Can you negotiate on house prices?
Jan 18th 2005, 12:07 pm
#16
Joined: Feb 2004
Posts: 1,277
Re: Can you negotiate on house prices?
Originally Posted by ABCDiamond
Stamp duty estimates on a $700,000 purchase according to echoice would be:
NSW $26,990
VIC $37,660
QLD $18,750 (at Owner occupier rate)
SA $27,830
WA $32,300
NT $37,800
ACT $32,000
TAS $25,550
A year before the recent boom began to slow down, I was able to negotiate discounts, even on popular properties, due to being able to offer a cash purchase. One was only 2.5%, but another was 10%.
NSW $26,990
VIC $37,660
QLD $18,750 (at Owner occupier rate)
SA $27,830
WA $32,300
NT $37,800
ACT $32,000
TAS $25,550
A year before the recent boom began to slow down, I was able to negotiate discounts, even on popular properties, due to being able to offer a cash purchase. One was only 2.5%, but another was 10%.
Regards
Alistair
Jan 18th 2005, 12:15 pm
#17
Rocket Scientist
Joined: Aug 2003
Location: Dreamland AKA Brisbane which is a different country to the UK
Posts: 6,911
Re: Can you negotiate on house prices?
Originally Posted by ABCDiamond
Stamp duty estimates on a $700,000 purchase according to echoice would be:
QLD $18,750 (at Owner occupier rate)
QLD $18,750 (at Owner occupier rate)
.
Jan 18th 2005, 12:22 pm
#18
Keeping it fairly real
Joined: Jun 2004
Location: In the sun
Posts: 32,863
Re: Can you negotiate on house prices?
Originally Posted by kirsty&al
Stamp duty in Victoria (which I think may be the highest in Oz) would be $37660 on $700k house. These is also another stamp duty on the mortgage.
Regards
Alistair
Regards
Alistair
Jan 18th 2005, 12:52 pm
#19
Visa Granted 20 Jan 05
Joined: Sep 2004
Location: UK Now, Melbourne Late Aug
Posts: 163
Re: Can you negotiate on house prices?
Originally Posted by kirsty&al
Stamp duty in Victoria (which I think may be the highest in Oz) would be $37660 on $700k house. These is also another stamp duty on the mortgage.
Regards
Alistair
Regards
Alistair
Acording to this Gov Web site there is no Stamp Duty on Mortgages in Victoria as from......... 1st Jul 2004 ...............
http://www.sro.vic.gov.au/sro/srowebsite.nsf/revenue/631DBEE43A0F7F2BCA256EA5000C1652/$File/publication-DAA-019.pdf
http://www.sro.vic.gov.au/sro/sroweb...t=iso-8859-1#1
Hope Im right on this ABC any thoughts?
Stu
Last edited by bert-doozer; Jan 18th 2005 at 12:54 pm.
Jan 18th 2005, 9:26 pm
#20
Joined: Feb 2004
Posts: 1,277
Re: Can you negotiate on house prices?
Originally Posted by walla1
either way Alistair it's a friggin rip off
Cheers
Alistair
Jan 19th 2005, 12:04 am
#21
Guest
Posts: n/a
Re: Can you negotiate on house prices?
Originally Posted by bert-doozer
Acording to this Gov Web site there is no Stamp Duty on Mortgages in Victoria as from......... 1st Jul 2004 ...............
http://www.sro.vic.gov.au/sro/srowebsite.nsf/revenue/631DBEE43A0F7F2BCA256EA5000C1652/$File/publication-DAA-019.pdf
http://www.sro.vic.gov.au/sro/sroweb...t=iso-8859-1#1
Hope Im right on this ABC any thoughts?
Stu
http://www.sro.vic.gov.au/sro/srowebsite.nsf/revenue/631DBEE43A0F7F2BCA256EA5000C1652/$File/publication-DAA-019.pdf
http://www.sro.vic.gov.au/sro/sroweb...t=iso-8859-1#1
Hope Im right on this ABC any thoughts?
Stu
However, with Stamp Duty on the property Purchase itself, there are exemptions for First Home Buyers
eg:
In NSW No Stamp Duty is payable up to $500,000 purchases
In WA No Stamp Duty is payable up to $220,000 purchases
On this part, Victoria is a bit different, as they give an extra First Home owners grant, but "During the period that the grant is available (ie. to 30 June 2005), the exemption from conveyance duty under the first home owner benefit scheme will be suspended."
This link http://www.mortgageworldaustralia.co...oncessions.htm shows more info.
Jan 19th 2005, 10:02 am
#22
Forum Regular
Joined: Aug 2004
Posts: 110
Re: Can you negotiate on house prices?
Originally Posted by MrsDagboy
Stamp duty on an investment property is more in Qld - about $9,500 on a $300K house .
.If you buy a smaller property to let while you rent another bigger house to live in, would that smaller property be considered an investment property?
Jan 19th 2005, 10:27 am
#23
Guest
Posts: n/a
Re: Can you negotiate on house prices?
Originally Posted by jan&co
If you buy a smaller property to let while you rent another bigger house to live in, would that smaller property be considered an investment property?
Not sure about penalties, but I did read that if someone incorrectly claims the $7,000 First Home allowance, and gets caught for fraud, they repay the $7,000 plus another $7,000 as penalty. :scared:
Jan 20th 2005, 1:49 am
#24
Forum Regular
Joined: Aug 2004
Posts: 110
Re: Can you negotiate on house prices?
Originally Posted by ABCDiamond
Probably, as I think you have to specify that you will be living in the property, to be able to claim the exemption, but full info should be available here: http://www.osr.qld.gov.au/taxes/duti...nfo_sheets.htm
Not sure about penalties, but I did read that if someone incorrectly claims the $7,000 First Home allowance, and gets caught for fraud, they repay the $7,000 plus another $7,000 as penalty. :scared:
Not sure about penalties, but I did read that if someone incorrectly claims the $7,000 First Home allowance, and gets caught for fraud, they repay the $7,000 plus another $7,000 as penalty. :scared:
Incorrect claim in ignorance or by mistake is different from intentional fraud (guess onus of proof will be on the buyer ). I am wondering in the case of a larger family wanting to buy a house for the first time for future capital gain but unwilling to take up mortgage, or too big a loan. A search at the website did not uncover anything like this. Anyone with such experience - any advice, pls? Just want to do things right.
Jan 20th 2005, 2:11 am
#25
Living the Oz lifestyle..
Joined: Jun 2004
Location: Perth, Australia
Posts: 206
Re: Can you negotiate on house prices?
Originally Posted by ABCDiamond
However, with Stamp Duty on the property Purchase itself, there are exemptions for First Home Buyers
eg:
In NSW No Stamp Duty is payable up to $500,000 purchases
In WA No Stamp Duty is payable up to $220,000 purchases
eg:
In NSW No Stamp Duty is payable up to $500,000 purchases
In WA No Stamp Duty is payable up to $220,000 purchases
Just a quick update, for first time home buyers in WA there is no stamp duty payable up to $250,000. This came into effect a few months ago.
Sunchaser
