Stamp Duty & Westpac

Hi Guys,

Quick question!

My broker has been a really great help… and i just wanted to clarify something!

I've financed 300k on my new PPR. The broker, or Westpac, put it through mistankely as an Investment loan, not a Home Loan etc…

So this meant that last week when they sent out my mortgage documents, the stamp duty (Victoria) was calculated as an Investment, not a home loan.

In Victoria, if it is a PPR, you get a small concession. In this case, $1500 for me.

So long story short, on the Loan Offer, it had all my fees, mortgage insurance etc etc, and stamp Duty as $11,870. According to the SRO though, as its my PPR, it should only be $10,370… a difference of $1500 better off for me (as above).

So i rang Westpac and explained t them that it was going to be my PPR, my Broker and Solicitor then forwarded the right documents confiming that which they have on file. They confirmed to me that it has in fact, on the 18th (last week) changed to a PPR home loan. I asked them to confirm the Stamp Duty and they said, $11,870 again… but i said – "that's the investment loan amount though"…

So anyway, they went on to say that…  Westpac basically charge the full amount at all times, then when my Solicitor goes to settle, any adjustments are refunded, such as my PPR concession ($1500) and once the SRO confirms this, they refund into my nominated bank account.

This could be potentially 4-6 weeks after settlement.

Does this sounds right….

My settlement isn't until August 14th so i'd like to contact Westpac and just get them calculate and deduct the right amount on the date…. not have things refunded etc?

Its only $1500… but for me, i don't want to have to check my account etc every 2nd week to ensure they've not over charged me stamp duty…

Any advice on this would be great

Regards

JR