What Is Stamp Duty?

Stamp Duty can be one of the biggest upfront costs of buying your home, so what exactly is it and can you estimate how much you might have to pay? 

Stamp duty is a tax that state and territory governments apply on certain purchases including buying a home, land or investment property. Each state or territory has its own fee schedule so check with your local State Revenue Office for details in your state. 

Does everyone pay Stamp Duty? 

If you’re buying your first home you might not pay stamp duty or you may pay a reduced amount based on purchase price, again this is state based. 

Other concessions and exemptions may also be available according your individual circumstances and this is worth checking with your conveyancer or legal representative. 

Estimating what you might pay 

You can use the the calculators on most state government websites to get an estimate of all the costs associated with buying a home, including the government costs (that includes stamp duty), based on your particular circumstances and details of the property you are looking to buy. 

This calculator (Vic Government) will provide an estimate of Land Transfer (Stamp) Duty payable. 

https://www.sro.vic.gov.au/calculators/land-transfer-calculator 

If you have any questions, please contact us to discuss.