Browse Forums General Discussion 1 Dec 12, 2009 7:45 am Current status: Busy making the house our home Built PD Francis 29 on our 576m2 block at Reflections in Tarneit Reflections Estate Thread Our Build Thread Re: Stamp Duty Victoria 3Dec 12, 2009 8:03 am Current status: Busy making the house our home Built PD Francis 29 on our 576m2 block at Reflections in Tarneit Reflections Estate Thread Our Build Thread Re: Stamp Duty Victoria 8Dec 13, 2009 1:05 am Youch, I had a similar story to the others but in my case, it took months before they finally did the stamp duty withdrawal. As a side, when putting through the relevant forms for your stamp duty, make sure you complete the Principal Place of Residence form as there is a small stamp duty concession. I never knew one existed and my solicitor didn't ask when they were preparing the contracts so now I have to jump through hoops to get the PPOR discount refunded (its small though so I've been lazy). Sounds like your settlement will come in late if you need to redo your finance contract already, possibly try to hit up family for a short term loan since its normally not a huge amount on vacant land, like Kek said. Good luck with it. Re: Stamp Duty Victoria 9Dec 13, 2009 7:44 am Forms? What forms? All I have been told is to send a cheque for the rest of our money for the block plus the stamp duty. No one has said anythign to us about forms or discounts Current status: Busy making the house our home Built PD Francis 29 on our 576m2 block at Reflections in Tarneit Reflections Estate Thread Our Build Thread Re: Stamp Duty Victoria 10Dec 13, 2009 9:40 am You don't normally fill in any forms, but there is a small discount. Your conveyancer or bank should take care of it for you, but it's worth checking with them to make sure you're getting it. Normally banks do their sums to be sure that you have enough cash to pay the extra expenses before they approve your loan, so it's a bit odd that they didn't make you aware of the need to have this available at settlement. I just take it for granted that everyone knows this stuff.... I forget that when I bought my first home, I was a lender for a major bank and my husband a finance manager for a big finance company. We had all the i's dotted and the t's crossed.... we even did our own conveyancing (saved big $$$ ). It can be confusing and overwhelming when you've never had any experience in buying property before and you should be able to rely on the people you employ to tell you what's required. You're still going to have to find the extra money, but you might want to have a chat with your conveyancer and your bank to make sure there's nothing else been overlooked. Re: Stamp Duty Victoria 11Dec 13, 2009 10:07 am kek You don't normally fill in any forms, but there is a small discount. Your conveyancer or bank should take care of it for you, but it's worth checking with them to make sure you're getting it. Normally banks do their sums to be sure that you have enough cash to pay the extra expenses before they approve your loan, so it's a bit odd that they didn't make you aware of the need to have this available at settlement. I just take it for granted that everyone knows this stuff.... I forget that when I bought my first home, I was a lender for a major bank and my husband a finance manager for a big finance company. We had all the i's dotted and the t's crossed.... we even did our own conveyancing (saved big $$$ ). It can be confusing and overwhelming when you've never had any experience in buying property before and you should be able to rely on the people you employ to tell you what's required. You're still going to have to find the extra money, but you might want to have a chat with your conveyancer and your bank to make sure there's nothing else been overlooked. I was told after the fact that my solicitor was supposed to give me something to sign to show this place to be my PPOR, being 'the form'. I don't relaly know much more about it, but now I have to fill in 3 forms in its stead to get it and wait like 3 months . I'm actually really suprised your lending manager at the bank didn't go through the whole process at the start. Re: Stamp Duty Victoria 12Dec 13, 2009 10:39 am My conveyancer sent me about three different forms that I needed to fill in and get witnessed... one of them was for the discount to the stamp duty. Re: Stamp Duty Victoria 13Dec 13, 2009 11:31 am Jayneylou My conveyancer sent me about three different forms that I needed to fill in and get witnessed... one of them was for the discount to the stamp duty. same here & its worth doing as the saving can be conciderable i would sugest you get on to your land conveyancer cheers rocket Re: Stamp Duty Victoria 14Dec 13, 2009 6:47 pm Thanks for the info everyone, I had