Buying Property in Victoria? 7 Costs to Check Before You Sign
Buying a property in Victoria is about more than agreeing on the purchase price. Before signing a Contract of Sale, it is worth understanding the other costs that can affect your overall budget. Whether you're buying your first home, moving to another property or purchasing an investment, having a realistic picture of the upfront costs can help you avoid surprises later. Here are seven costs worth checking before you commit. 1. Stamp Duty or Land Transfer Duty One of the biggest additional costs for many Victorian property buyers is land transfer duty, commonly known as stamp duty. The amount can depend on factors such as the property's value, the type of purchase and the buyer's circumstances. Eligible first-home buyers may also qualify for exemptions or concessions under Victorian rules. Using a stamp duty calculator Victoria buyers can get an initial estimate, but the actual duty payable depends on the specific transaction. 2. Conveyancing Costs Conveyancing covers the ...