stamp duty payable on refinance

[falcon]

Hi everyone, we are wanting to refinance our home and investment property to structure the finance so there is no cross colatarisation and also to release further finance from equity to allow further investment.

the question i have if anyone can answer or point me in the right direction to find out is -

Our home is in Sydney valued at about $500K with about $50K mortgage and a 60 year old home; and the investment property is a townhouse that was brought new 3 years ago for $175K and now valued at $220K.
If the properties are refinanced what is the likely stamp duty payable on each property in each state?

thanks in advance
falcon

 

[ani]

I have just refinanced and paid stamp duty on the full mortgage amount but when you provide details of the original stamp duty pd they refund that amount. That is you only pay stamp duty on the amount over and above the original mortgage figure

Cheers
ani

 

[Rolf Latham]

Hi Falcon

Where is the investment property ?

WHat were the original mortgage amounts ?

ta

rolf

 

[WillG]

Please excuse my ignorance but I thought stamp duty is paid on the purchase a property.

I can't see how refinancing can be classed as purchasing if the title is already in your name.

Are you talking about stamp duty on the new mortage or the property ?

 

[bundy1964]

Originally posted by WillG
Are you talking about stamp duty on the new mortage or the property ?

I take it as stamp duty on the mortgage.

bundy

 

[Kevmeister]

Try this:

http://erevenue.nsw.gov.au/calculators/mortgagesimple.php

 

[falcon]

thanks folks

answering some of your questions.

the investment property is in brisbane, it was bought originally for $165 plus costs - so about $175K and is currently bank valued at $220K

we are wanting to refinance so that the property stands alone and then later realising some equity to finance the deposit on another investment property

reading through some of the earlier threads, am i correct in assuming stamp duty would be payable on the new mortgage and not on the property as we are already the titled owners?

thks

 

[Rolf Latham]

Hi Falcon

Yep, no stamps for the transfer of land, and if handled the right way I also think you wouldnt have to pay stamps on the full new mortgage, only the amount over the original 175 k.

Ta

Rolf

 

[Kevmeister]

Yep, no stamps for the transfer of land, and if handled the right way I also think you wouldnt have to pay stamps on the full new mortgage, only the amount over the original 175 k. - Rolf

Does this apply if the finance is through a different lender, or only through the same lender?

 

[ani]

Mine was through a different bank and I only paid the difference.

Cheers
Ani

 

[Sheryn]

Falcon


I refinanced 2 loans to a different lender in NSW, I was charged mortgage stamp duty upfront to settle loans, then the stamp duty was refunded by the bank after settlement.

The above was discussed by the bank, when initial loan was signed for.


Kind Regards
Sheryn