property is.
Let the property law experts guide you
There are so many decisions you’ll need to make on the way to home ownership, but you don’t have to do it alone. Settle Easy’s property lawyers and professional conveyancers understand the entire process of acquiring property in Victoria.
We’ll guide you through this complicated legal process from start to finish and we’ll explain everything you need to know in easy to understand language – we’re all about making conveyancing easier, not harder.
We can also let you know if you’re eligible for any home owner grants and can help with all different types of transfer of land.
And our online conveyancing platform makes the whole process so easy.
If you have any questions about how to complete your conveyancing online or if you have questions about transfer duty in particular, why not ask the friendly team at Settle Easy – we’re ready to help you settle easy, 24/7.
We recommend that you take the time to find out what stamp duty you may have to pay before making one of the biggest financial commitments of your life.
When do I need to pay stamp duty, Victoria?
In Victoria, stamp duty must be paid on the day you settle. This means you need to budget for this cost on top of your deposit, mortgage, moving costs, building inspection and any other expenses that come with buying property.
While you’re here, why not get an idea of all your conveyancing costs using our quick and easy quote calculator?