Stamp Duty
The greatest expense of purchasing a property is the payment of stamp duty. The stamp duty is calculated on a scale determined by the State Government. The stamp duty is payable on the Transfer (purchase price).
The stamp duty on the Transfer is payable at settlement. You may contact our office if you are unsure of the amount and we would be pleased to assist you.
Rates of stamp duty applicable to your purchase can be found on the State Revenue Office website at www.sro.vic.gov.au by viewing the calculator.
You should note that our office considers stamp duty from the utmost highest amount calculated on the purchase price, however, it will then be reduced (if applicable) based on the individual clients circumstances including Principal Place of Residence (PPR), First Home Owner Concession, First Home Buyers Grant, Pensioner Concession. Therefore, you should note that you mortgagee/bank will apply the highest rate stamp duty applicable, until such time as you can provide evidence of your eligibility for a reduction, if any. Once we have your instructions, we will prepare the appropriate documents and provide same to your mortgagee to reduce the duty payable.