VIC Stamp Duty Calculator

The amount of concession available works on a sliding scale. The closer the value is to $605,000, the more you save in stamp-duty concessions.

From October 21, 2024, to October 21, 2025, if you buy an off-the-plan property, like an apartment or townhouse, in a development with shared areas (such as shared driveways or hallways), you can reduce the amount of stamp duty (land transfer tax) you pay. This applies to all buyers, including investors, companies, and trusts.

The Victorian Government introduced this temporary concession for off-the-plan property purchases to encourage development.

Normally, stamp duty is calculated on the total purchase price of the property. With this concession, you can subtract the construction costs incurred after you sign the contract from the purchase price. Stamp duty is then calculated on this lower amount.

Stamp duty in Victoria is usually paid at settlement.

The buyer has up to 30 days after settlement to pay for stamp duty. If stamp duty is not paid after 30 days, then penalty tax and interest might apply.

The property title will not be transferred to the buyer's name until the stamp duty is paid.

The upfront costs of buying a house besides stamp duty are:

• Deposit: Typically, lenders require a deposit of at least 5-20% of the property's value.
• Legal and Conveyancing Fees: Engaging a solicitor or conveyancer to manage the legal aspects of the property transfer usually costs between $800 and $1500.
• Building and Pest Inspections: These inspections ensure the property is structurally sound and free from pests, costing up to $600 in total.
• Loan Application or Establishment Fees: Some lenders charge fees ranging from $0 to $900 for processing your home loan application.
• Lenders Mortgage Insurance (LMI): If your deposit is less than 20%, lenders may require LMI to protect themselves in case of default. The cost varies based on the loan amount and deposit size.

Learn more about the upfront and ongoing costs of buying a house.