NSW stamp duty - due in 3 months - is this rule still valid? (not FHB)

The most recent information on this was from about a year ago, I just wanted to confirm that this info is still valid? I'll be planning my next deal on the assumption I have 3 months to pay this.

Thanks

 

Would the bank still lend if title is not in your name? if pay by cash would you need title in your name before or after payment? I think settlement is the key

 

Yes. Stamp duty paid within 3 months or on settlement, whichever is earlier.

 

I'm financing my next one with cash.

 

If nsw land that is correct but if the property will be mortgaged the mortgagee won't lend unless paid at settlement

 

Yeah I'm paying 100% cash so it won't be a problem for me will it?

 

DUTIES ACT 1997 - SECT 17 When must duty be paid?

 

Purchasers are required to pay on the earlier of the settlement date or three months from the date of exchange of contracts. If the settlement period is longer than three months you can of course pay later than the three months however you will pay interest on the outstanding duty. In my humble opinion, stamp duty in itself is a sufficient impost without paying interest as well. Off the plan contracts (excluding unregistered land) for properties that you intend to use as your principal residence do not need to be paid within three months but can be deferred by up to 12 months from exchange.