Stamp Duty Calculator Victoria

In Victoria, stamp duty is officially called land transfer duty. It is charged by the State Revenue Office (SRO) when property changes hands, and it is usually based on the purchase price or the market value of the property, whichever is higher.

The general rates work in bands. Each band has its own rate, and the duty is built up as the value moves through them. Above a certain value, a flat rate applies to the whole price instead. The calculator applies the SRO’s published bands to the value you enter, then checks whether any exemption or concession applies.

If you are buying your first home and will live in it, you may pay no duty at all. First home buyers pay no duty on properties valued up to $600,000. Between $600,000 and $750,000, a sliding-scale concession applies, so the discount reduces as the value rises. Above $750,000, the general rates apply in full.

There are eligibility conditions. Generally you must not have owned property before, and you must move in within 12 months and live there for at least 12 months. Your conveyancer will confirm whether you qualify.

If you are buying a home to live in but are not a first home buyer, a principal place of residence (PPR) concession may apply. It covers properties valued from $130,000 up to $550,000 and uses lower rates than the general scale. Above $550,000, there is no PPR concession.

If you qualify for both the first home buyer and PPR concessions, the calculator uses whichever gives the lower duty.

Foreign purchasers pay an additional duty of 8% of the property’s value. This is charged on top of the normal duty and isn’t reduced by first home buyer or PPR concessions. Whether you count as a foreign purchaser depends on your citizenship and residency status, so check the SRO’s definition if you are unsure.

The biggest one is forgetting to budget for stamp duty at all. Lenders usually expect you to pay it from your own savings, on top of your deposit. On a typical Melbourne home without concessions, it can be a significant amount.

Another is assuming you qualify for a concession. Conditions apply, and a previous property overseas or a plan to rent the home out can change the result. Off-the-plan purchases, pensioner concessions and other special rules aren’t included in this calculator, so always confirm the final figure with the SRO or your conveyancer.