We just bought our first place in July.
We went with established so got $5000 in first home owners grant.
Had a $30,000 a deposit and paid around $15,000 in conveyancer fees.
Our loan is 235,000.
The conveyancing cost was a massive shock to us, something I really didn't think would be that much!
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17-11-2013 21:00 #21
17-11-2013 21:31 #22
I bought my first place when I was 21. I found the hardest part was finding the right place, so I hired a property agent to do the work for me. I was shown several properties every week for a year! I ended up finding the apartment on my own but they did the negotiating for me and that is what I paid for because I would have given them anything they wanted for it. They ended up saving me about $80 k!! Well worth the $7k I paid them. I'm not sure about deposits or loans because I bought my place outright.
17-11-2013 21:51 #23
We bought our first place in July. It was 350,000. We saved 50,000, so took out a mortgage of 305,000 to cover the legal expenses. No stamp duty as it was our first house. We took 3 months to furnish it slowly.
17-11-2013 21:57 #24
Scary!! All of it!! Eeep
Mumma to two beautiful boys on the spectrum and one special little girl.
18-11-2013 06:29 #25Senior Member
- Join Date
- Nov 2011
18-11-2013 07:36 #26
We paid 3000 conveyacing fees, so its not that high. I dont know why PP paid had to pay so much.
18-11-2013 08:35 #27
Maybe she was including stamp duty as the conveyancer would have asked for that so it could be paid before settlement
18-11-2013 08:44 #28Senior Member
- Join Date
- Mar 2008
I'd say it included the stamp duty. Unless it was a really complex settlement - multiple properties, trusts etc
18-11-2013 11:50 #29Member
- Join Date
- Aug 2012
An offset account is a must - it's saved us absolutely loads of $$$ in interest. I can give info on how it works if OP is unsure.
Don't be afraid to ask for a discount on interest rates especially if another bank has offered a lower rate. The worst they could do is say no!
Allow for an increase in interest rates if you're going variable.
We bought our first home in 2007, we're in NQ. Had about 25% deposit so avoided LMI, cost was $360k. At the time in Qld, stamp duty was waived for first home buyers under a certain $ amount, and we got $7k fhog. Through the use of an offset account our loan amount is now down to $180k.
18-11-2013 14:19 #30
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