ARTICLE · 26 SEPTEMBER 2007

Mortgage Duty Continues To Add To Finance Costs

DLA Piper Australia

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The NSW State Government has recently passed legislation bringing forward the abolition of mortgage duty from 1 January 2011 to 1 July 2009.

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Steps in the right direction

The NSW State Government has recently passed legislation bringing forward the abolition of mortgage duty from 1 January 2011 to 1 July 2009.

In addition, from 1 September 2007, no mortgage duty has applied to the financing of a principal place of residence. It will also no longer apply for the financing of investment housing from 1 July 2008.

These measures are to be applauded, but there are still a number of aspects of the mortgage duty regime in NSW (and indeed all other jurisdictions which impose this duty) which cause unnecessary complexity in financing transactions resulting in increased costs being payable by commercial borrowers.

Areas where reform is required

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