Some changes to stamp duty coming in Victoria from July 1st, 2021 - stamp duty discounts introduced last year are due to finish up and also stamp duty will increase by 1 percentage point on properties that sell for more than $2 million.
Stamp Duty Discounts
Stamp duty discounts were introduced by the Victorian government last year for the properties with a dutiable value of up to $1 million to help stimulate the market during the coronavirus pandemic:
- 50% land transfer duty discount for for new residential properties;
- 25% land transfer duty discount for for existing residential properties;
- 25% land transfer duty discount for for vacant residential land.
If you are buying your first home, stamp duty concessions introduced in mid-2017 will continue - those purchasing homes under $600,000 are fully exempt from paying stamp duty, and those purchasing homes up to $750,000 are able to claim a partial concession. Check our stamp duty calculator to calculate those.
Premium Stamp Duty in VIC
The Victorian Budget 2021-22 announced by the Treasurer includes new "premium" stamp duty rate for properties valued of $2 million or more. It increased by 1 percentage point – from 5.5 per cent to 6.5 per cent.
Here's the difference in stamp duty you will need to pay if you buy after July 1:
Dutiable Value |
Duty payable BEFORE July 1 |
Duty payable AFTER July 1 |
Difference |
|---|---|---|---|
$2,000,000 |
$110,000 |
$110,000 |
$0 |
$2,200,000 |
$121,000 |
$123,000 |
$2,000 |
$2,500,000 |
$137,500 |
$142,500 |
$5,000 |
$3,000,000 |
$165,000 |
$175,000 |
$10,000 |
$3,500,000 |
$192,500 |
$207,500 |
$15,000 |
$4,000,000 |
$220,000 |
$240,000 |
$20,000 |