Mortgage stamp duty

Hi all

I've received loan offer documents for my first property purchase, and they state there is a mortgage stamp duty payable.

However, the NSW OSR website states that the duty on owner occupied dwellings was abolished in 2007 in accordance with below:

http://www.osr.nsw.gov.au/taxes/mortgage/

I am feeling a bit stressed out about it - as my first purchase has been an expensive one as the bank's also asked me to put in about 6K worth of mortgage insurance as they won't capitalise. Can't afford to pay more from pocket at this stage.

Would someone please advise... I called the bank just then and they advised me to call back on Monday :(.

Thnx
Monalisa
 
Monalisa, firstly , please don't stress, its not a test of your endurance,it would seem they are throwing at you lots of blank walls , to try and stop you !

look at it this way, lots of little bridges for you to cross, the answers they want are as simple as box A or box B and it will be, or it will be not, its not a personal fight to stop you in your tracks, although it will seem like it ,


take each little bridge one at a time, and forget about the others, as said before , if it was easy every one would already have one,;)
 
Hey craigb

Thank you for such a positive post.

I just checked a duty calulator on the bank's website, and it appears there shouldn't be any duty :).

Rgds
Monalisa
 
You will be asked to sign a declaration that the loan for the property being mortgaged is for residential. The OSR will then stamp the documents exempt. For some reason at least some NSW banks show the mortgage stamp duty even though in effect there is none. DON'T STRESS
 
Hey rugrat and jrc

Thank you for your responses...

I just opened the pack not too long ago so didn't want to call the solicitor :)

Jrc - that is such a relief!

Been trying to stay calm - finance has been a challeging process ... want it all to be done and dusted.

Rgds
Monalisa
 
Hiya

The lender will put it in their docs pack even where u are exempt, since they dont know that for sure.

If you are exempt and lodge a form 5.1 (?) then they will usually let u off the hook.

ta
rolf
 
Hey Rolf

I would've thought they should leave it out on the basis this duty was abolished in NSW a while back.

Rgds
Monalisa

Hiya

The lender will put it in their docs pack even where u are exempt, since they dont know that for sure.

If you are exempt and lodge a form 5.1 (?) then they will usually let u off the hook.

ta
rolf
 
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