What is the amount of funds we may need to get going? ie do we need many thousands etc.
We are looking for something around the $200k & below to start with & really don’t have much idea what the Xtra’s will be. This is new to us.
Any help would be appreciated.Chally
You generally need around 5% deposit and around 5% for closing costs such as stamp duty. But it is possible to get 100% loans, and if you are a first home owner, and you are buying a place to live in, then you will get a grant of $7000 and stamp duty exemptions, bring down the costs a lot.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
ATT: Terry
If I bought my first home with the $7,000 grant and paid another $8,000, total $15,000, What would be the repayment roughly on a house that is purchased for $250,000 with the current interet rates?
Thanks for your help and time.
This thread has prompted me to ask a question. If My partner has a mortg in thier name and I have never purchased a property before, am I still entitled to the $7000 first home owners if it is my PPOR? Apologies I cannot help with the initial question!
No you are not eligible for the FHOG if you are living with your partner and they have owned property before. Look at ato.gov.au and follow links to FHOG info or go to http://www.osr.nsw.gov.au if you live in NSW.
In answer to first question lots of finance and banks sites have calculators for costs also jaffasoft.com does too.
Have Fun!!collie
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