If you’re thinking of purchasing a property in Victoria, you can get an estimate on the total stamp duty amount you’ll need to pay by using our stamp duty calculator. Stamp duty, also known as land transfer duty, is a government charge you will have to pay when buying a property in Victoria whether it be for residential, commercial or investment purposes.
Calculations valid for 2020-2021 financial year
Includes duty discounts for first home buyers but does not include state or federal grants
Some states may give further discounts or exemptions in certain circumstances
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When it comes to stamp duty, there are a number of factors that will determine your total amount, like:
Once you fill in these details our calculator will automatically give you a result while taking into account of any concessions and exemptions you qualify for.
Stamp duty is calculated based on the property’s value, so the more pricier the property, the higher your stamp duty will be. The current rates for stamp duty in Victoria are:
Source: State Revenue of Victoria, General Land Transfer
Stamp duty charges are set by state governments, which means they're different from state to state. But never fear, we've got calculators tailor made to crunch the numbers on stamp duty all over Australia. Check them out below.
Stamp duty calculator Tasmania
Stamp duty calculator Queensland
Stamp duty calculator South Australia
First home buyers do pay stamp duty, but they are eligible for various stamp duty exemptions and concessions in Victoria, which include:
To provide financial relief for first home buyers, the Victorian government launched the First Home Owners Grant (FHOG). If purchasing a property worth $750,000 in regional Victoria, first home buyers could receive a grant of up to $20,000. If the property is not in regional Victoria, the grant is $10,000.
In order to be qualify for the grant, concessions or exemptions, there is a certain criteria that must be met. For instance, you will not be eligible if you or your partner:
Have already received the FHOG
Have already owned a home or other residential property before July 1 2000
Have lived in a home in Australia, which either of you owned or part-owned after July 1 2000 for continuous period of at least 6 months
Stamp duty concessions and exemptions are also available to other buyers in Victoria, which include:
Yes, in fact since July 1 2016, Victoria has an additional duty rate of 7% to foreign buyers looking to purchase residential property. So say for instance, you are a foreign purchaser buying a investment property worth $700,000, you would also be expected to pay $75,543, compared to a regular first home buyer who would only pay $26,543.
Yes, when you pay for stamp duty, you’ll also have to pay a transfer and mortgage registration fee. A transfer fee involves moving the title of the property over to the new owner, while a mortgage registration fee is the cost of creating the documents once you sign up to your home loan.
No, stamp duty is applicable to all Australian states. However, there are differences between each state, which offer different concessions and exemptions to buyers.
You will need to pay your stamp duty to the Victorian State Revenue Office. Stamp duty is recognised as a tax in Victoria, so the money will be passed onto the Victorian Government, which will then be put back into public sectors, like roads and transport and emergency services.
In Victoria, you are able to pay for stamp duty two ways, they are:
Stamp duty in Victoria must be paid within 30 days of the property being transferred and is usually the day of settlement. If you fail to pay the duty during this time, you may have to pay a tax penalty and interest.
If you believe that you have overpaid your stamp duty, you are able to claim a refund for up to five years after the date the duty was paid.
You will first need to complete a refund form, which can be accessed on the Victorian State Revenue Office site. Either you or a representative or agent can complete do this. Once you have requested a refund, it can take up to 60 days for a decision to be made.
Your home may be the largest expense you ever have, which is why in addition to shopping around for a home loan, it’s important to budget for a number of other one-off and ongoing costs that will arise once you buy your first home. They are:
If you’re planning to purchase a property in Victoria, there are a number of things you’ll need to do long before moving day. Other than paying for stamp duty, you’ll also need to choose a home loan that best suits your needs and for many borrowers, finding a competitive interest rate is a top priority. Our Home Loans Interest Rates page can help take the hassle out of finding the right interest rate for you.