I posted this in one of the other sections but then thought it might have more success here??
We are coming up to settlement on our first investment property in Ballarat on 12th October, finance has finally been approved, however we have hit a little glitch. The property is and NRAS property that had begun construction when the original purchaser had to pull out due to job loss. We were told when we signed the contract of sale that stamp duty would be payable on where the house was at then (estimated land value of $100k and added value of $50k, as house had just hit lock up stage). This worked out to around $4k but he said to budget up to $6 to be sure. It was then decided after signing this contract that we should sign a nomination form to just take over the contract from the original purchaser who things had fallen through for. I don't think there was too much time between signing the contract of sale and signing the nomination form. We were under the impression that by signing this we would get the stamp duty at the rate the original purchaser had locked in??? However, when we received our loan documents from FirstMac yesterday they had stamp duty down as $14070!!!!!!
I have contacted the solicitor who is away til 8th October and so have had to leave it with his colleague. She got back to me this morning saying that she had to find out if stamp duty would be from when we entered original contract of sale or from value of property when we signed nomination form. There really shouldn't be that much difference as i said, there was only a short period of time between signing the two.
I never heard back from her by end of business today though and don't want to stress all weekend about it, so thought i'd put it up here and see if anyone was able to help. Have the banks just assumed stamp duty on whole amount (i thought an official document you are signing would have to have exact figures on it!!???), or are we in trouble having to find an extra $8-10k????
Thanks in advance for any help!!
We are coming up to settlement on our first investment property in Ballarat on 12th October, finance has finally been approved, however we have hit a little glitch. The property is and NRAS property that had begun construction when the original purchaser had to pull out due to job loss. We were told when we signed the contract of sale that stamp duty would be payable on where the house was at then (estimated land value of $100k and added value of $50k, as house had just hit lock up stage). This worked out to around $4k but he said to budget up to $6 to be sure. It was then decided after signing this contract that we should sign a nomination form to just take over the contract from the original purchaser who things had fallen through for. I don't think there was too much time between signing the contract of sale and signing the nomination form. We were under the impression that by signing this we would get the stamp duty at the rate the original purchaser had locked in??? However, when we received our loan documents from FirstMac yesterday they had stamp duty down as $14070!!!!!!
I have contacted the solicitor who is away til 8th October and so have had to leave it with his colleague. She got back to me this morning saying that she had to find out if stamp duty would be from when we entered original contract of sale or from value of property when we signed nomination form. There really shouldn't be that much difference as i said, there was only a short period of time between signing the two.
I never heard back from her by end of business today though and don't want to stress all weekend about it, so thought i'd put it up here and see if anyone was able to help. Have the banks just assumed stamp duty on whole amount (i thought an official document you are signing would have to have exact figures on it!!???), or are we in trouble having to find an extra $8-10k????
Thanks in advance for any help!!
