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).
Not only is there stamp duty on the Transfer but there is also stamp duty on the mortgage. Monies you have borrowed are also subject to stamp duty. The stamp duty on the Transfer and Mortgage are payable at settlement. You may contact our office if you are unsure of the amount and we would be pleased to inform 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.