HOW MUCH COULD LAND TRANSFER DUTY ADD TO THE COST OF YOUR PROPERTY?
Each state or territory has differing Land Transfer Duty (formerly called stamp duty in Victoria) on property purchases. Land Transfer Duty costs on house, home or property purchases is a contract tax that is payable on settlement of your new property. When you buy land, which may include buildings, duty payable is based on the market value of the property or the purchase price, whichever is greater.
More information is available on the What is Stamp Duty? page.
How much Land Transfer Duty will you have to budget for?
Are you eligible for a First Home Buyers Land Transfer Duty reduction or exemption?
The Victorian Government offers eligible first home buyers a land transfer duty exemption or reduction when they purchase a new or established home in Victoria. The first home buyers property transfer duty exemption applies where you buy a principal place of residence valued at not more than $600,000 - yes .... you pay NO Victorian Transfer Duty.
First Home Buyers buying a home with a dutiable value from $600,001 to $750,000 will be entitled to a concessional rate of duty calculated on a sliding scale. If this seems like information overload, relax, give us a call and we'll explain your entitlements in a FREE 1 hour consultation.
Free Mortgage Apps
There is a range of free mobile apps that help with calculating the real cost of purchasing your property, We like the variety of tools provided by Beyond Bank, including stamp duty, mortgage repayments and more! We stress this is not an Ad for Beyond Bank, though we do like them, and we recommend you use a good mortgage broker to source a mortgage that suits your needs.