+ Reply to Thread
Page 2 of 9 FirstFirst 1234 ... LastLast
Results 11 to 20 of 87
  1. #11
    Join Date
    Jun 2017
    Posts
    2,933
    Thanks
    3,574
    Thanked
    3,935
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Just looked it up. It's on a sliding scale, but under 650k in NSW will cost you $287 in stamp duty! Bargain!

  2. #12
    Join Date
    Aug 2012
    Posts
    8,465
    Thanks
    7,471
    Thanked
    6,899
    Reviews
    21
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Quote Originally Posted by MissTwiggley View Post
    Just looked it up. It's on a sliding scale, but under 650k in NSW will cost you $287 in stamp duty! Bargain!
    I should have clarified, within her budget

  3. The Following User Says Thank You to atomicmama For This Useful Post:

    MissTwiggley (11-06-2020)

  4. #13
    Join Date
    Feb 2009
    Posts
    20,648
    Thanks
    1,726
    Thanked
    9,927
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 postsRuby Star - 15,000 postsDiamond Star - 20,000 posts
    After $750k there’s no discount I don’t think.

    When we were buying I used to always exclude under contract from the search.

    Always look above your range but not too much 🤪

  5. The Following User Says Thank You to BigRedV For This Useful Post:

    Mod-Degrassi (11-06-2020)

  6. #14
    Join Date
    Oct 2010
    Posts
    13,396
    Thanks
    4,818
    Thanked
    8,279
    Reviews
    2
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts
    Quote Originally Posted by atomicmama View Post
    @Mod-Degrassi have you looked into the first home super saver scheme? This close to EOFY, it may be worth getting on to! You do have to apply for it to be paid out before putting an offer in though and it can take a few weeks to a month to be released.

    Another thing, with the Federal fhb deposit scheme, you do have a timeframe that you can extend this, so check what that is and keep it in mind so you don't feel pressure to buy asap.

    Also, have you looked at building? Combining the nsw fhb grant, the federal grant and the stamp duty exemption makes it such a good deal here. I'm not sure what it's like where you are though.
    I hadn’t looked into the super saver scheme (just had a read, thank you). DH could probably utilise it (he makes additional contributions but I don’t), however he is closer to retirement than me so I think we’ll avoid using those funds.

    Our broker did mention some people have gotten time extensions with the FHB deposit scheme because of COVID-19, though I’m not sure if that will still be applicable when our timeframe is up.

    As for building, land is really scarce in the areas we want to buy in. There are new estates further out of town, but I’m not keen on the commutes that would be involved for work & DS’s school.

  7. #15
    Join Date
    Aug 2012
    Posts
    8,465
    Thanks
    7,471
    Thanked
    6,899
    Reviews
    21
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Quote Originally Posted by Mod-Degrassi View Post
    I hadn’t looked into the super saver scheme (just had a read, thank you). DH could probably utilise it (he makes additional contributions but I don’t), however he is closer to retirement than me so I think we’ll avoid using those funds.

    Our broker did mention some people have gotten time extensions with the FHB deposit scheme because of COVID-19, though I’m not sure if that will still be applicable when our timeframe is up.

    As for building, land is really scarce in the areas we want to buy in. There are new estates further out of town, but I’m not keen on the commutes that would be involved for work & DS’s school.
    The FHSSS is separate to your employer and personal contributions. You need notify your super fund of your fhsss specific contributions, and can only put in a max of $15k/FY as a couple (not each), $30k total. It doesn't have to be the maximum amount of $30k though.

    Because it's so close to eofy, you could potentially put $15k in this month, then another $15k in July, reducing your taxable income for 2 financial years. You then apply for your $30k to be released to buy a house. You would have to do the calculations, so I'm just going to use arbitrary numbers here;
    $15k contribution 19/20FY + $15k contribution 20/21FY = $30k
    Super fund releases $28k for deposit (a small amount of tax is paid here)
    Lowered tax bracket means you get an extra $4k in your 19/20 and again in 20/21 tax returns. Your $30k contribution ends up being worth $36k.
    Super account keeps any amount of growth your $30k has made in the time deposited, so a boost to longterm super as well.

    You may be pushing timeframes now though, so it may not be a realistic option.

