Wilso16

Hello,

I saw somewhere recently that first time buyers in Australia will get a AU$7,000 grant but was just wondering whether you can get this when you first arrive or if you have to wait the 4 years before you become permenant resident migrants to apply for this?

Also, any information on the types of mortgages would be gratefully received! Do they do 100% mortgages! Deposit for a house might be a problem.

I also saw that first time buyer get there Stamp Duty waved - is this true?!

Thanks in advance for any replies!

windog

I think you only get the FHBG if you have a PR visa

GinaUK

Yes, you need one of the PR visas (for example a 136) to get the First Home Owners Grant of $7,000.

As for the stamp duty: first time buyers get the stamp duty waved up to a certain value of the property and pay reduced stamp duty above that threshold on a rising scale. The amounts vary from state to state, and I don't know if all states do this. But Western Australia does this.

Gina

Wilso16

We are applying for a defacto spouse visa. My OH half is Australian - would that help?

Fionast

i believe with most aus mortgages you pay 20% but like everything there are exceptions. Also from what I understand it's not based purely on wages. They take into account what existing debts etc that you have and work out how much you can afford that way. Kind of like getting an underwriter to assess your financial commitments etc here in the uk so that you can get a bigger mortgage!

Fiona

joho

As he is Australian I would assume he could apply immediatley.

Jo

marco121068

No rebate or reduction in South Australia.

Fiona&malc

Check out the SRO website, it will have all the info you need

http://www.firsthome.gov.au/

also take a look on some of the banks websites, that will give you an idea of your borrowing power, also loan repayments and stamp duty calculators.

try www.nab.com.au
www.anz.com.au
www.stgeorge.com.au
www.commbank.net.au

hope this helps

chels

Yes, if the partner is Australian, has never brought a property to live in before in Australia, and the property is being bought in either their name or joint names, yes, they would qualify for the grant.

Mortgages - yes, there are 100% mortgages available, and up to 40 year loan periods. However, it would be sensible to try to save up for the deposit so that you can avoid paying mortgage insurance (which only benefits the lender) and be able to take advantage of some of the better deals/lower interest rates.

lso, it's not just stamp duty costs you have to bear in mind (or not, if you buy somewhere with stamp duty relief) - there will be legal fees (your own and the mortgage company costs), mortgage duty (in NSW at least), inspection costs, you may have to stump up for rates etc upfront for the year etc etc etc.

Davelynd7

hi there,

we bought on sunshine coast in September, (PR visa) whilst waiting to sell our house. the $7K grant is available (still waiting for it) but you cant rent the house (other than to the seller or an existing tenant) or you lose the grant. Our lawyers are doing it for us, as part of the house purchase.

think there is some stamp duty concession too, but ours was over the threshold for that.

PS buying in Australia was a doddle compared to UK - you sign the contract when you make the offer, and buyer accepts and cant pull out. You then specify the length of time you want until settlement (eg 90 days) and then have your building & pest survey done, and your'e away! Compared to trying to sell our UK home for 16 months, it was a breeze!!!

joho

I am sure the bit about renting to existing owner or tennant is not right. We have to prove in 6 months time that we have been living there it was a requirement that we lived there for the frist 6 months at least. Also you do not have to sign on offer, you are given 2 weeks to have pest inspec and survey done before signing, thats not to say that you cant sign on the day of offer, its just not a requirement. You can also stick other clauses into the contract if something concerns you, to give you a get out option but they have to be valid ones.


Jo

kevinbloomfield

As to stamp duty, there is a reduced rate if you have never owned a house (anywhere in the world), this is different to the first time grant which you get if you have never owned in Australia.
This applies in Queensland, not sure if it applies Australia wide

ianandhelena

also applies in Tas if you say you've never owned a house before; the first $4k of stamp duty is subsidised, the buyer pays anything over that amount.

pumpkin blossom

So can you get the first time grant if you have owned a house in the UK? And how would they know anyway?
Thanks

Dorothy

They would know because you have to sign a declaration saying that you have not owned property in Australia before.
Whether you owned property in another country is not relevent to your grant.