Home Loans - The Costs, Come In All You Migrating Brits...
 

Hello Campers!

I would like to know if you are in the know, what the maximum loan-to-value you can get on Aussie home loans.
That is how little deposit do I need to put down? I have heard
95% LTV is the maximum, that is 5% deposit.

Also, how much is stamp duty, surveyors costs, are there any other costs involved???

Finally, what's the state of the market - is it a buyers market, sellers market, in between...

Many thanks
Andy

Re: Home Loans - The Costs, Come In All You Migrating Brits...
 

Hi Andy,

There are loans available from banks/credit unions etc up to 90% (although I have
recently seen adverts claiming 100% of valuation) I am at present reading the
Saturday paper where a very reputable building company is offering 100% finance TAP
have a look at their web site
(www.orbithomes.com.au ) and you should
be aware when you move to a new location and in your case (I guess) a new country
then you may be well advised to seek people with local knowledge of the market and
even go so far as obtaining a formal valuation, a lot of people do not feel a need
to do this but for a cost of around $750 it can give you a whole lot of peace of
mind that what is being asked for the property is in fact the real value of the
property (do not accept the assessed value placed on a property by the Agent who is
trying to sell the property) Legal/Conveyancing costs can be another $500 -$800,
Stamp Duty is a State Duty and as such is relative to the State in which you
purchase, Where I am, in Queensland for instance the following rates apply however I
think some other States vary:

PURCHASE PRICE/VALUE STAMP DUTY RATE Up to $250,000 $1 per $100 or part of $100

Exceeding $250,000 but not $2,500 + $3.50 for every $100 or part

Exceeding $500,000 of $100 over $250,000

Exceeding $500,000 $11,250 + $3.75 for every $100 or part of $100 over $500,000

This may help you anyway.

Regards

Rob Edwards
www.australianaustralia.com