mortgage
Nov 17th 2007, 3:23 am
#31
BE Enthusiast
Joined: Jun 2005
Posts: 459
Re: mortgage
Guess I'll just be renting for the rest of my life then cos you can't buy anything for $192k and on a single nurses wage this is a comfy anount for me. Any more and we would be struggling.
Nov 17th 2007, 4:44 am
#32
BE Enthusiast
Joined: Jul 2006
Location: Gold Coast
Posts: 367
Re: mortgage
http://www.noosarealtyservice.com/qu...lculator.html#
Queensland too!
Queensland too!
Last edited by Stella340; Nov 17th 2007 at 5:44 am.
Nov 17th 2007, 4:05 pm
#33
Dugongidae Member
Joined: Feb 2002
Location: Wimbledon, England
Posts: 441
Nov 17th 2007, 8:16 pm
#34
Forum Regular
Joined: Oct 2006
Location: Gold Coast, Queensland
Posts: 269
Nov 17th 2007, 8:17 pm
#35
Forum Regular
Joined: Oct 2006
Location: Gold Coast, Queensland
Posts: 269
Nov 18th 2007, 11:27 am
#36
Happily living in Tsv,Qld
Joined: Jul 2007
Location: Townsville, QLD
Posts: 390
Re: mortgage
I've just read this thread with interest.
Q1: Does the "CASHBACK from government" for "1st time buyers" mean people buying their first home in Australia? Could immigrants arriving in Aus who owned a house elsewhere get it? Or does having owned a house in the UK mean you don't qualify? What is the "CASHBACK" exactly?
Q2: First time buyers not paying stamp duty in QLD. People seem to have differing opinions about this - can anyone confirm this either way?
We're in our second home in the UK, and look to have £25k after sale. £5k will probably go straight away on fees and debts, so hopefully we'll arrive in Aus with the equivalent of £20k (whatever that will be at the time).
I'm just trying to work out how much of this we will need for fees etc when we come to buy and how much of a 'comfortable' position our 'equity' will put us in. We're hoping to get somewhere between $350 - $400 k. Obviously income is still an unknown factor, but we do have rent-free accommodation available when we arrive for as long as needed, so we'll hopefully be able to boast our savings then.
Part of me would like to 'skim off' 1k or so for a trip to Perth etc before we settle too much and whilst we have access to cash...
Nov 18th 2007, 12:14 pm
#37
BE Forum Addict
Joined: Jun 2007
Location: Carramar in Perth's northern suburbs
Posts: 1,129
Re: mortgage
We took out a full 100% interest only mortgage a couple of months ago to buy a vacant block of land, we also borrowed the stamp duty and loan set-up costs as we had no deposit............. or we didn't want to fork out anything for the deposit.
Commonwealth Bank whom I have 5 accounts with including our company trust account...............knocked us back........... that was due to us not having our ABN for the required 2 years.......... we were 6 months short. Our Broker fixed up the loan within 3 days............. our repayments are $2,000 a month and the amount we borrowed was just over $300K.
That should give you some sort of an idea re the repayments.......... there are several BE members who are finance brokers so I'm sure one of them can come up with some sort of formula to put you properly in the picture.
Good luck
Nov 18th 2007, 12:21 pm
#38
BE Forum Addict
Joined: Jun 2007
Location: Carramar in Perth's northern suburbs
Posts: 1,129
Nov 18th 2007, 4:48 pm
#39
BE Forum Addict
Joined: May 2004
Location: Tapping, Perth
Posts: 1,586
Re: mortgage
That must be over your side but I know that here in WA it's only if you have owned a house in Aus. I'm building and although I did have to pay it I could claim it back as soon as I got my UIN number and proved I was indeed going to build on the land. I know of others who didn't even have to do that much. When we spoke to them in the State Revenue Office about this they said they are still a bit unsure since the new law came in so depending on who you deal with you may have to pay it and claim it back or you may get away with just not having to pay at all!!!!
Tracie
Tracie
Last edited by breezeboylan; Nov 18th 2007 at 4:55 pm.
Nov 18th 2007, 8:21 pm
#40
Forum Regular
Joined: Oct 2006
Location: Gold Coast, Queensland
Posts: 269
Re: mortgage
That must be over your side but I know that here in WA it's only if you have owned a house in Aus. I'm building and although I did have to pay it I could claim it back as soon as I got my UIN number and proved I was indeed going to build on the land. I know of others who didn't even have to do that much. When we spoke to them in the State Revenue Office about this they said they are still a bit unsure since the new law came in so depending on who you deal with you may have to pay it and claim it back or you may get away with just not having to pay at all!!!!
Tracie
Tracie
Its obviously different here in Queensland! Why cant they just keep every state the same?
Nov 19th 2007, 12:08 am
#41
BE Enthusiast
Joined: Apr 2005
Location: Gold Coast
Posts: 493
Re: mortgage
Hi,
I've just read this thread with interest.
Q1: Does the "CASHBACK from government" for "1st time buyers" mean people buying their first home in Australia? Could immigrants arriving in Aus who owned a house elsewhere get it? Or does having owned a house in the UK mean you don't qualify? What is the "CASHBACK" exactly?
Q2: First time buyers not paying stamp duty in QLD. People seem to have differing opinions about this - can anyone confirm this either way?
We're in our second home in the UK, and look to have £25k after sale. £5k will probably go straight away on fees and debts, so hopefully we'll arrive in Aus with the equivalent of £20k (whatever that will be at the time).
