Stamp duty – also called land transfer duty – is a tax applied by state governments when you buy and sell property. It needs to be paid upfront and must be taken into account when purchasing property.
The amount of duty you have to pay is different in each Australian state. You can find more information about the Victorian land transfer duty on the State Revenue Office website.
Factors that are typically taken into account include:
- whether your property is a primary residence;
- whether you’re a first home buyer; and
- whether you’re buying a new home or an established one.