Jo,
Do you know much about Stamp Duty?
When my partner and I brought our Orange property we did NOT have to pay Stamp Duty on the Transfer of the property BUT we had to pay Stamp Duty on the Morgage.
I was not a First Home Buyer but my partner was.
Do you know why this was?
thanks,
pasandbecpasandbec,
Under the First Home PLus Scheme in NSW, where at least one of the purchasers are eligible, there is stamp duty relief up to a purchase price of $600k.
Mortgage stamp duty is out of scope of these concessions.
http://www.osr.nsw.gov.au/pls/portal/docs/page/downloads/other/firsthmplus.pdf
Woodsman,
Thanks for your reply.
In the link you provided is does not say that the Mortgage Stamp Duty does not apply to us.
Why do you say it doesn’t apply to us?
thanks
There are no concessions for mortgage stamp duty under the new regulations in NSW. They relate to FHOG and stamp duty on property transfer concessions only.
Mortgage stamp duty is still applied, refer to site details below.
http://www.osr.nsw.gov.au/portal/page?_pageid=33,63566&_dad=portal&_schema=OSRPTLT
Thanks Woodsman,
Geez, I wish I had known about this site months ago!
You wouldn’t believe the s*!t I went through to try and find out WHY we weren’t exempt from Mortgage Duty (my solicitor told me we would be!)BTW, the Mortgage Duty was charged for BOTH the property we brought and the one we re-financed. That’s normal, right?
You should be exempt on mortgage duty for refinances up to the original loan amount. Borrowers must be the same though. If you have been charged you can apply for a refund through the state revenue office.
Terryw
Discover Home Loans
Mortgage Broker
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
Pasandbec,
Sorry I am not a FHOG expert, people such as Woodsman and TerryW are, and as I can see they have addressed your concerns impeccably!![thumbsupanim]
BTW…if you want to speak to me without posting publicly you can do so by just selecting my username (by clicking on my name anywhere) then going to my profile, and sending me a message. Although I have no problem with public posting of questions marked to my attention, it’s just that some people who are equally (if not moreso) versed on certain matters may not reply thinking your post is for me exclusively.
Cheers,
Jo
Terry,
That would explain why we we chared for the re-finance. Re-finance loan was in my name only.
Jo,
OK, will do. Thanks.
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