Adam from Vista Financial Posted March 22, 2016 Share Posted March 22, 2016 If you are looking to find out how much it will cost to purchase a property we have a Buying Costs Calculator available below which we think you might find very useful. Stamp duty is calculated differently in different States and also there may be eligibility for grants including the First Home Owners Grant particularly if building rather than purchasing an existing property. Please note that on top of these costs a deposit of around 5-10% of the purchase price will also be payable (depending on the lender). Also allow approximately $600 for Conveyancer fees and $2,000 - $2,500 for contingencies (based on a purchase price of around $400,000). Lenders Mortgage Insurance typically applies when borrowing over 80% of the purchase price. The cost of this will vary from lender to lender and in some cases can be added to the loan amount. Buying Costs Calculator Quote Link to comment Share on other sites More sharing options...
Adam from Vista Financial Posted March 23, 2016 Author Share Posted March 23, 2016 Please also note, the above in relation to requiring a 5-10% deposit (with LMI) applies to Permanant Residents, eligible Temporary Residents will require a 20% deposit typically, although it may be possible with 10% depending on circumstances. Please note also Foreign Investment Review Board conditions for Temporary Residents see here http://www.pomsinoz.com/forum/money-finance/243972-temporary-residents-pay-5-000-buy-home.html#post1936888921 Quote Link to comment Share on other sites More sharing options...
Prince milo Posted April 10, 2016 Share Posted April 10, 2016 Hi Adam what criteria constitutes "eligible Temporary Resident" to enable one to purchase a property. If I'm on an evisitor for 12 months waiting for CPV PR can I purchase a property outright? Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted April 10, 2016 Share Posted April 10, 2016 Hello Prince milo.....great name Adam's reference to eligible temporary residents is in relation to lenders policies for obtaining a mortgage and the deposit required. If you are looking at purchasing outright then your question is around whether you will be able to obtain permission from the FIRB, typically temporary residents can buy a home with permission however I admittedly am not a visa expert so could not definitely say that this is the case for you. I would advise that you make contact with them directly, they are very easy to get through to and are very helpful, this may also assist: https://firb.gov.au/resources/guidance/gn02/ note the introduction of an application fee from early this year as per the thread Adam put a link to on his above post. Regards Andy Quote Link to comment Share on other sites More sharing options...
janlo Posted April 10, 2016 Share Posted April 10, 2016 What do you mean by contingencies of up to $2500 ? Quote Link to comment Share on other sites More sharing options...
Adam from Vista Financial Posted April 11, 2016 Author Share Posted April 11, 2016 What do you mean by contingencies of up to $2500 ? Hi Janlo, We usually allow $2,000 - $2,500 for other costs which include council and water rates. These are usually payable upon settlement to the vendor and can be for the remainder of the quarter or year. Depending on which month you move in the cost will vary. Also we would recommend a building and termite inspection on a property. This is not compulsory but can be very beneficial. Hope this helps. Cheers Adam Quote Link to comment Share on other sites More sharing options...
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