If I am refinancing to another bank, will I need to pay stamp duty?

Hi Lewis,

No. stamp duty is paid when you purchase the property.

No you will just have a discharge fee from your current lender and a transfer fee from your state government.

If you are currently in a fixed rate there may be additional break fees if you refinance prior to the expiry of the fixed rate period.

Generally my clients see a cost of approx $400-600 depending on their lender and state

Hey Lewis,

If you're refinancing, then no, you won't be charged stamp duty again. The only time you'll be charged stamp duty is when you purchase land. However, you'll be charged a government fee (around $220) for registering the title with the new lender. Also, keep in mind that your current lender will charge you a discharge fee which ranges from $350-500.

Best regards,
Berti Financial
1300 421 587
www.bertifinancial.com.au

Lewis. Hi. Just seen your question on Eccho Me.
The answers that you will have seen are accurate to a degree.
There is no Stamp Duty applicable as this is paid on the transfer of land only.
If the property is a residential property this would be the end of the story.
If the property is a Commercial property there is another potential of what is known as Mortgage Stamp Duty. This could be charged on a change of Mortgage.
In NSW Mortgage Stamp Duty was abolished for transactions after 1st July just gone.
Other States have different dates for the abolition of Mortgage Stamp Duty on non-residential properties.
If you would like to get further advise then please give me a call.
Regards
Ken Olds
Customers First Mortgages & Insurance.
1300 ASK KEN

Hi Lewis,
Refinancing does not require Stamp Duty. However, refinancing is an extremely costly undertaking. Lenders skew costs and charges in such a way that they are paid up in the first 3-5 yrs. That is the reason the principal balance of your loan barely moves in the first 5 years of your loan. By moving your loan around frequently you are playing into the lenders' hands. Get the best advice you can the first time and stick around. Negotiate if you need to improve rates and conditions with your current lender. Brokers help you get the best deal because it is their job to be informed.
Cheers, Bulelwa - 0414973236

Short answer, no. Other refinance fees may apply.