Georgiadis Lawyers has many clients involved in banking and finance. They would be all pleased to know that as promised in the 2005/2006 State Budget, the Government had announced that the duty on the remaining categories of mortgages that are still liable for stamp duty will be phased out. The rate of duty on a dutiable mortgage stamped from 1 July 2007 will be reduced by one third to 30 cents per $100. The rate of duty will further reduce to 15 cents per $100 from 1 July 2008.

It is noted that the stamp duty rate will be assessed as at the time of stamping the mortgage not the date of the mortgage.

Even better news is that stamp duty on mortgages is being abolished from 1 July 2009.