How to buy a home?

[MilkOnTap]

Hubby and I have just returned from a holiday in QLD, visiting family and friends, inspired that now is the time to begin saving for our first home.

We want to buy in QLD (Sunny Coast) but have absolutely no savings behind us as yet. Through ADF we will be entitled to a few benefits that would total a lump sum of just under $20k - and then the first home buyers grant would get us up to around $27k.

I dont know the first thing about buying a home though. What fee's are included? What IS stamp duty? What legal fees are required? Would we be better in the long-run to buy a house/land package or doesn't it really make a difference (we would prefer something already established)?

Thanks in advance :)

[andie_pandie]

Hi Pink Lady, I must say first I admire your name as my favourite colour is Pink. Might be something to do with the fact that I have 3 boys and the hubby.

Yes Qld is lovely, when we came to Australia we travelled around most of the country and fell in love with Brisbane. We were just saying how lovely the weather was here tonight on one our walks with Bubby.

Anyway, took me a second to work of ADF but realised soon enough it was the Defence Force. They are great with helping families into homes with there grants.

As far as a deposit is concerned you will be fine, most people have next to nothing these days so with the First Home Owners Grants as well was ADF this is a good stepping stone to get a home.

With regards to Fees etc, I deal with 30 banks and they all have different fees. Most have around a $600-$700 application fees, however some may have a special at the time hence no est fee. There are also package home loans when you might get a discount off the variable and other products, however instead of a one off fees you will have a annual fee.

With regards to government fees, this totally depends on the amount of the purchase as well as the loan amount. To give you a guide, there is no Stamp Duty on the Purchase until your purchase price goes to $330K and beyond. There are other fees as well, such as registration fees, transfers etc, stamp duty on loan amount (once again exemptions apply based on loan amount).

With regards to approximate costs of a solicitor these can vary, my clients would normally spend up to $1000 and this would include searches, anything higher than this I would suggest shopping around.

You will need to look at doing a building and pest inspection and this combined should be between $350-$450.

It is a little hard to work out exact figures due to not knowing purchase prices etc, so I will pm you to get some more details and give you more accurate information.

Thanks for your post.

Regards Andrea