Hi,
I am refinancing a property I own in QLD. The QLD OSR website is a bit ambiguous. Do I only have to pay Mortgage Duty (0.4% of mortgage) or is there some other charges?
cheers,
BenHi there
if you are refinancing it will depend on the limit the existing mortgage is set at – as you may not need to pay more stamp duty if it is the same amount – if it will increase your borrowings – you may just have to stamp for the increase and notify the OSR of the existing mortgage duty paid to get the credit for that amount,
thanksHi Raddles,
So if I originally paid duty on 100k, and my new mortage is for 300k, I would only pay mortgage duty on 200k?
By the way, it seems stamp duty is an ambiguous term. Most people mean transfer duty when they say stamp duty, which is not payable on a refinance in QLD.
cheers,
Ben
You would need to provide to the solicitor organising the current mortgage documents on the current refinance loan the loan agreement from the original loan in order to pay the stamp duty only on the increase.
Disagree, it will depend on the lender you are refinancing to as to whether they will accept a Transfer of the duty paid.
Richard Taylor | Australia's leading private lender
Sorry I don't quite follow you.. can you explain that?
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