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You will pay all 3 but the seller will reimburse you for the discharge of their mortgage.
Glad the government keeps things nice and simple. I was going to ask what’s the point, but that’s just as pointless – LOL.
Thanks.
Is anyone aware of a website that lists ALL the costs in buying a (NSW) residential property? Just when I think I’ve covered every expense (in a spreadsheet), I find another site that mentions another expense. And because they don’t call things the same name, I’m never sure if I’ve got everything – or – if I have the same thing listed more than once.
Here’s my current list of NSW costs to buy a home:
Property Price
Deposit Saved
Stamp Duty (OSR)
Mortgage Registration
Discharge Registration
Registration Transfer
Conveyancing
Bank Loan Application Fee
Pest & Building Inspection (are these done by the same person?)
Lenders Mortgage Insurance
Personal Mortgage Insurance
Bank Document Preparation Fee
Bank Valuation Fee
Title Insurance
Vendor Council & Water Rates (to vendor as a refund apparently!?)
Buyer Council & Water Rates (ongoing after settlement)
Legal Searches & Inquiries
Building & Contents Insurance-
This reply was modified 8 years, 5 months ago by
JustAllan.
We have indeed. But there's two obstacles. First, after costs, stamp duty, etc., we'll only have about $287,000 remaining. There's mostly only hovels here for that price. The second problem is time. Several RE agents told us they'd "definitely be able to help us." We asked them to be brutely honest – and they weren't. Now we have a week remaining, and of course, not many settlements can go through in that time anyway. It seems our only option for the time being is to purchase a caravan and head to a holiday park.
The area south of Charlestown (Windale) has a large proportion of government housing tenants. The NSW Gov. has been selling them off for several years, but the area will take decades (if ever) to improve. i.e. If your neighbour is a drug-using, wife-slugging, foul mouth with a dog that never shuts up, children that always have swinging full nappies, that never wash their car, themselves, or mow their lawn… then even private owners/renters begin to to think, “What’s the point in taking care of the property I own/rent!?”
I read an article online a few years ago, that said something like Windale was the highest crime/drug/low income area – or a combination of all three… I forget exactly now. But just stand outside Windale shops any day of the week and note the number of druggies, no-hopers and people with mental problems that pass by.
The main difficulty I see in buying there is, you’d mainly get tenants who have been ousted out of their NSW Housing property. They can’t afford higher rent, and most of their “friends” live in that area. Most other folks avoid living there if they can. So it kind of perpetuates the quality of renter, and of course that stagnates rents, capital gain, etc. I certainly wouldn’t be counting on land banking in that area… but someone has to raise the bar some day I guess. May as well be you?
Gateshead is better. Probably a little more so too, since they split the two suburbs with the bypass. Keep in mind though, it’s just up the road from Windale, and many homes are built in the same 50s/60s style. (Although more do have weatherboards, rather than the typical government slum two-sheet asbestos cladding.) I’d be concerned that most Windale addicts know the people in their own suburb are home 24/7 on welfare – so they’ll go “shopping” to support their habit just outside of their own suburb. I do know a guy that lives in Gateshead though, and he reckons neighbours watch out for each other and everyone knows everyone.
When I was in school in the 80s, Gateshead High had one of the worst reputations of any school in Newcastle. (Yes, I’m biased. I’ve lived in the area forever.)
Adamstown/Charlestown… Property older stock again like Gateshead/Windale. (No new land that can be released, unlike Rutherford.) High (ridiculous in MHO) prices, but mostly employed city workers looking to live there.
Rutherford… Not impressed with how they’re destroyin… er… developing – farming land in the area. But there’s no comparison with Windale/Gateshead. Mostly new homes on the eastern side of the highway. So yes, plenty of opportunity for depreciation. No, not near the beach, but lots of industrial and residential development in the area. Just be sure not to buy at the lowest point. i.e. Take a drive past Maitland hospital (so it’s on your left) and bear left over the old bridge. That huge valley beneath the bridge was flooded nearly to the top a couple of years ago, and wasn’t all that far from reaching the bridge. It subsides quickly once the rain ceases though.
Casper_1000 wrote:If you don't need your money for a period of time then consider a term deposit as they usually have better rates than a savings account. Take a look at Ubank which is part of the NAB group and also Suncorp which offer a negotiated rate for amounts over 100K.Hi again… I looked up term deposits at the two places suggested.
http://www.ubank.com.au is offering:
3 months – 5.95% p.a.
6 months – 5.65% p.a.
9 months – 4.71% p.a.
12 months – 4.61% p.a.…and http://www.suncorp.com.au :
3 months – 5.65% p.a.
6 months – 3.60% p.a.
9 months – 3.60% p.a.
12 months – 4.55% p.a.Unless my math is *really* bad…
… aren't these less than Arab bank's 7.25%?I guess I'm just wondering about the comment "usually have better rates". This is why I've never understood why people would use term deposits. Especially since most online savings accounts calculate interest daily and pay monthly (thus compounding – earning interest on interest)… Whereas term deposits seem to pay only once at the end of the term.
So is there something simple I'm missing here?
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This reply was modified 8 years, 5 months ago by
