Definently subject to finance and pre approved loans are always better
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03-07-2012 17:10 #11
03-07-2012 17:13 #12-
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- Nov 2008
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03-07-2012 17:15 #13
62000 for 360000 house which is 440 per week
03-07-2012 17:15 #14
Subscribing as our offer just got accepted for the house we are wanting to buy. Now to put an Application in for a loan. (we were prw approved) so
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03-07-2012 17:59 #15
Welcome home Dom!!!
Deposits are normally around 20% of the purchase price/house value (I think some ppl sometimes get away with 10%).
You will then have to also add on some of the other costs/charges like stamp duty etc. If the deposit equates to more 90-95% of the total cost then you will also need mortgage insurance - it doesn't cover you, it just covers bank if you default. Its normally around $5k.
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03-07-2012 18:38 #16
Ohhh congrats I hope everything falls into place for you!!! I'm just waiting on the building and pest report to come through and by 5pm on Thursday DH and I will be first home buyers!! So exciting and so stressful all at the same time
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03-07-2012 19:28 #17
I went thru a mortgage broker,best thing ever coz they do all the work and you dont have to pay!
They just got rid of stamp duty for a limited time in QLD!! Wooooppp!!!
03-07-2012 19:45 #18Senior Member
- Join Date
- Jan 2009
Your solicitor should go through the process and expense. In addition to the purchase price, you will have to pay legal fees, adjustments for rates, water etc (eg. if the seller has prepaid rates, then you have to repay the seller at settlement for the time between settlement and to when they are actually paid). You may also have to pay stamp duty based on your situation, and the purchase price. For contracts signed on or after 1 July 2012, they have reintroduced a concessional rate of duty for people who are going to reside in the property. There is still an exemption for first home buyers, but only on properties up to a certain value.
Most contracts in Queensland are subject to finance and building and pest (and, if you got advice beforehand, normally a solicitor would tell you to make it subject to the house having council approvals, as the standard contract is inadequate for buyers in that regard). Once you get a formal letter of approval from the bank, then the bank will issue their mortgage documents which you will have to arrange to sign and return before settlement.
You will also have to organise a building and pest inspection.
You should discuss with your solicitor what searches they undertake. Different firms will have different practices, and sometimes the cut price type firms may skimp on searches which could be beneficial. They should send you a list of all the available searches, so you can make an informed decision.
Once the contract is unconditional (ie. your finance is approved and you are satisfied with building and pest and any other conditions), then your solicitor will organise settlement (basically a physical meeting where the seller's solicitor and bank and buyer's solicitor and bank all show up and swap cheques and documents). You can pick up the keys after settlement. It's better to organise to move in after settlement, as the times cannot be guaranteed and occasionally things go wrong and settlements have to be postponed to the next day, which is very stressful when people are sitting outside with their worldy goods in a removal truck.
As your solicitor would have already told you, you need to have house insurance in place from the first day after the contract was signed, even though you are not the owner.
It's very exciting buying your first house. Hopefully you get your finance approved. I got my first loan in the boom days when they would lend money to anybody, so I haven't had much experience with the more stringent lending conditions. Normally a broker should be able to give a fair indication beforehand though.
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03-07-2012 19:51 #19
We didn't go through a broker. We had quite a bit of credit card debt but a good savings history - it was not a drama getting approved but this was when the banks were still very keen to lend people silly amounts of money. We could have been approved for $100k more
Our deposit was around $10k. We saved $20k, but kept quite a lot for conveyancing, etc.
03-07-2012 20:35 #20
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