How is mortgage duty charged?
Duty is chargeable on the amount secured by the mortgage.
If the mortgage secures no amount or if the amount secured by the mortgage is not more than $16,000, the duty is $5. If the amount secured by the mortgage is more than $16,000, the duty is $5 plus a further $4 for every $1,000, or part, by which the amount secured exceeds $16,000.
Duty is not charegable on advances made to natural persons on or after 1 September 2007 for owner occupied housing. Duty is not chargeable on advances made to natural persons on or after 1 July 2008 for investment housing.
There is no duty payable on additional advances secured by a mortgage if the total of the additional advances does not exceed $10,000 in any 12 month period, not being the 12 months following the initial advance.
