General Land Transfer Duty Current Rates | State of Victoria as at 28/3/2024
For the purchase of any other property (i.e. not Principal place of residence) for contracts entered into on or after 6 May 2008.
|
Dutiable value range |
Rate |
|---|---|
$0 – $25,000 |
1.4% of the dutiable value of the property |
> $25,000 – $130,000 |
$350 plus 2.4% of the dutiable value in excess of $25,000 |
> $130,000 – $960,000 |
$2870 plus 6% of the dutiable value in excess of $130,000 |
>$960,000 – $2,000,000 |
5.5% of the dutiable value |
More than $2,000,000 |
$110,000 plus 6.5% of the dutiable value in excess of $2,000,000 |
Stamp Duty – Foreign Purchaser:
After 1 July 2019 the foreigner buyer duty surcharge increases to 8% from 7%.
Stamp Duty – Principal Place of Residence (PPR) Rate
For the purchase of a home (which will be used as Principal place of residence) for contracts entered into on or after 6 May 2008.
Dutiable Value |
Duty Threshold |
|---|---|
$0 – $130,000 |
The Principal place of residence (PPR) concessional rate does not apply. |
> $130,000 – $440,000 |
$2,870 plus 5 per cent of the dutiable value in excess of $130,000 |
> $440,000 – $550,000 |
$18,370 plus 6 per cent of the dutiable value in excess of $440,000 |
More than $550,000 |
The Principal place of residence (PPR) concessional rate does not apply. |
Stamp Duty – First Home Buyer Concession after 1 July 2017
VIC abolishes stamp duty for both new and existing properties under $600,000. First home buyers purchasing a property between $600,000 and $750,000 also receive a tapered discount.
If a first home buyer purchases vacant land to build a new home to be their principal place of residence, the home must be built within 12 months for the FHB concessions to apply (choose “Yes” for the Option “Are you first home buyer”). If the buyer takes more than 12 months to build the home, they are not eligible for the First Home Buyer Concession (choose “No” for the Option “Are you first home buyer”).
First Home Owner Grant: $10,000 if property valued up to $750,000. First Home Guarantee (Federal 5% Deposit Scheme) – Price Cap $950,000.
Mortgage Registration Fee 2022 – 2023:
(a) Paper Transaction: $123.50 (b) Electronic Transaction: $114.40
Land Transfer Fee:
(a) Paper Transaction Fee: the sum of $101.70 plus $2.34 for every whole consideration, the maximum fee is $3,612.00
(b) Electronic Transaction Fee: the sum of $92.40 plus $2.34 for every whole consideration, the maximum fee is $3,603.00
Note: The above information is a guide only please seek professional advice please visit the State Revenue Office site https://www.sro.vic.gov.au/buying-property