How much stamp duty do you pay on a house in Victoria?

How much stamp duty do you pay on a house in Victoria?

General stamp duty (land transfer duty) rates in Victoria

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

How do you calculate stamp duty in Victoria?

How much is the stamp duty in VIC? Stamp duty is calculated based on the market value of your house. You might be eligible for concessions if you are first time buyer and/or buying a house as a primary residence. You need to pay extra 8% if you are foreign resident.

Do you pay stamp duty on apartments in Victoria?

In Victoria you have to pay stamp duty within 30 days of settlement. However, if you are settling electronically your stamp duty may be payable on the day of settlement. This means you need to make sure you budget for stamp duty on top of your deposit, mortgage, building inspection, moving costs and other expenses.

How do I avoid stamp duty in Victoria?

If you buying your first home you might be eligible for stamp duty exemption. The current Victorian policy says that if this property is your principal place of residence and you live in it for at least twelve months, you will pay no stamp duty when you buy a property for $600,000 or less.

Who is exempt from paying stamp duty?

Who pays stamp duty in England and who is exempt? UK residents purchasing a primary residence priced at £250,000 or under are exempt from stamp duty from 1st July to 30th September 2021. For properties priced over £250,000, some stamp duty will still be paid.

Is there a way not to pay stamp duty?

The best way to avoid stamp duty is to haggle the asking price of the property so that you can avoid a higher tax band but there are other ways to negotiate. For example, if you’re buying a new build, the company selling the homes may offer to pay the stamp duty. And if it doesn’t offer, you can always ask.

How much is stamp duty on a 550k house?

0% on the first £125,000 of the property price – nothing to pay. 2% on the next £125,000. 5% on the next £675,000. 10% on the next £575,000.

Can I claim stamp duty back?

Claiming a Stamp Duty Refund You can only reclaim Stamp Duty if you’re eligible for a refund. You may be able to claim a Stamp Duty refund if you purchased a new main residence without selling your previous residence, but then sold that previous residence within 3 years.

  • September 6, 2022