Guest april

any advice please

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    Guest april

    hello, we are planning our move to adelaide and looking at house prices do you need to pay stamp duty when you are buying your first house in oz any advice on buying and who to use for mortgages would be really appreciated thankyou x

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    hello, we are planning our move to adelaide and looking at house prices do you need to pay stamp duty when you are buying your first house in oz any advice on buying and who to use for mortgages would be really appreciated thankyou x

     

     

    Hi April

     

    Yes stamp duty is payable on the purchase of property here is Australia, this actually varies state by state.

     

    As an example costs associated with buying a property valued at $350,000 would be approximately $16,300.

     

    You may be eligible for the First Home Owners Grant of $7,000 if you are a permanent resident, this can mitigate the costs slightly.

     

    In relation to who to use for a mortgage, that will depend on your individual circumstances as it might be a case of who will lend to you rather than who you want to go with especially if looking to buy quite soon after arriving.

     

    A lot of factors will need to be considered to assess which lender might be the most apporpriate, for instance visa type, deposit, income, liabilities, employment situation etc.

     

    Also there may be extra costs to bear in mind if your deposit is less than 20% as a lenders mortgage insurance (LMI) premium will be payable which is similar to the high percentage loan fee (HPLF) in the UK.

     

    Hope this helps,

     

    Andy

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    We didn't pay stamp duty on our first property we bought, and also got $7000 FHG saved us around $16000 altogether.

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    hi guys where about are you thinking of moving to? we are in christies beach. really happy you are coming back we will have to catch up when are you thinking of flying out ?

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    Guest april
    to sharon/andy yes it is us how are you settling in xx

     

    sharon /andy hi we not sure yet got to see how the house goes glad you are enjoying it are lauren and harvey having good time at the beach april loved it xx

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    Guest Andrew Family

    Can I just check - on your first property purchase is it only if you hold a permenant visa that you do not pay the Stamp Duty and the FHOG ($7000)? In other words would we have the same benefits on a tempory visa?

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    Did a check, you have to pay stamp duty in South Australia, we bought our first house in NSW no stamp duty on properties under $500. We had permanent visa, so cannot help you with that, but do know if you buy a brand new property the FHOG is double. Gollywobbler may be able to help regarding the temp visa as she is considered the font of all knowledge....do a quick search and drop her a pm. xx

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    Can I just check - on your first property purchase is it only if you hold a permenant visa that you do not pay the Stamp Duty and the FHOG ($7000)? In other words would we have the same benefits on a tempory visa?

     

     

    Hi Andrew Family

     

    The stamp duty in SA is paid by both permanent and temporary residents on the purchase of a property. If someone were to buy land to build a home the stamp duty is only payable on the land thus reducing it by quite a bit.

     

    The FHOG is only payable to permanent residents (http://www.revenuesa.sa.gov.au/fhog/index.html) and is capped at $575,000.

     

    There may also be eligiblity for the First Home Bonus Grant (FHBG) if building of up to $4,000 (caps to land/build price apply).

     

    If someone obtains permanent residency 12 months after purchase/build then the grants may be able to be claimed retrospectively.

     

     

    Regards

     

    Andy

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