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Recent Developments
Mortgage Stamp Duty
Owner Occupied Housing
Since 1 September 2007, mortgage duty will not be chargeable if the mortgage secures an advance made for the purpose of owner occupied housing and no other advances. Borrowers must be a natural persons not a company.
Investment Housing
Since 1 July 2008, mortgage duty is not chargeable if the mortgage secures an advance or advances made for the purpose of investment housing and no other advances. Borrowers must be natural persons not a company.
From 1 July 2012
Mortgage duty will be abolished. NSW mortgage duty will not be chargeable on advances made on or after 1 July 2012.
Housing Construction Acceleration Plan (HCAP)
New and Renovated Houses
For contracts for new and substantially renovated houses of less than $600,000.00 entered into between 1 July 200 and 1 January 2010 stamp duty will be halved as long as the property is not lived in or sold before the purchase.
Conveyancing Made Easy
Exchange is the swapping of your signed contract, which promise to hand over the Title to the property and keys in exchange for the balance of the purchase price.
Before exchange you need to make sure the price is fair by checking the condition of the property with a Pest and Building inspection report or Strata report.
The deposit is usually paid on exchange so before you risk losing it, you need to ensure your Finance is fully approved and you have a solicitor check the contract terms and tell you the full deal you are agreeing to.
A survey may also be needed and your solicitor will be able to find out if a survey has already been done or not and if the building is council approved.
Any problems should be resolved through your solicitor or Real Estate Agent before exchange because once it is time to Complete the contract at Settlement you are stuck with what was agreed in writing at the beginning.