Stafford678
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Anyone able to give me some tips on the process of buying a house and what kind of costs involved
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Help Buying a house
- Thread starter Stafford678
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Suggest you talk to a good lender first (I use Wizard) and they will advise you all the on costs.
Then get a good lawyer or conveyancing agent (note the word "good".... I'm not aware of any myself!).
Then find the property. Lawyer will advise you on and do the rest (eg. pest inspections, title searches, etc).
The most significant cost is purchase stamp duty, which in Vic is effectively 6% of purchase price less $4,340. This would be about $17k on a $360k house.
The main costs are:
1. Stamp duty $17k on ~$360k property.
2. Legals $1,000 to $1,500 including disbursements
3. Mortgage stamp duty $1,200 on $300k loan (0.4% of amt borrowed less $36)
4. Title transfer fee $1,000 (0.25% of price + $78 capped at $1,320)
5. Building and pest inspections (not sure but maybe $1k each these days if you choose to do them).
6. Loan application fee. $750.
7. Mortgage insurance if you borrow >80% of value. Can be a few $k I think.
If you are eligible I think they have a $7k govt grant if it's your first purchase to soften the blow. Bottom line is you need around $20k before you even start.
At the end of the day the govt (not lawyers; agents) are the biggest crooks in the whole process.
sorry to piss on your chips mate.
Go Tigers.
Then get a good lawyer or conveyancing agent (note the word "good".... I'm not aware of any myself!).
Then find the property. Lawyer will advise you on and do the rest (eg. pest inspections, title searches, etc).
The most significant cost is purchase stamp duty, which in Vic is effectively 6% of purchase price less $4,340. This would be about $17k on a $360k house.
The main costs are:
1. Stamp duty $17k on ~$360k property.
2. Legals $1,000 to $1,500 including disbursements
3. Mortgage stamp duty $1,200 on $300k loan (0.4% of amt borrowed less $36)
4. Title transfer fee $1,000 (0.25% of price + $78 capped at $1,320)
5. Building and pest inspections (not sure but maybe $1k each these days if you choose to do them).
6. Loan application fee. $750.
7. Mortgage insurance if you borrow >80% of value. Can be a few $k I think.
If you are eligible I think they have a $7k govt grant if it's your first purchase to soften the blow. Bottom line is you need around $20k before you even start.
At the end of the day the govt (not lawyers; agents) are the biggest crooks in the whole process.
sorry to piss on your chips mate.
Go Tigers.
Oh... one more thing.... don't trust either of the following as far as you can throw them:
1. Mortgage brokers
2. Estate agents
Apologies to the good ones (in both cases), but 99 times out of 100 they will have their own vested interests at heart (especially RE agents), and will smell a "newbie" at 1,000 paces.
1. Mortgage brokers
2. Estate agents
Apologies to the good ones (in both cases), but 99 times out of 100 they will have their own vested interests at heart (especially RE agents), and will smell a "newbie" at 1,000 paces.
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My tip would be not to listen to anyone here actuallyI'd go get some proffesional advice for such a big thing...
Oh, and finally, if all else fails, follow this guy's advice!
(except the bit next to "Club:")
