Stamp Duty on Mortgage

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From: G V


Hi,

Came to know about this only today. if you have cross Collateral mortgage only one property is stamped for stamp duty and you pay stamp duty amount on the total loan. if you want to split the loan so that each loan stands on its own then you pay stamp duty again on the property for which you were not previously stamped (although the loan amount is not changed). any tip on hot to get the over stamped duty amount on the first property

GV
 
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Reply: 1
From: Rolf Latham


Hi GV

I believe thems the rules, because its in actual fact a new mortgage, however it could be argued that the refinancing exemption should apply - no double dipping usually.

Also be aware as to who is giving you this advice, the lenders do prefer to have you all sewn up.

Id be emailing the Office of State Revenue for a clarification, depending on the structire you may be stuck.

Ta

Rolf
 
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From: G V


Hi Rolf,

Thanks for the reply. local loan manager was also of the opinion that i won't be paying stamp duty again. this has come from the mortgage centre.
 
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