Hi all
Could someone do a breakdown of the normal costs of refainancing in dollars as an approx.
I understand that some waiver things like application fees, establishment costs etc but there are also government charges.
This would be appreciated as in recent calculations i had not accounted for stamp duty an addtional $1300. This made the whole exercise at this stage to be closer looked at. Reason being also had break costs to take into consderation.
cheers
Hi
Thanks MA could you give me an example on calculating the stamp duty.
say with 2 properties x collat
want to change to stand alone
or is it more advantageous to keep crossed?
cheers
alf, never assume you can transfer your stamp duty, either in part or in full.
state policy and lender policy may not allow full or even part transfer of stamps.
you have to determine this thru your broker or bank, and your solicitor.
cheers
brahms
If you don’t ask, the answer is no!!
if alf is refinancing one assumes it is to a different lender than the current. hence transfer of stamps (this was the impression i got from his first post)
if alf is simply looking to re val and reduce exposure on paper to effect stand alone facilities, then this is a simple variation of existing – with the catch that he started with one loan only, and now has two – and seeing this has occured he is possibly liable for a new round of stamps.
For what it is worth, this is my understanding too. Additional stamp duty would only be paid if the mortgage is increased.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
In some States you have to pay mortgage stamp duty again (QLD) – there is no exemption. However, there are some concessions for home loans.
If the borrowers or security to the loan change then you may not be entitled to any exemption.
In Victoria there is no more mortgage stamp duty as of tomorrow.
Don’t rely on your broker – call the state revenue office for a reliable answer (MA has kindly posted links to the relevant websites on the sticky in the finance section).
Cheers
Stu
Yes. From 1 July 2004 mortgage stamp duty does not exist for anyone in Vic!
Cheers
Stu
Stu
I think you may find it depends in Qld on whether it is an owner occupied or IP as to whether the Bank will allow the duty to be transferred.
I recently refinanced a private portfolio of IP’s through Anz and they purchased the entire debt from my previous lender meaning zero stamp duty.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
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Hi all
Thanks for your replies. Im still no clearer but interestingly i have made some enquiries with quite a few brokers and only one has brought the stamp duty into the equation. The bank also mentioned it.
I will be looking to refinance if the numbers are ok. The NAB is giving me some grief.
They wont do valuations only if i pay for them and they will accept any licenced valuers report provided it is stipulated it is for mortgage purposes.
They wont uncross the properties
They havent got a I/O offset account
They are not giving me a competative interst rate even though i have the investors choice package.But because i do have a break cost due to a fixed rate i have to see the validity to actually do it at this time. It is a timing thing as time goes on the break cost is cheaper.
Then the Stamp duty came into it so thats how it sprung up.
Cheers
alf
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