Stamp duty is one of the biggest upfront costs when buying a house in Victoria. How much will you need to save for it before settlement? Eligible first home buyers can reduce the amount or avoid paying stamp duty entirely.

How Much Is Stamp Duty on a House in Victoria?

Continue reading and learn how Victoria works out the tax on your purchase. You will also see examples at different prices, plus the stamp duty savings eligible first-time buyers can claim.

Key Takeaways

• Stamp duty is a state tax paid when you buy property in Australia.
• In Victoria, the bill depends on purchase price or market value, whichever is higher.
• A $700,000 established Melbourne house costs about $37,000 at standard rates.
• Victoria’s first home buyer exemption means zero duty on properties up to $600,000.
• Between $600,001 and $750,000, a partial concession lowers the bill.
• Each saving requires buyers to live in the home for at least 12 months.
• A conveyancer can check your eligibility and confirm the final duty figure before settlement.

What Is Stamp Duty?

Stamp duty is a one-off tax buyers pay on property purchases in Australia. In Victoria, its official name is land transfer duty. The State Revenue Office, or SRO, collects the payment.

In NSW and QLD, the same tax is known as transfer duty.

Each state and territory sets its own rates. The figures below show how stamp duty is calculated in Victoria for 2026.

How Victoria Calculates Stamp Duty

Buyers pay the tax on the sale or transfer of a house, unit or land. The amount of stamp duty depends on the purchase price or market value, whichever is higher. Rates start at 1.4% and rise in steps for more expensive homes.

A foreign buyer also pays an extra 8% based on property value.

Stamp Duty at Different Prices

A $700,000 established Melbourne home costs $37,070 in tax. The figure is based on standard rates, before any first home savings.

On a $1 million purchase, the duty payable comes to around $55,000.

Add the tax to your budget, along with deposit and home loan costs. For a personal figure, try the free SRO stamp duty calculator.

First Home Buyer Exemption to $600,000

Eligible first home buyers pay $0 on a property valued up to $600,000. The stamp duty exemption applies to new or established houses and units. Vacant land bought to build on can also qualify.

Eligible concession card holders may get a pensioner stamp duty reduction matching the exemption.

On a $600,000 property, the saving comes to $31,070.

Partial Discount to $750,000

Between $600,001 and $750,000, a stamp duty concession replaces the full exemption. The discount gets smaller as the price rises.

Buyers of a new home up to $750,000 may also receive the $10,000 First Home Owner Grant. From $750,001, standard transfer duty rates apply in full.

The 12-Month Move-In Rule

The first home buyer exemption and concession are for people who will live in the property. At least one purchaser moves in within a year of settlement. They then live there as their main home for at least 12 months in a row.

Buyers of vacant land have up to three years from settlement to move in.

Investors who buy to rent out pay full stamp duty, regardless of value.

How a Conveyancer Can Help

A conveyancer can check your eligibility for each saving before you sign the contract. They then claim the exemption or concession on the SRO’s online form. All Victorian property transfers require one, including tax-free purchases.

Duty must be paid before buyers receive the title. At settlement, your conveyancer arranges the payment.

Afterwards, they can provide a duty statement as a record.

Speak with a conveyancer before making an offer to find out which savings apply.

Plan for Stamp Duty With Confidence

A clear idea of how much stamp duty you pay makes home buying simpler. Meet property lawyer Melissa Barlas to discuss any questions, challenges, or experiences with your purchase.

Frequently Asked Questions

Who can qualify for first home buyer savings in Victoria?

Eligibility follows the First Home Owner Grant rules. Buyers and partners can apply if neither has received it before. Any stay in a home they owned since 1 July 2000 must be under six months in a row.

Is there a stamp duty discount for anyone buying a home to live in?

Yes, any buyer who moves in can claim the principal place of residence concession. Its discount applies to purchases up to $550,000. To keep it, buyers make the property their home for at least 12 months.

How does off-the-plan stamp duty work?

Off-the-plan means buying before construction finishes. A separate concession lowers the taxable value of the property. First home buyers purchasing off-the-plan may claim it.

Can first home buyer exemptions be claimed after settlement?

Yes, eligible first home buyers can request a refund up to five years after payment of stamp duty. Claims go through an online form on the SRO website.

How can I compare stamp duty in Queensland with Victoria?

The Queensland Revenue Office sets separate rates and first home concessions. For a stamp duty calculator, QLD buyers can use its online estimator. Enter one price in each state’s tool to see the difference.