Splitting the contract

[Lotana]

A friend is going to buy a studio unit to live in. The unit is in a refurbished hotel and has all the furniture built in, including a bed, a desk, etc. The purchase price is a bit over $200K. She qualifies for FHOG and stamp duty exempt in NSW. However the threshold for full SD exempt is $200K. To save on stamp duty, it looks like it would make sense to have 2 separate contracts: a contract for the property with purchase price $200K (in this case there is no SD on purchase and on mortgage) and a separate contract on furniture for $10K or so. Is it doable? Is it legal? How would one go about it?

Regards,
Lotana

 

[Lotana]

Just putting it on top of the pile again hoping there are some opinions around.

Cheers,

Lotana

 

[Rolf Latham]

Hiya

Chattels vs Real Estate.

Given the difference in SD I dont think the stress would be worth it.

If you go that way, its likely ther lender will only lend on the real estate component.

Ta

rolf