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  1. #11
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    Default What's involved in buying a house?

    In NSW no contracts are subject to pest, building or finance approval / there is a 5 day cooling off period on standard contracts to get all these things done ( you put down .25% of the purchase price as deposit which you forfeit to the owner if you pull out for any reason)
    There is no first home buyers grant for existing homes ( only if you buy new)
    My tips for buying:

    1- The first thing to do is get pre approval so you know what you can spend
    2- start making friends with agents! Visit open homes and find out recent sale prices , learn your market so you know what to offer when you find the right home
    3- get a conveyancer/solicitor - you will need one when you find your property to go over the contracts - conveyancers are approx $1000 and solicitors $1800
    4- once you have negotiated a price sign a 5 day cooling off contract to secure it
    5- your conveyancer will organise pest and building ( approx $600)
    6- your finance broker will organise valuations and final approval
    7- once this is all done you pay your balance of 10% and then
    Standard settlement time is 42 days ( 6 weeks)
    8- organise building and contents insurance
    9- organise moving van!
    10- about 2 weeks before you settle you will need to pay your stamp duty ( on $500,000 it's $20,000 ) so factor this into your budget

    So really on a $500,000 house you will need approx $32,000
    $20,000 in stamp duty, $1600 for conveyancing and reports and mortgage insurance if you
    Borrow more than 80% , which is approx. $10,000 (on $450k loan) plus valuation and bank fees

  2. #12
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    Default Re: What's involved in buying a house?

    sorry to crash your thread i just have a quick question.

    we put in an offer on a house last weekend, signed the bank forms etc etc, were supposed to sign the contracts yesterday but they didnt get to our lawyer in time. The house has another open house on today, can someone go look and decide they want to offer more then we did, can the real estate except their offer and leave us high and dry basically?

    Sent from my GT-S5830 using BubHub

  3. #13
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    Default What's involved in buying a house?

    Legally, all offers have to be submitted to the owners, until contracts are signed, the property stays on the market - usually you sign with the agent - do you know why the contracts took so long?

  4. #14
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    Default What's involved in buying a house?

    Quote Originally Posted by purpdirewytch View Post
    sorry to crash your thread i just have a quick question.

    we put in an offer on a house last weekend, signed the bank forms etc etc, were supposed to sign the contracts yesterday but they didnt get to our lawyer in time. The house has another open house on today, can someone go look and decide they want to offer more then we did, can the real estate except their offer and leave us high and dry basically?

    Sent from my GT-S5830 using BubHub
    Yes, if the sellers have not signed any contracts they can accept whichever offer they like - if they get a higher offer than yours today, the agent should come back and ask you for your best and final offer (they won't be able to tell you what the other offer is). Be careful though, because this can be a play tactic, so don't go crazy overboard with a new offer.
    Even after both parties have signed, don't be too concerned if you still see the house open in weekends, until the contract is unconditional most sellers will continue to keep potential buyers interested in case your contract falls through. Good luck.

  5. #15
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    Wow, stamp duty is cheap in NSW compared with Victoria!

    Just on a separate note as you are renting now don't forget to factor in all the added ongoing expenses of owning a house instead of renting. If something breaks you pay for it (eg. hot water system - ours died when we'd been the house a week and it wasn't expected - that was $1000 to fix & urgent), maintenance, house insurance (rather than just contents), rates, garden upkeep and countless other little things.

    When we moved into our house we had $10,000 in savings and thought we'd easily manage to pay for the stuff that the building inspection highlighted (restumping & reroofing). We ran out of that money pretty quickly, before we got the restumping started, but thankfully after the reroofing which was more urgent than the building inspection suggested. Yes, we'd been in the house a week and the hot water died & my dh was on the phone talking to a plumber about the hot water when he had water drip on him from the roof of his office ... yes, there was actually a pretty major leak and it was quite costly to fix. We got the restumping done 12 months later with a loan from my parents as the house was literally falling down ... the restumping cost was $9000 instead of the $1000 predicted by the building inspection. When our gas central heating died 2 years after we moved in we had to go for 12 months without central heating as we still didn't have $3000 - $5000 spare!

    My point is that if you are going to spend every last cent you have buying the house and won't have much capacity to save, then you might want to either buy a cheaper house (as long as it's not a maintenance nightmare) or you might want to find a rental.

  6. #16
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    Default Re: What's involved in buying a house?

    The contracts got emailed to our lawyer or broker yesterday but the other parties lawyer said at about 4pm yesterday that they will send hard copy of the contract not a printed version of the emailed one.

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  7. #17
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    Default What's involved in buying a house?

    Quote Originally Posted by purpdirewytch View Post
    The contracts got emailed to our lawyer or broker yesterday but the other parties lawyer said at about 4pm yesterday that they will send hard copy of the contract not a printed version of the emailed one.

    Sent from my GT-S5830 using BubHub
    Do you know if they have signed it?

  8. #18
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    Default Re: What's involved in buying a house?

    i would have assumed so but im not sure.

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  9. #19
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    Default What's involved in buying a house?

    Hey all I'm not sure about other states but in wa we are in the process of buying our first house and because it's our first the stamp duty is waived. Op definitely check out the laws regarding stamp duty for your state.

  10. #20
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    Default What's involved in buying a house?

    http://stampduty.calculatorsaustrali...w#.URWs9olhic0

    Hey op just checked for NSW and it is the same.


 

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