Maxim Legal

Solicitor, Barrister and Migration Agent

Mortgage duty on investment housing for individuals abolished from 1 July 2008

1st July 2008

 

Mortgage duty is not chargeable in respect of a mortgage if the mortgage secures an advance or advances made for the purpose of investment housing and no other advances (Section 221C Duties Act 1997).
This section applies only if the borrower under the mortgage is a natural person
An advance is made for the purposes of investment housing if it is to be applied wholly or predominantly for one or more of the following purposes:
·        a) financing the acquisition of investment housing
·        b) financing the construction of investment housing
·        c) financing alterations or additions to investment housing
·        d) repaying another advance, if the advance to be repaid was made for the purpose of investment housing
Source: The NSW Office of State Revenue

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