Stamp Duty Rates in Victoria

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  The rates of duty are different depending on when the contract to purchase property is entered into:

  1. For contracts entered into on or after 6 May 2008 - The rate of duty charged is on a sliding scale down from a top rate of 5.5% for property valued at more than $960,000 to a base rate of 1.4% for properties valued at not more than $25,000.
  2. For contracts entered into before 6 May 2008 - The rate of duty charged is on a sliding scale down from a top rate of 5.5% for property valued at more than $870,000 to a base rate of 1.4% for properties valued at not more than $20,000.

Below you will find VIC Stamp Duty Parameters for an Owner Occupied or First Home Owner purchase for contracts entered into on or after 6 May 2008:

 

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Below you will find the current VIC Stamp Duty Parameters for an Investment purchase for contracts entered into on or after 6 May 2008:

 

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For more information on Stamp Duty in Victoria please check Duties Act 2000.

 

Other related fees

Mortgage Registration Fee:

  1. $107.60 Paper - Transaction
  2. $85.00 Electronic - Transaction

Land Transfer Fee:

  1. Paper Transaction Fee: $131.10 plus $2.46 for every whole consideration, the maximum fee is $ 1362.00.
  2. Electronic Transaction Fee: $108.40 plus $2.46 for every whole consideration, the maximum fee is $1339.00.

2013-2014 Stamp Duty Update in Victoria

On 28th of April the Victorian Government has announced the following changes to state taxes and grants which will be included in the 2013-14 State Budget:

 

First Home Buyer Grant

 

From 1 July 2013, the First Home Owner Grant (FHOG) will increase from $7000 to $10,000 for newly constructed homes under $750,000. To be eligible to this FHOG increase first-home buyers need to enter into a contract to purchase or build a new home on or after 1 July 2013.

Existing FHOG on the purchase of an established home will conclude on 1 July 2013. To receive the FHOG on an established home, you must enter a contract to purchase the home on or before 30 June 2013. This brings Victoria into line with New South Wales, Queensland and South Australia.

 

First Home Buyer Duty Reduction

 

The duty reduction available for eligible first-home owners of both newly constructed and established homes will increase to 40 per cent from 1 July 2013 for homes valued up to $600,000. A further 10 per cent duty reduction will be implemented from 1 September 2014 for eligible first-home buyers, increasing total duty savings to 50 per cent.

 

Stamp Duty Calculator Victoria

Once again, the easiest way to calculate stamp duty in Victoria and compare it with other states is to use our stamp duty calculator.

 

Exemptions and concessions apply to:

  • Family Farm Concession
  • Pensioner Exemption and Concession
  • First Home Owner with Family Concession
  • Principal Place of Residence Exemption or Concession
  • Corporate Reconstruction Concession
  • Charities and Friendly Societies
  • Duty Concession for Off The Plan Sales

Refer to the Victorian Office of State Revenue Website http://www.sro.vic.gov.au/

 

For more information contact us on +61 3 8657 3020

Stamp Duty Rates in Victoria