Stamp Duty Victoria
How much stamp duty will I pay on a house in Victoria?
The simple answer to this question is that stamp duty (also called transfer duty) may cost you a lot of money when you buy property.
Apart from your home deposit, this payment is likely to be one of your biggest expenses.
And it’s something that’s calculated based on the value of your property – every home is different.
It’s important to budget for stamp duty because it’s an expense that you will need to pay in addition to mortgage fees and any other costs that are part of acquiring property.
We recommend you ask your expert conveyancer at Settle Easy to help work out exactly how much stamp duty you will need to pay and explain how those calculations are made.
To get started, you could also try our easy to use free stamp duty calculator. That way, you can anticipate what your stamp duty costs will be and budget accordingly.
Who is exempt from paying stamp duty in Victoria?
There are a number of stamp duty exemptions and stamp duty concessions available in Victoria.
For example, if you are a first home buyer, you may be entitled to stamp duty exemptions and concessions, but these all depend on when you purchased the property and what the value of the property is.
A great place to find out more is at the Victorian State Revenue Office website.
Let the experts help you understand stamp duty
There are so many decisions you need to make on the way to home ownership, but you don’t have to do it alone. Settle Easy’s expert local conveyancers understand the entire process of acquiring property in Victoria, including everything there is to know about stamp duty/transfer duty.
If you have any questions about conveyancing in general or stamp 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 pay stamp duty?
In Victoria, stamp duty must be paid on the day you settle. This means you need to budget for stamp duty on top of your deposit, mortgage, moving costs, building inspection and any other expenses that come with buying property.