STAMP DUTY ON HOUSE, HOME OR PROPERTY PURCHASE
Now called Land Transfer Duty
HOW MUCH COULD LAND TRANSFER DUTY ADD TO THE COST OF YOUR PROPERTY?
Each state or territory has differing stamp duty on property purchases. stamp duty 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.
More information is available on the What is Stamp Duty? page.
HOW MUCH STAMP DUTY WILL YOU HAVE TO BUDGET FOR?
How much is stamp duty in Victoria?
If you want to find out how much is stamp duty or to find out the duty on home, house or property purchases, you can visit the Victorian Governments stamp duty calculator page.
Find out here with the VIctorian Government stamp duty calculator.
If you want to find out how much is stamp duty or to find out the duty on home, house or property purchases, you can visit the Victorian Governments stamp duty calculator page.
Find out here with the VIctorian Government stamp duty calculator.
ARE YOU ELIGIBLE FOR A FIRST HOME BUYERS STAMP DUTY REDUCTION?
The Victorian Government State Revenue Office offers eligible first home buyers a stamp duty exemption or concession or a stamp duty reduction when they purchase a new or established home. The first home buyers exemption applies where you buy a principal place of residence valued at not more than $600,000 - yes .... you pay NO Duty ... even though you may qualify for the first home owner grant!
First Home Buyers buying a home with a dutiable value from $600,001 to $750,000 will be entitled to a stamp duty reduction or concessional rate of duty calculated on a sliding scale.
In most cases, the dutiable value of a property is the price you pay for it minus any deductions (such as the off-the-plan concessions). If the amount you pay for the property is less than market value, the dutiable value will be the market value minus any deductions.
For full details, please see the Victorian Government site - here.
If this seems like information overload, relax, give us a call and we'll explain your entitlements in a FREE 1 hour consultation.
First Home Buyers buying a home with a dutiable value from $600,001 to $750,000 will be entitled to a stamp duty reduction or concessional rate of duty calculated on a sliding scale.
In most cases, the dutiable value of a property is the price you pay for it minus any deductions (such as the off-the-plan concessions). If the amount you pay for the property is less than market value, the dutiable value will be the market value minus any deductions.
For full details, please see the Victorian Government site - here.
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.
See the Beyond Bank Calculators and App downloads here
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.
See the Beyond Bank Calculators and App downloads here
Want more information about stamp duty?
More information is available on the What is Stamp Duty? page.
If this seems like information overload, relax, give us a call or request a free consultation and we'll explain your entitlements in easy, plain English.
If this seems like information overload, relax, give us a call or request a free consultation and we'll explain your entitlements in easy, plain English.
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