  8. The Following 2 Users Say Thank You to atomicmama For This Useful Post:

    babyno1onboard (11-06-2020),Mod-Degrassi (12-06-2020)

  9. #16
    Join Date
    Oct 2010
    Posts
    13,396
    Thanks
    4,818
    Thanked
    8,279
    Reviews
    2
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts
    So we went to 3 open houses today - one of the houses was just perfect for us. We liked it so much that I called afterwards and made an offer. The house is supposed to be auctioned, but the owner is willing to sell prior if they get an offer they are happy with.

    Question: if the home has a building and pest inspection available, should that be sufficient or should you always get independent inspections done?

    Any other tips at this point?

    The offer I put in is only 10K short of the maximum we are approved to borrow, so I dare say someone could offer more and we’ll lose it.

    I was shocked at how many people turned up to these open houses. Competition is fierce right now. So many buyers and not a lot of properties

  10. The Following 2 Users Say Thank You to Mod-Degrassi For This Useful Post:

    atomicmama (14-06-2020),babyno1onboard (13-06-2020)

  11. #17
    Join Date
    Sep 2013
    Posts
    2,067
    Thanks
    563
    Thanked
    981
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Quote Originally Posted by atomicmama View Post
    Stamp duty is exempt for FHB in NSW
    Only below a certain figure, around $650k I think or similar. Definitely not exempt as I’ve recently paid it on a property over the threshold.

  12. #18
    Join Date
    Aug 2012
    Posts
    8,465
    Thanks
    7,471
    Thanked
    6,899
    Reviews
    21
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Quote Originally Posted by amiracle4me View Post
    Only below a certain figure, around $650k I think or similar. Definitely not exempt as I’ve recently paid it on a property over the threshold.
    Quote Originally Posted by atomicmama View Post
    I should have clarified, within her budget

  13. #19
    Join Date
    Oct 2010
    Posts
    13,396
    Thanks
    4,818
    Thanked
    8,279
    Reviews
    2
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts
    Quote Originally Posted by amiracle4me View Post
    Only below a certain figure, around $650k I think or similar. Definitely not exempt as I’ve recently paid it on a property over the threshold.
    That’s right, 650K or under is exempt for FHB

  14. #20
    Join Date
    Oct 2015
    Posts
    5,551
    Thanks
    5,479
    Thanked
    4,693
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Quote Originally Posted by Mod-Degrassi View Post
    So we went to 3 open houses today - one of the houses was just perfect for us. We liked it so much that I called afterwards and made an offer. The house is supposed to be auctioned, but the owner is willing to sell prior if they get an offer they are happy with.

    Question: if the home has a building and pest inspection available, should that be sufficient or should you always get independent inspections done?

    Any other tips at this point?

    The offer I put in is only 10K short of the maximum we are approved to borrow, so I dare say someone could offer more and we’ll lose it.

    I was shocked at how many people turned up to these open houses. Competition is fierce right now. So many buyers and not a lot of properties
    I think it is worth paying to get your own building and pest inspection done. Some people are more thorough than others.

    ETA when we sold our house in Canberra as owners we were legally obliged to pay for a building and pest inspection prior to putting the house on the market. The REA told us which company to use because they had a reputation for being slack and letting things pass inspection that others wouldn't. I think it is worth spending a few extra dollars now for p eace of mind.
    Last edited by SSecret Squirrel; 14-06-2020 at 09:55.

  15. The Following 3 Users Say Thank You to SSecret Squirrel For This Useful Post:

    babyno1onboard (14-06-2020),Mod-Degrassi (14-06-2020),Mum-I-Am (14-06-2020)


 

Similar Threads

  1. Buying your first home....
    By RuffledPansy in forum General Chat
    Replies: 67
    Last Post: 27-11-2013, 08:50
  2. Wanting to buy our first home!
    By littleboritto in forum Family Finances
    Replies: 5
    Last Post: 15-01-2010, 17:36
  3. We're buying our first home!!
    By ~J'dore~ in forum House & Gardens
    Replies: 5
    Last Post: 16-06-2007, 08:58
  4. buying your first home
    By rainbowbeetle in forum General Chat
    Replies: 45
    Last Post: 01-01-2007, 20:47
  5. Buying Our First Home
    By Rosa in forum House & Gardens
    Replies: 9
    Last Post: 16-11-2006, 19:22

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

ADVERTISEMENT

ADVERTISEMENT

FEATURED SUPPORTER
Innovations Physio & PilatesWomen’s Health Physios who are able to assess and treat a wide range of Pregnancy and Post Natal Issues. We offer ...

ADVERTISEMENT