Need some help with final statement of adjustment

Hi Guys,

Need some urgent advice on the below:

My property is getting settled on the 30th of May and I have received the final statement of adjustment from my conveyancer and i have few questions about it.

Here's a break down on the Statement of adjustment -

I got the property (Vic) for $471,500.
Paid 5% initial deposit - $23,575
Balance - $447,925
Plus adjustments (water, rates) - $364.43
Balance due to vendor - $448,289.43

Futher to this, in the email the conveyancer has given the below info -

We advise that we anticipate that an amount of $49,905.05 will be required to complete settlement, which is calculated as follows:-

$448,289.43 (As per the attached DRAFT Statement of Adjustments)

$30.00 (Anticipated bank cheque fees charged by the solicitors for AFG)

$906.02 (Balance of our costs & disbursements)
-------------------
$449,225.45
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$399,270.40 (Less balance of Loan Advance (loan less governments charges and expenses) This is where my confusion is. What does this mean? Does this mean stamp duty is not calculated?) My loan approval amount is for $432,318.91. So why has the conveyancer mentioned $399,270?
------------------
$49,955.05
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Overall, my total expense should be 10% deposit (out of which i paid 5% as initial deposit) + stamp duty for IP.

My calculation is $471,500 X 10/100 = $47,150+$24,652.40 (stamp duty) = $71,802.40


Ok i am kind of more confused now after typing all this. So i am assuming the stamp duty is part of the final balance $49,955.05 that i have to pay? Is that correct? For some reason i thought i would be paying the stamp duty after the property gets settled (i dont know why i have this in my mind!).

I have to transfer this amount tomorrow electronically first thing in the morning so any advice from your side is appreciated.

Thanks

yd.

 

It's confusing. The lender accounts for their fees and the stamp duty ( why the amount available is less than the total loan amount).
So does the conveyancer. They account differently, but it's the same numbers.

 

I am looking to discuss this with the conveyancer today. Just can't get the figures. I maybe missing something.

 

Are you missing LMI?

The bank total loan funds will include this, but the solicitor statement won't which could account for some of the difference, hopefully not all. How much LMI are you paying? If it's $32k you may have to chat with your lender/broker about your structure - if you're x-coll this kind of LMI figure is not unusual.

 

Hi Jess, I didnt think of LMI at all.

My LMI Premium: $7,968.91

 

Lmi and stamp duty equals $32k?

 

Stamp Duty - $24,652.30
LMI - $7,968.91
Total - $32,621.21


Original Loan - $432,318.91
Loan advance amount - $399,270.40 (subtract)

Balance - $33,048.51


Looks like it is making sense now.

 

Perfect!