NAB: Stamp Duty Victoria

Apparently NAB takes the full amount of stamp duty and 10 days later refunds the 50% stamp duty discount First home buyers get in Victoria.

On settlement will the NAB take out the stamp duty on investment property rates or on PPR rates (assuming my solicitor contacts NAB that it is for PPR)?

...or if your conveyancer gives them the right documentation when they book settlement, the NAB will take the correct amount of stamp duty at settlement.

Just like any other lender.

Hi Peter,

Thank you for your answer. Have you ever dealt with the NAB in regards to 1st home buyers? Reason I ask is everyone I speak to about this (including NAB) issue say's NAB will charge the full amount of stamp duty and refund it back within 10 business days.

The lawyer has given all the paper work to NAB (IE. Duties Form 61) and they are still saying that they are charging the full stamp duty and refunding it back. It has something to do with there computer system.

I have now accepted (today) that the full stamp duty will be taken out of the account.

I've written a significant amount of business for first home buyers through the NAB broker channel, but never through the NAB direct (branch) channel. In theory they should be the same but in reality they're not.

I've found that NAB often quote the full stamp duty amount, but they've never actually charged it at settlement when I've pushed back on them. Most of the time it's not even an issue, they do the right thing automatically.

A lot of first home buyers simply wouldn't be able to settle if this was common practice, they wouldn't have the extra money.