old.sparkles

OP has answer - any other info may be relevant to others in different states but point taken

berserk

In NSW its exempt only if its a new home - to help stimulate the construction industry.

http://www.osr.nsw.gov.au/grants/fhnh

gregster10217

We are moving across in March and will be looking to buy land and build at some point in the future. Do we count as first time buyers as we've never bought in Australia before, even though we've bought in the UK?
Thanks

Bermudashorts

Yes, the do mean first time buyer in Australia.

jackieh23

Fully aware.

However, as people have posted info on other States, it pays to keep the information accurate IMO. I am sure people other than the OP will benefit from this thread.

gregster10217

Thanks.

Craig Vaughan

20% deposit avoids mortgage insurance. 10% its not too expensive (about 1.5-2% of the purchase price). There is a case to be made for paying a few k in mortgage insurance to get into your home sooner and stop paying rent. The case would be;

1) rising market
2) stop paying rent
3) you have your own home.

If a rising market, then it makes sense to pay the 1.5-2% mortgage insurance - if house prices go up by 5% in the first year (the year you would be renting), then you are still ahead by 3%. In a rising market, if you are chasing 20% then the amount required just keeps getting bigger and bigger.

Obviously if you have 20%, then use it if possible - but if you have less it may still be worthwhile paying the mortgage insurance.

First Home Owner Concessions:
In QLD, technically speaking, whilst you would be eligible for any first home owners grants if you have owned overseas, the stamp duty is different. The discounted stamp duty concession actually only applies to first home buyers who have not owned in Australia or anywhere else in the world. if you owned overseas, you technically do not qualify.

With that said, most people just tick the "no" box anyway when asked if owned property overseas and get the full concession.

Molly Coddle

Hi Craig


What about if you come to Australia but still own property in England, do you reckon you could still just tick 'no' ? :

Craig Vaughan

Hi,
Most people do - most people just dont read the form that clearly.

Remember as well, stamp duty concession only applies for properties less than 500k. if you are buying for more than that then it doesnt matter.

bcworld

Really? It almost sounds like people are being advised to answer no regardless of the truth.

Craig Vaughan

Its something the solicitors take care of for the purchaser, and i think even the solicitors are not aware of the distinction when helping with that form.

bcworld

They can't be very good solicitors then. What is the wording of the question?

Craig Vaughan

i think the question is pretty clear - i think there is an issue with some lawyers questionaires - ie, ask if first home buyer in australia (for fhog purposes where it doesnt matter if you have owned overseas) and then transfer the same info to the stamp duty form despite the stamp duty form stating "IN Australia or anywhere else in the world"

Alfresco

The wording is very clear - asking if you have owned property before in Australia or anywhere else in the world. I ticked yes and paid the stamp duty anyway as there are implications about5 renting it out (or part of it) if you didn't pay the SD.

It is cheap enough in QLD anyway.

KJCherokee

There are companies in Queensland (and elsewhere) that specialise in conveyancing and will probably be cheaper than going to a solicitor - for example a previous post suggested solicitor's fees in the range of $1000-$2000 but Conveyancing Services Qld quote $795 for a residential purchaser.

Or alternatively you can do it yourself!