The Increases will affect numerous dealings with the Lands Departments. Among the main dealing forms affected are::
- Mortgages - Mortgage registration fees have increased to $95.00
- Transfers - Transfer fees have increased to $190.00
- Discharge of Mortgage - registration fees increased to $95.00
The increases will affect all documents lodged after 1 July 2009.
The NSW Government has effectively increased the transfer registration fee from $92.00 (as at 31 December 2008) to $190.00 effective 1 July 2009. This is an increase of 106% in just over 6 months.
Where is the resistance from the Liberal Opposition Leader? Who is protecting the property owners in NSW?
No doubt all the increased fees will be disclosed by the Banks at the time of issue of loan and Mortgage documentation. Borrowers need to be aware of the changes and the amounts that will be deducted from their accounts at settlement.
For further information regarding the increases, see the Department of Lands Circular - http://www.lands.nsw.gov.au/_media/lands/pdf/lpi_circulars/2009/2009-07_LPI_Fee_Changes_from_1_July_2009.pdf
Posted by Dean Carver - Solicitor at the Solicitors Property Centre
