All Topics / Finance / Mortgage duty abolished in Victoria

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  • Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    May 5, 2004 - 5:55 am

    Great news for borrowers and lenders in Victoria. Mortgage stamp duty is being abolished in Victoria from 1 July 2004. This means:

    Any mortgage executed on or after 1 July 2004 will not be subject to duty.
    Any mortgage executed prior to 1 July 2004 but where no advance is made until after 1 July 2004 will attract duty of $4.00.
    Further advances made on or after 1 July 2004 will not be dutiable.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of brahmsbrahms
    Participant
    @brahms
    Join Date: 2004
    Post Count: 485
    May 5, 2004 - 9:17 am

    Hi Terry
    any particular source to read more on this – does it cover ip’s and ppr’s or just ppr’s?

    cheers

    brahms

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    May 6, 2004 - 1:19 am

    brahms. I got this from a solicitor’s newsletter. I beleive it applies to any sort of mortgage and you could probably find out more from the office of state revenue.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 3 posts - 1 through 3 (of 3 total)

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