What is the amount secured by the mortgage?
The amount secured by a mortgage is the amount of any advances made under an agreement, understanding or arrangement for which the mortgage is security (even if the amount of advances made exceeds the amount of advances recoverable under the mortgage).
If any advance or further advance is made so that the amount of advances for the time being secured by the mortgage subsequently exceeds the amount of the advances for which the mortgage has been duly stamped under this Act, the amount of duty chargeable is reduced by the amount of ad valorem duty for which the mortgage has already been stamped in NSW.
When must duty be paid?
Duty is payable within three months after the date of first signing the document or the date of an advance.
Last updated: 04-Jun-2010