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Stamp duty in Victoria (VIC), or land transfer duty, is a state government tax buyers must pay when acquiring property and other personal or business assets like vehicles.
Victoria is generally the most expensive of all states and territories for stamp duty. The land transfer duty in VIC is charged as a percentage of the property’s value. A concessional rate applies to new residential properties under $550,000 if you live at the address for at least 12 months. There are different stamp duty rates for principal places of residence and investment properties.
Stamp duty costs in VIC will vary depending on:
|Property value||Stamp duty payable|
$0 - $25,000
1.4% of the value of the property
$350, plus 2.4% of the value above $25,000
$2,870, plus 6% of the value above $130,000
5.5% of the value of the property
$110,000, plus 6.5% of the value above $2,000,000
|Property price||Owner-occupier stamp duty||Investment stamp duty|
|Property value||General stamp duty||Duty after concession|
Anyone buying property must pay stamp duty in VIC unless they are eligible for an exemption. This includes properties gifted or acquired by a company or under a trust. It’s important to note that stamp duty is an additional cost to your deposit and property price.
If you're buying a property in VIC, your conveyancer may take care of the paperwork and lodge the payment with the revenue office on your behalf. Be sure to budget for stamp duty or ask your lender to increase the principal amount of your home loan to account for stamp duty. This will increase your home loan repayments.
In VIC, stamp duty is payable within 30 days of settlement. Late payment penalties apply. You can also choose to pay stamp duty on the day of settlement via electronic fund transfer (EFT).
Stamp duty can be paid by direct deposit, cheque, credit card, and other major payment options. In most cases, you’ll receive a notice from the State Revenue Office VIC delivered to the address of the purchased property or by email. This letter will often contain:
There are a few stamp duty exemptions and concessions available in Victoria, including:
First-home buyer exemption: Full stamp duty exemption applies for first homes valued under $600,000. There’s also a $10,000 first-home buyer grant in VIC that may help further reduce the cost of buying a home.
Spouse or partner exemption: Transfers of a principal place of residence between spouses are exempt from stamp duty.
Deceased estate exemption: Exemptions apply for transfers of primary residence following a person’s death (if the transfer meets certain conditions).
Family farm exemption: Exemptions apply to transfers of farming land to family members or relatives.
Pensioner concession: Eligible pensioners and concession cardholders may pay a reduced transfer duty when purchasing a home.