Formerly known as stamp duty, land transfer duty is a payment to the State Revenue Office to transfer land from one person to another.
The amount you pay will depend on several factors such as:
- The purchase price;
- The value of the property
- Your eligibility for discounts and exemptions; or
- If you are a foreign purchaser
A purchaser must pay land transfer duty within 30 days of the property being transferred (known as settlement). Penalties may apply if duty is not paid within this period.
Following settlement, your bank will arrange for the payment of land transfer duty with the State Revenue Office of Victoria. The certificate of title is then lodged with the Victorian Land Registration Services office. The title will be transferred into your name and you will take ownership of the property. If you haven’t obtained finance we’ll attend to stamping and registration.
Provided the purchase price is under a certain amount, land transfer duty discounts and exemptions are available for first home buyers and those who intend to live in the property. To find out if you are eligible, visit our Discounts and Exemptions page.
If you’re looking to buy property, we can help. We’ve acted on hundreds of property conveyances across Melbourne and pride ourselves on efficient, hassle-free, professional outcomes and clear, easy communication. Call us today on 9534 3002.