Hi There,
The stamp duty refund would depend on the state that you live in.
Yes you'd need to pay LMI again on the construction loan. You'd get a credit for the LMI that you've already paid on the land loan so don't worry you won't be double charged.
Yes that's right your bank would be holding on to the certificate of title. Some states such as QLD have got rid of certificate of title's altogether so there may not be one.
Best of luck with your construction project! You might find these construction tips helpful.
Stamp duty question
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: Stamp duty question
Hi
There should be no stamp duty on the construction loan. Thanks
There should be no stamp duty on the construction loan. Thanks