mellyturner

hey all hope you can help ! just wadering how much you need for a deposit on a $250,000 home never bought a house in england or anywhere let alone oz as always wanted to move away so hope you can help xx melly

mrsdevilishdean

I would check out some of the bank websites I think I read details on the Westpac site.

cartel

Mrs Devildean,

Can I say congrats to you on your visa.

We are Nov thread also - so here come happy days.

mrsdevilishdean

Thanks cartel - hope you get yours sooooon its all very exciting isn't it!

cartel

Cant remember where and whe you want to go?

mrsdevilishdean

First week in May to ?Gold Coast but nothing def yet

joho

Better if you have 20% but it can be done with smaller.

Jo

TrickyTree

If you have 20% or more you will avoid mortgage insurance (so it is well worth using this amount). But also like in England you can borrow the full 100% (if you meet the banks criteria) but you will also have mortgage insurnace on top.

chessp

You can actually remove the insurance fees by having 10% down payment which is what we are doing. Likewise you need to ensure you have sufficient funds for Stamp duty as it is a damn site higher here than the UK. Trust me when I say money will be paid out everywhere before, during and post move so therefore keep this in mind.

Timvic

Hi,

$250'000 won't buy much of a house here in Nsw, don't know about else were? It will get you a nice flat though i would think. I had to pay 20% for my first house but you can get away with no deposit. As quoted else were stamp duty is a fortune at about $20'000 for a $500'000 property although as your a first time home buyer in Oz you won't have to pay it as long as you have a PR visa. Just be carefull as nothing here is cheap from start to finish and watch your $$$$ as they'll soon disappear. The home loan interest rates are quite high with the average lender at about 7.5%-8.25% so not cheap on the old repayments.

Good luck house hunting.

hoofie2002

The poster isn't quite correct. In WA, even as a first time buyer you will currently get hammered with the full whack of stamp duty as the threshold is much lower than the average house price. According to reports, first time buyers are as rare as hen's teeth in Perth at the moment as everyone is waiting to see whether the WA government alters the stamp duty threshold etc.

Wendy

I've just bought a 3 bedroom house in South Australia, thought I'd post the expenses for you:

Property cost: $237,000
Deposit (5%): $11,850
Stamp Duty on house: $8500 (got small discount of about $300)
Mortgage Insurance: $3000 (added to the loan)
Conveyancing & misc costs to be paid at completion: $2000

I've also had a survey done on the property which cost $495, and I've got the $7000 first time home buyers rebate.

HTH