Refinance a Home

Government taxes & charges

Extra stamp duty if borrowing more as part of the move

If you are borrowing more as part of your home loan refinance, you will need to pay extra mortgage duty (as mortgage duty is calculated on the total amount borrowed). Ask your new mortgage provider is this is applicable in your case.

Capital gains tax (CGT)

A capital gain or loss from a dwelling is ignored for CGT purposes if the dwelling (e.g. a home, an apartment/flat, a strata title unit) was your main residence throughout the ownership period. However, a capital gain or loss may still arise if the dwelling was also used for income-producing purposes. If this arises, you might be entitled to obtain a partial CGT exemption.

Where there is a capital gain, you might be entitled to a 50% discount on the amount of the capital gain for CGT purposes provided that you have owned the CGT asset for at least 12 months.

Go to the Australian Taxation Office website for more information on CGT.

Title transfer

When property is transferred from one owner to another, a 'Land Transfer' form must be lodged and registered with the appropriate State Titles Office. It is this document that records change of ownership

Your solicitor/conveyancer will usually arrange for the transfer of title deeds, for which there may be a relatively small administrative charge. The cost to register title varies in each state/territory.

ING DIRECT is a division of ING Bank (Australia) Limited ABN 24 000 893 292 AFSL 229823.