From 1/7/2004, mortgage stamp duty has been abolished in Victoria.
Having checked the SRO web-site, is states Advances, or further advances that occur on or after 1 July 2004 on mortgages executed before that date are also not subject to duty.
I read this as any mortgage draw down post 1 July 2004 is not subject to MSD. Therefore even with a pre 1/7/2004 OTP purchase, which has no mortgage draw down or progressive payment loan eg construction loan is exempt from MSD
After speaking to one of the SRO consultants, they did not fill me with great confidence! They confirmed though that MSD will be $4.00!
Has anyone been in a similar scenario and can confirm if my assumptions are correct for MSD
Having checked the SRO web-site, is states Advances, or further advances that occur on or after 1 July 2004 on mortgages executed before that date are also not subject to duty.
I read this as any mortgage draw down post 1 July 2004 is not subject to MSD. Therefore even with a pre 1/7/2004 OTP purchase, which has no mortgage draw down or progressive payment loan eg construction loan is exempt from MSD
After speaking to one of the SRO consultants, they did not fill me with great confidence! They confirmed though that MSD will be $4.00!
Has anyone been in a similar scenario and can confirm if my assumptions are correct for MSD
