Stamp duty & Fees

Viewing 7 posts - 1 through 7 (of 7 total)

seals139
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@seals139
Join Date: 2006
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May 27, 2006 - 12:38 am
Looking at a property for 200k just wondering how much extra to ruffly borrow to cover stamp duty and fees.
Thanks Mat
Terryw
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@terryw
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May 27, 2006 - 1:13 am
Generally allow for 5%
Terryw
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JETT
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May 27, 2006 - 2:28 am
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Anitamarshall
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@anitamarshall
Join Date: 2005
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May 29, 2006 - 8:24 pm
Which state? the stamp duty varies from state to state.
NSW would be :-
$5490 for stamp duty on the purchase
$1500 – $2000 legals (should be able to do it a bit cheaper but depends on what searches/inspections you decide to do)
$769 mortgage stamp duty (depending on the amount you borrow)
$1000 – allow for adjustment of rates/other variables ( just in case)
This is just a rough guide. I recommend you also borrow to cover any shortfall on rental income to the loan repayments for the first year just in case.
Anita Marshall
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Richard Taylor
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@qlds007
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May 30, 2006 - 8:04 am
Wow glad i don’t live in NSW, Qld is a lot cheaper.
Tell us which State you are referring to and we can advise you accordingly.
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seals139
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@seals139
Join Date: 2006
Post Count: 16
May 31, 2006 - 11:15 am
W.A.
duckster
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@duckster
Join Date: 2004
Post Count: 1,674
June 2, 2006 - 4:02 am
Answer
Normal Conveyance Rates / stamp duty as of 2005/2006 financial year
$100,000 to $250,000 equals $2,200 plus $4 per $100 or part thereof above $100,000 (my calc this equals $6200 )
Special Rates apply for first home buyer grant recipients though
You have to factor in legal costs (conveyance), new loan fee probably $700 (added to morgage), Title search fee and Morgage insurance (may be added to loan) and a deposit to seller in cash also.
Deposits usually 10% thats $20,000 before settlement.