House Costs

[Guest shella_n]

Hi

 

So, we are thinking about taking the plunge and buying our first place in Port Noarlunga/ Noarlunga Downs.

 

I am just wondering what weekly costs I need to consider - things like council tax etc. at the moment as we are renting we only pay rent, elec & gas & im trying to figure out how much mortgage we can afford so need to know what the other outgoings are going to be.

 

Also, does anyone know what the current first home buyers grant is?

 

Many thanks in advance.

 

Michelle

[Guest darlo 2 adelaide]

HIya

 

I'm not much help sorry, but I'm interested in the same info so please forwarf anything if you get any replies. Good luck.

[Guest Adelaide_bound]

The grant is $7000 : First Home Owners Scheme

 

Water standing charges as well as rates. Stamp duty. Some details for SA here : http://www.revenuesa.sa.gov.au/IamaFHB.html

 

Everything else just the same as renting, no?

 

(This is just from my research, sure someone who has actually done it will be far more helpful )

[Dominique]

Hi Michelle,we baught a house in port noarlunga 2 years ago for $310,000,our mortgage every week is $500(its suppose to be around $460 but we pay a bit extra).The service levy is $80,I think this is once a year!.Just the usaul bills of electricity and water everyweek is $55 combined... good luck

[Guest WAITINGAME]

The grant is $7000 : First Home Owners Scheme

 

Water standing charges as well as rates. Stamp duty. Some details for SA here : I am a First Home Buyer

 

Everything else just the same as renting, no?

 

(This is just from my research, sure someone who has actually done it will be far more helpful )

 

I thought the 1st home owners scheme had stopped....dont know why...!! Unless its in QLD.

 

Thanks for useful information

[Guest Reenz]

Here's an overview of what you can expect as far as both ongoing and one-off costs go:

 

Ongoing Costs...

 

Council rates: depends on your house value and which council area you buy in (as they all apply a slightly different percentage based on your house value), but for an average house, expect $1000-$1200 per annum.

 

Water rates - Approx $800-$1000 per annum, at current water pricing (depends partly on house value, partly on usage patterns).

 

Electricity - your current usage, I guess. Allow more if house has electric hot water service, large aircon etc.

 

Gas - current usage

 

Phone/Internet/Foxtel - ditto

 

Strata Levy if you buy Strata or Community-title property (can vary widely, but at least $600 per annum). Avoid this by buying only Torrens Titled property, ie a stand-alone house rather than a unit in a group, generally speaking.

 

Emergency Services Levy - about $80 per annum as mentioned in post above.

 

Contents & Building Insurance - you'll have to ring some insurers and get quotes on this. Your bank will require you to at least have Building Insurance.

 

Mortgage repayments

 

Mortgage Protection Insurance (if required by your bank - depends on how much deposit you can put down)

 

*************************************

 

One-off Costs - made to your conveyancer at purchase...

 

Conveyancer's fees - around $500-$600

 

Stamp Duty on Transfer (based on purchase price - many thousands)

 

Registration of Transfer (a few hundred)

 

Stamp duty on mortgage (can't remember off-hand but not too much)

 

Mortgage Registration Fee (even less)

 

And a host of other sneaky admin fees that amount to small bikkies in the grand scheme of things.

 

Hope this helps!

[Guest BurgessFamily]

if you decided to build - you'd get another $8000 in grants from the SA government, plus you could lower the stamp duty you pay by several thousand by only paying the land value (before the house is built). Worth thinking about.

[Guest kangomik]

Please bear in mind - if you have any savings the income off these savings are calculated as an income towards the mortgage.

IF you use these savings as part of the down payment for the house this income will reduce.

 

I think you get the picture from their on in.

 

Owning cost's more, rates, water etc, Insurance, and then the up keep.

 

But it's all yours:o well mostly the banks for a few years:biglaugh:

[Guest BurgessFamily]

Please bear in mind - if you have any savings the income off these savings are calculated as an income towards the mortgage.

IF you use these savings as part of the down payment for the house this income will reduce.

 

I think you get the picture from their on in.

 

Owning cost's more, rates, water etc, Insurance, and then the up keep.

 

But it's all yours:o well mostly the banks for a few years:biglaugh:

 

surely the answer it to buy, and they rent it back to yourself for all the tax deductables and perks? In fact you could rent it to yourself at a loss, and let the taxman pay the mortgage