If you are interested to buy a property in Victoria you shall have many options as real estate is a booming sector in this state. Many people are looking for new avenues of investment and investing in land or a house is surely a rewarding one. But apart from the usual cost of the land and the value of the property, there are certain other expenses that are to be borne, of which payment of stamp duty is inevitable.
What is stamp duty?
In simple words stamp duty can be expressed as the transfer duty that everyone has to pay at the time of buying or selling a property. Be it a land, house or a commercial place, any real estate transaction that changes the ownership of the property leads to the payment of stamp duty to the government of Victoria.
Illustrative example to calculate the stamp duty in Victoria
The slab of stamp duty I determined by the state of Victoria. For instance, if you transact a property worth $400,000 then the approximate stamp duty shall be $16,380. This however does not consider the exemption or any form of concession. To promote ownership of land or a house the government extends exemptions to the first-time buyers of real estate in Victoria. Thus, if you are buying a house for the first time then you should surely inform the authorities and avail the concession in calculating the stamp duty Victoria.
Is it necessary to inform the construction type and the age of the property to calculate the stamp duty?
Usually people tend to mislead or hide certain important information to avoid hefty calculation of stamp duty. But they fail to understand that revealing the correct form of information shall always be in their favor. If you are about to buy or sell any property then you should surely inform the authorities if you are buying for residing or just for a future investment. You should also update if the house is a new established one or is it sold on resale. Payment method also determines the amount of stamp duty, so if you prefer digital transaction then the amount shall be slightly different than the payment done through bank or the conventional way.
Apart from stamp duty, is there any other form of government fee?
Yes. Government also charges mortgage registration and transfer fee apart from the stamp duty. Mortgage registration fee is quite nominal but the transfer fee can add to your expenses to a good extent. If you want to calculate the total amount of tax then you can check online and get an opportunity to calculate the stamp duty payable at Victoria.
In simple easy steps you can submit the essential information and iselect.com calculates the total stamp duty to be payable at Victoria. A free online facility that helps you to estimate the total amount of expenditure you might incur at the time of transacting real estate deal in Victoria.
iSelect is one of the leading online websites that offer you an easy way to calculate the stamp duty in Victoria.
