Multistate mortgage examples
Advance secured by new mortgage package (after 1 July 2008)
If the advance is wholly or predominantly for the purpose of investment housing (whether or not residence in NSW)
No duty in NSW. NSW mortgage does not need to be stamped.
The advance secured by the new package is used to repay another advance made for the purpose of investment housing (whether or not residence in NSW)
No duty in NSW. NSW mortgage does not need to be stamped.
NSW mortgage first
Advance made for investment housing - no duty.
Duty would be payable on the NSW proportion of any further (liable) advance (no credit given for any amounts repaid), when a new mortgage is executed.
Interstate mortgage first
a) No duty payable on investment housing advance, but NSW mortgage would be stamped in relation to earlier advances secured.
Existing package
Further advance for investment housing
No duty on that further advance.
Any new NSW mortgage would need to be stamped in relation to the amount secured prior to the investment housing advance.
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