I'm just trying to work out how much of this we will need for fees etc when we come to buy and how much of a 'comfortable' position our 'equity' will put us in. We're hoping to get somewhere between $350 - $400 k. Obviously income is still an unknown factor, but we do have rent-free accommodation available when we arrive for as long as needed, so we'll hopefully be able to boast our savings then.
Part of me would like to 'skim off' 1k or so for a trip to Perth etc before we settle too much and whilst we have access to cash...
I've just read this thread with interest.
Q1: Does the "CASHBACK from government" for "1st time buyers" mean people buying their first home in Australia? Could immigrants arriving in Aus who owned a house elsewhere get it? Or does having owned a house in the UK mean you don't qualify? What is the "CASHBACK" exactly?
Q2: First time buyers not paying stamp duty in QLD. People seem to have differing opinions about this - can anyone confirm this either way?
We're in our second home in the UK, and look to have £25k after sale. £5k will probably go straight away on fees and debts, so hopefully we'll arrive in Aus with the equivalent of £20k (whatever that will be at the time).
I'm just trying to work out how much of this we will need for fees etc when we come to buy and how much of a 'comfortable' position our 'equity' will put us in. We're hoping to get somewhere between $350 - $400 k. Obviously income is still an unknown factor, but we do have rent-free accommodation available when we arrive for as long as needed, so we'll hopefully be able to boast our savings then.
Part of me would like to 'skim off' 1k or so for a trip to Perth etc before we settle too much and whilst we have access to cash...
All first time home buyers currently receive a grant of $7,000. There are several qualification criteria such as:
Permanent resident
First home in Australia
Need to live in it for 6 months
...
...
Q2
In QLD, the 'first home' rule differs from the first home owners grant. The rule states that to receive stamp duty concessions, you must not have owned a home before, ie worldwide, whereas the grant states that you must not have owned a home in Australia
Stamp duty on a $400K home is $6,000. Transfer fees of $616.50. Allow $1,000 for conveyancing, $118 for registration, $118 for discharge, $25 for search fee, approx $1400 for stamp duty on mortgage. Also note that you will have to pay mortgage lenders insurance if your mortgage is more than 80%.
Cheers,
Mark.
Nov 19th 2007, 4:48 am
#42
has lost The Game
Joined: Apr 2005
Location: Chippendale, Sydney
Posts: 8,735
Re: mortgage
Q1
All first time home buyers currently receive a grant of $7,000. There are several qualification criteria such as:
Permanent resident
First home in Australia
Need to live in it for 6 months
...
...
Q2
In QLD, the 'first home' rule differs from the first home owners grant. The rule states that to receive stamp duty concessions, you must not have owned a home before, ie worldwide, whereas the grant states that you must not have owned a home in Australia
Stamp duty on a $400K home is $6,000. Transfer fees of $616.50. Allow $1,000 for conveyancing, $118 for registration, $118 for discharge, $25 for search fee, approx $1400 for stamp duty on mortgage. Also note that you will have to pay mortgage lenders insurance if your mortgage is more than 80%.
Cheers,
Mark.
All first time home buyers currently receive a grant of $7,000. There are several qualification criteria such as:
Permanent resident
First home in Australia
Need to live in it for 6 months
...
...
Q2
In QLD, the 'first home' rule differs from the first home owners grant. The rule states that to receive stamp duty concessions, you must not have owned a home before, ie worldwide, whereas the grant states that you must not have owned a home in Australia
Stamp duty on a $400K home is $6,000. Transfer fees of $616.50. Allow $1,000 for conveyancing, $118 for registration, $118 for discharge, $25 for search fee, approx $1400 for stamp duty on mortgage. Also note that you will have to pay mortgage lenders insurance if your mortgage is more than 80%.
Cheers,
Mark.
The First Home Owners grant is a federal payment i.e. fixed nationally, where the stamp duty exemptions are legislated state by state.
Certainly in NSW both refer only to previous interest in property in Australia. Homes sold overseas don't count.
Another (in a long list of) reason/s to not live in QLD
S
Nov 19th 2007, 5:23 pm
#44
Happily living in Tsv,Qld
Joined: Jul 2007
Location: Townsville, QLD
Posts: 390
Nov 19th 2007, 8:43 pm
#45
Forum Regular
Thread Starter
Joined: Oct 2007
Posts: 36
Re: mortgage
Hi Guys,i started this thread,and since doing so,have been told by West Pac bank that on oh earnings,and if we can put $42.000 of our own money they would lend us $260,000,so we can only look at houses up to $300,000.
I really wanted a house for $350,000,as they seem to look in better condition at that price,but the bank said no they would not go that high.They told me you do not pay stamp duty on houses $300,000 or less,and we would get the $7000 first home buyers grant.Do not know what the score is about our money from the Uk thats still ongoing,but i hope it comes off or we will never get on the property ladder.Also the repayment for $260,000 was $1,880 a month which would be a nice amount without overstretching things.
I would like to know if there is a way of borrowing more,but if the bank has said no,how do you find someone who will lend you more than the bank?
And can they garantee you the figure they say they will lend you,or do you run the risk of building your hopes up to be let down when you have found the house of your dreams?
I really wanted a house for $350,000,as they seem to look in better condition at that price,but the bank said no they would not go that high.They told me you do not pay stamp duty on houses $300,000 or less,and we would get the $7000 first home buyers grant.Do not know what the score is about our money from the Uk thats still ongoing,but i hope it comes off or we will never get on the property ladder.Also the repayment for $260,000 was $1,880 a month which would be a nice amount without overstretching things.
I would like to know if there is a way of borrowing more,but if the bank has said no,how do you find someone who will lend you more than the bank?
And can they garantee you the figure they say they will lend you,or do you run the risk of building your hopes up to be let down when you have found the house of your dreams?