澳洲Australia property Help please :) | Sydney

在澳大利亚


Just wanting to make sure I have researched enough. I am a FHB in melbourne.
These are the fees I know I will have to pay when buying my first home;
Stamp duty
LMI
Building/pest inspection
Conveyancing
Home insurance

What else will we have to pay for?

With LMI/Stamp duty, do these have to be paid outright, or can the price be factored into the mortgage? How much roughly are we looking at needing to pay for all the things associated with buying a house?

We are looking at purchasing a house for 375k, we have 70k cash to use. What do people suggest we do with our cash? Use 40k for deposit and the rest to pay fees? more on deposit? I am very confused!
Also was after recommendations for a good conveyance in sth east suburbs if possible.

Thanks for your help, I am very stressed about the whole process!

p.s - in regards to the first home owner grant, how do we get that? can we nominate an account for it to go into? or does it go straight onto the mortgage?  

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Remember there will be adjustments for rates and strata charges to reimburse the vendors for the amount they have paid relating to the period after settlement  

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This was our experience when we bought our first home

These are the fees I know I will have to pay when buying my first home;
Stamp duty
LMI
Building/pest inspection
Conveyancing
Home insurance

What else will we have to pay for?Click to expand...
In QLD i got charged approx 1K for land title change no one ever told me about that but it just got added in the mortgage

With LMI/Stamp duty, do these have to be paid outright, or can the price be factored into the mortgage? How much roughly are we looking at needing to pay for all the things associated with buying a house?Click to expand...
About 2 days before settlement we got an email from our solicitor which stated the total cost Stamp duty + solicitor charges + deposit + other costs which were negligible). This is the figure which you will need to transfer in the solicitors trust account and should be there before settlement.

Our scenario
House price $544900
B&P 500$ (used credit card)
Deposit available 99000
Deposit paid to seller $5000
Stamp duty $8620.50
Solicitor $ 723.46
Bank Loan 490K Approx
FHOG $7000 (was paid straight to lender so bank contributed 497K for settlement)
LMI 6K Approx ( added to bank loan)
Deposit we paid $51K ( transfered to Solicitor 2 days before settlement)
Remaining deposit - 43K put in offset account.
Total Bank Loan 496K approx ( including LMI)

We are looking at purchasing a house for 375k, we have 70k cash to use. What do people suggest we do with our cash? Use 40k for deposit and the rest to pay fees? more on deposit? I am very confused!Click to expand...
We preferred to use part of the 43K remaining to buy furniture ( better pay mortgage at 6.7% than personal loan at 10% or more) Bought furniture on credit cards and payed off cards after 55 days of purchase from offset balance

also helped me sleep peacefully since i have enuf funds available in the offset in case of emergency.

I am not sure but i think you would be eligible for Stamp duty exemption if you are a FHB and property value is less than 500K

Hope this helps

cheers
Iron  

评论
jrm88 said: ↑
We are looking at purchasing a house for 375k, we have 70k cash to use. What do people suggest we do with our cash? Use 40k for deposit and the rest to pay fees? more on deposit? I am very confused!Click to expand...
Read up on offset accounts. If you get a 90% LVR loan, then you will use 37.5k for the deposit, and the rest can be stashed in the offset account, reducing the interest payable on the loan. Make sure it's a 100% offset account though.

jrm88 said: ↑
Thanks for your help, I am very stressed about the whole process!Click to expand...
Take a deep breath, it seems like a huge process but when you break it down it's not too bad. I was in your position 2 years ago. SS forums helped me enormously!  

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Thanks for the help :) Going to see mortgage broker tuesday so hopefully it will make all this a bit easier!  
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