Mortgage Stamp Duty

Stamp duty on mortgages in South Australia will be abolished from 1 July 2009. This will apply to all new loans and further advances that are funded after 1 July 2009. Initially it seems that it will still be necessary for Mortgages to be stamped prior to registration with the SA LTO and 'upstamped' as part of a further advance however no Stamp Duty will be payable.

Changes to Advertising Requirements for Lost CT's

Recent amendments to the procedure for obtaining a substituted South Australian Certificate of Title to replace a lost or destroyed CT have removed the necessity to advertise the loss in certain circumstances. Previously a lost CT had to be advertised both in South Australia and interstate (if the CT was lost interstate) before an application for a substituted CT could be made. The advertising exemption will only apply to ADI's who are the first registered mortgagee and have lost the CT 'in-house'. If you have lost a South Australian CT and would like to check whether or not this exemption applies to you or if you require assisstance in making an application for a South Australian substituted CT please contact Joshua Annese on (08) 8168 9604.

LTO Registration fee rise

As of 1 July 2009 the registration fees for most documents requiring registration with the SA LTO have increased. The fee for registering a Mortgage or Discharge of Mortgage has risen from $112.00 to $117.00. These fees do not attract GST. Further information regarding registration fees for other documents at the South Australian LTO can be found here.

From Josh Annese in our Adelaide office