In short. Eligible first home buyers pay no duty on a home of $600,000 or less3 and a reduced amount from $600,001 to $750,0004. Owner-occupiers below up to $550,0002 use the principal place of residence rates; everyone else pays the general rates, which run 1.4% to 6.5%1.
How much is stamp duty in Victoria?
A three-bedroom house in Geelong at $650,000 attracts $34,070 in land transfer duty for a buyer who is not a first home buyer. Above $550,000 there is no owner-occupier discount left in Victoria, so an investor buying the same house pays the same $34,070.
| Price | General rates | Owner-occupier | Eligible first home buyer |
|---|---|---|---|
| $450,000 | $22,070 | $18,970 | $0 |
| $550,000 | $28,070 | $24,970 | $0 |
| $650,000 | $34,070 | $34,070 | Below $34,070 |
| $750,000 | $40,070 | $40,070 | Below $40,070 |
| $900,000 | $49,070 | $49,070 | $49,070 |
What are the rate tables?
| Dutiable value | Duty |
|---|---|
| Up to $25,000 | 1.4% of the dutiable value |
| Over $25,000 to $130,000 | $350 plus 2.4% of the value over $25,000 |
| Over $130,000 to $960,000 | $2,870 plus 6% of the value over $130,000 |
| Over $960,000 to $2,000,000 | 5.5% of the dutiable value |
| Over $2,000,000 | $110,000 plus 6.5% of the value over $2,000,000 |
| Dutiable value | Duty |
|---|---|
| Up to $25,000 | 1.4% of the dutiable value |
| Over $25,000 to $130,000 | $350 plus 2.4% of the value over $25,000 |
| Over $130,000 to $440,000 | $2,870 plus 5% of the value over $130,000 |
| Over $440,000 to $550,000 | $18,370 plus 6% of the value over $440,000 |
One quirk is worth knowing. Between $960,000 and $2 million the general table charges 5.5% of the whole dutiable value rather than a fixed amount plus a rate on the excess, so duty jumps at $960,000 instead of easing in.
What does the principal place of residence concession do?
It gives owner-occupiers a gentler middle bracket, applying to a home valued up to $550,0002. On a $500,000 purchase that is worth the difference below: the concession rates take about $1,700 off the general figure.
Chart data
| Item | General rates | Principal place of residence |
|---|---|---|
| $300,000 | $13,070 | $11,370 |
| $400,000 | $19,070 | $16,370 |
| $500,000 | $25,070 | $21,970 |
| $550,000 | $28,070 | $24,970 |
You claim it through the Digital Duties Form, which your conveyancer or solicitor completes as part of the transaction. It is not automatic and it is not available if the property was a gift or heavily discounted.
What do first home buyers get?
A full exemption on a home of $600,000 or less3, and a reduced amount from $600,001 to $750,0004. At least one buyer has to live there: SRO Victoria asks for 12 continuous months5. Neither you nor your partner can have owned a home in Australia before, and you can only use it once.
How is the sliding scale calculated?
SRO Victoria describes the concession between $600,001 and $750,000 as a sliding scale but does not publish the formula on its first home buyer page. We will not guess at it. For a price in that band the honest answer is that the duty is below the full amount in the table above, and the SRO calculator gives the exact figure.
If you are buying at $749,000 and a friend tells you the concession is "about half", treat that as folklore until the calculator says so. The taper is steep near the top of the band.
How long is the cooling-off period?
For a private sale, Victoria gives 3 clear business days6, counted from the day you sign rather than the day the vendor does. Buy at auction and there is none. The cooling-off guide covers what it costs to use.