rung the conveyancer on a number of occasions to get the final price and kept getting told that they have to wait for the loan info to tell me how much I need. (we pretty much only got the loan a week before settlement so everything has been a bit rushed) I knew how much was left on the block and how much stamp duty would be, but I was never told by anyone that stamp duty was paid at the same time as settlement. Plus to add to the stress, the amount is $3000 more that what we owe for the block plus stamp duty, and I have not yet been told what this money is for. The issue I have is, I have the money, but all the money we are using for the block and house is coming from shares, so for me to get money I have to sell shares and it takes 3 days to clear, so I had the money I knew we would have to pay, plus the stamp duty, but not the extra money I wasn't told about, and I was told 2pm friday that I need this cheque for monday, now we face being fined for every day we go past settlement. Current status: Busy making the house our home Built PD Francis 29 on our 576m2 block at Reflections in Tarneit Reflections Estate Thread Our Build Thread Re: Stamp Duty Victoria 15Dec 15, 2009 11:57 am There is also a fee associated with registration of transfer and registration of mortgage. Like you I found out about this in phone call from the bank where I was told and oh and by the way you owe several extra thousands of dollars and this will be debited from your account at some stage in the next couple of weeks. So far they have taken out the stamp duty but not the rest of it. Re: Stamp Duty Victoria 16Dec 15, 2009 12:24 pm wizard Plus to add to the stress, the amount is $3000 more that what we owe for the block plus stamp duty, and I have not yet been told what this money is for. Is this Lender's Mortgage Insurance if you're borrowing more than 80%? I guess I can see how stuff ups could be made in the process if it was rushed - they probably assumed that if you were confident enough to rush settlement then you knew what the score was with stamp duty. What did you end up doing? I would've borrowed the extra (or even a cash advance on a credit card if it was less than the fine) and paid it back within the week as soon as the shares cleared up. Re: Stamp Duty Victoria 17Dec 15, 2009 12:39 pm The end result... settlement is now tomorrow (Wednesday) and we have been fined nearly $300, tried to dispute it, but there is a clause in the contract (of coarse there is) saying that they have until 4pm the day before settlement to notify us the amount, that’s fine for most people that have the money sitting in the bank, but my shares have a 3 day clearing period. I am so angry, especially since I rang my conveyancer 3 times to get the final figure and all she kept saying is “I have to wait for the loan amount to clarify the final figure”. Not once did she mention stamp duty or any other amounts. Well, at least after tomorrow it will all be done and over with, now we just need to look forward to the stress of the construction loan, but at least we aren’t in a rush for this loan. Current status: Busy making the house our home Built PD Francis 29 on our 576m2 block at Reflections in Tarneit Reflections Estate Thread Our Build Thread Re: Stamp Duty Victoria 18Dec 15, 2009 12:58 pm No its different to lenders mortgage insurance, that fee was added to my bank loan and paid by the bank. I ended up using some of my savings that was put aside for furniture As a result of all the associated BS coming along with this build (read my soil test drama thread) I am thinking that all my furniture money is going to be spent on incidentals and I am going to be eating dinner while sitting on a milk crate. Re: Stamp Duty Victoria 19Dec 15, 2009 1:08 pm ritab25 No its different to lenders mortgage insurance, that fee was added to my bank loan and paid by the bank. I ended up using some of my savings that was put aside for furniture As a result of all the associated BS coming along with this build (read my soil test drama thread) I am thinking that all my furniture money is going to be spent on incidentals and I am going to be eating dinner while sitting on a milk crate. "Never underestimate the usefullness of a milk crate" - The Unknown Uni Student In terms of the OP, we've had our stamp duty added to our loan by our broker, so our only out of pocket for land settlement should be the conveyencers fees and land transfer/rates/council bs fees which we've been told to allow between $700-$1500 for. Shame about the penalty fee, but unfortunately its the way these contracts are definately tilted against the buyer as unless you have good third party advice a lot of stuff just gets glossed over until its time to pay up. 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