Stamp duty Victoria

How much stamp duty do I need to pay in Victoria?

In Victoria you pay stamp duty, or land transfer duty, when you purchase a home or investment property. It can costs tens of thousands of dollars, but there are concessions and exemptions to help keep costs down for first home buyers.

VIC stamp duty calculator

Use this calculator to get an estimate of your stamp duty costs on a property in Victoria. Select VIC in the input box to ensure you get the right calculation. This is just an estimate not an exact calculation.

How to use the VIC stamp duty calculator

1. Enter your property value (or an estimate).
2. Pick VIC as your state/territory.
3. Select Live-in (if you're buying a home), Investment (for an investment property) or Vacant land (if building on a vacant lot).
4. If you've never owned a home before select Yes for First Home Buyer (you may get a stamp duty discount).

How is stamp duty calculated in Victoria?

Many would-be homebuyers don't realise that they'll have to pay stamp duty. Buying a home in Victoria could cost you tens of thousands of dollars in land transfer duties.

The amount of duty payable is calculated on a sliding scale, starting at 1.4% for properties whose dutiable value is $25,000, and going up to 5.5% for properties with a dutiable value of $960,000 and above.

Figures correct at the time of publication and subject to change. Source: State Revenue Office of Victoria

The dutiable value of the home basically just means the purchase price of the property. But if you're selling a property at discount (say, to a family member) then the dutiable value is based on the market value. That's the price the property would sell for on the open market.

Rates of stamp duty may vary if:

• You’re a foreign buyer.
• You’re a first home buyer.
• The property is going to be your primary residence or an investment property.
• You’re buying land or an existing dwelling.
• You’re buying the property or taking possession of it in another way (e.g. receiving it as a gift, inheriting the property).
• You are entitled to other exemptions and concessions.

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Are there stamp duty concessions for first home buyers in Victoria?

There’s a range of land transfer duty concessions and complete exemptions that are available.

Ongoing stamp duty exemption for first home buyers

On an ongoing basis, first home buyers in Victoria may be exempt from stamp duty on eligible purchases.

You, and your partner if applicable, must both qualify as first home buyers and be Australian citizens or permanent residents. New Zealanders on a special category visa are also eligible.

Eligible purchases

The full exemption only applies to homes with a dutiable value up to $600,000. For homes valued at $600,000 to $750,000, you can still get a partial exemption.

You must be buying your principal place of residence, so the discount is not available on investment purchases. This means you need to live in it for at least 12 continuous months, starting within 12 months of taking possession.

Here are some examples of how the Victorian stamp duty concession can help you reduce your stamp duty costs:

Stamp duty is subject to changes so please use the above as a guide only.

Are there any other stamp duty concessions or exemptions in Victoria?

Land transfer duties are also exempt for:

• Land transfers from deceased persons to their beneficiaries
• Transfers between spouses and partners, including transfers after breakups, such as part of a divorce settlement
• Certain corporate consolidations or reconstructions

Other concessions include:

• Off-the-plan purchase concessions
• Pensioner duty exemptions or concessions
• Charity and friendly society concessions
• Young farmer exemptions or concessions

Learn more about each exemption:

• Off-the-plan purchase concessions

  This is an additional concession for off-the-plan buyers of a land and building package, or a refurbished lot.

  Since 1 July 2017, this has only been available for the purchase of a home that meets the requirements of the PPR concession or gets a first home buyer duty exemption/concession.

  Essentially, it’s a different way of calculating the dutiable value, to facilitate the valuation of homes still under construction or renovation, and make sure that off-the-plan buyers can also get the exemptions or concessions to which they’re entitled.

• Pensioner duty exemptions or concessions

  Eligible pensioners buying a home valued at up to $750,000 to use as their principal place of residence (PPOR) may be eligible for duty concessions or exemptions.

  You must:

  • Hold an eligible concession card at the property settlement date
  • Have never received this concession before
  • Buy the property at market value
  • Intend to live in the home as your PPOR

  Eligible concession cards are:

  • Department of Human Services (DHS) Health Care Card
  • Department of Veterans’ Affairs (DVA) Health Care Gold Card
  • DHS Pensioner Concession Card/DVA Pensioner Concession Card
  • DHS Commonwealth Seniors Health Card/DVA Commonwealth Seniors Health Card

• Charity and friendly society concessions

  A charitable organisation may be exempt from paying land transfer duties on land purchases. Eligible organisations include those:

  • Whose operations are predominantly charitable
  • Without any possibility of private profit during operation or at wind-up

  The organisation’s constitution or memorandum of association must clearly include clauses which state that the organisation satisfies these requirements.

• Young farmer exemptions or concessions

  A one-off duty exemption or concession is available to young farmers who are buying their first farmland property valued at less than $750,000. The following criteria apply:

  • Young farmers are those under the age of 35.
  • Farmland valued at less than $600,000 receives a duty exemption on the first $300,000.
  • Farmland valued from $600,000 to $750,000 receives a duty concession.

  This concession cannot be used in conjunction with the PPOR concession. If eligible for both, you can choose which of the two to use.

  You’re still eligible for this concession even if you or your partner currently owns, or has previously owned, non-farmland in the past. However, you are not eligible if either of you has been a shareholder or beneficiary of a trust that owns or has previously owned farmland.

How do I claim a Victorian stamp duty concession or exemption?

You can apply for an exception or concession through Victoria’s State Revenue Office.

How and when do I have to pay stamp duty?

You must complete a Digital Duties Form online to pay your land transfer duty. You can do this as a homebuyer, or your conveyancer will do it for you. You will need to register online and verify your identity.

The State Revenue Office of Victoria recommends that you complete the form and payment "at least 30 days before settlement."

This means you must have saved your stamp duty and have the funds ready to pay for it at around the same time that you save your deposit. You can not add the cost of stamp duty to your home loan.

Do I have to pay stamp duty upfront or can I pay it in instalments?

You're generally better off paying your land transfer duty upfront if you can. It is possible to set up a payment plan lasting up to 12 months, but you will be charged interest at the "market rate" plus 8%. That's a hefty rate and could see you pay a significant amount of interest.

For instance, your stamp duty bill could have an interest rate attached to it valued at around 4%. Add on the 8% margin and that's 12% interest. On stamp duty of $15,000, this would add $1,800 to your stamp duty bill.

More questions about stamp duty in Victoria

• What happens if I’ve overpaid on duty, or not claimed a concession I could have?

  If you think you’ve paid too much duty, you can request a reassessment of duty paid within five years of the purchase. If it’s found that you paid too much duty, you can receive a refund on the amount paid.

• Can I claim more than one concession?

  Yes. A lot of people will be eligible for more than one concession.

• Can I get reassessed and claim the first home buyer exemption on a previous purchase?

  Yes, but only if the contract for the transfer of property was entered into on or after 1 July 2017. You can get reassessed and refunded if you’ve overpaid, but if the exemption or concession wasn’t around at the time of purchase, you didn’t overpay.

• My parents are gifting me a property in Victoria: Do I have to pay stamp duty?

  Yes. Even if you didn't pay a cent for the property, the state charges stamp duty based on the market value of the property. This is a fair estimate of what the property would sell for on the market.

  You should talk to a conveyancer if you need help with a property transaction between family members.

• Does stamp duty apply to business real estate purchases?

  Yes. The dutiable value here includes the property, as well as the goods purchased along with it.

• What costs are there in addition to stamp duty?

  Other charges may be incurred for land tax and various administrative fees. Land tax is a separate tax with its own separate concessions. You will need to pay any outstanding land tax on a property before you can take possession of it.

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