aussiebird2012 Posted May 10, 2012 Report Share Posted May 10, 2012 Does this still exist? My brother said that you can get this if you are buying a house for the first time, but not sure if it is for house and land packages also? Can anyone please advise? Thanks in advance. Quote Link to comment Share on other sites More sharing options...
Chardy Posted May 10, 2012 Report Share Posted May 10, 2012 Yep $7000 First Time Buyers grant and it is on house/land packages too, as long as you have a PR visa. http://www.firsthomegrants.com.au/Grants_in_your_State/First_Home_Owners_Grant_Western_Australia Quote Link to comment Share on other sites More sharing options...
verystormy Posted May 10, 2012 Report Share Posted May 10, 2012 But. Be aware that it is eaten up a lot by the fees involved in buying a house such as legal fees. You really need at least a 5% deposit on top of this Quote Link to comment Share on other sites More sharing options...
ali Posted May 11, 2012 Report Share Posted May 11, 2012 We got first home buyers allowance but didn't see any of it ... it's not literally cash in hand, it went towards fees Quote Link to comment Share on other sites More sharing options...
Guest Tony4052 Posted May 11, 2012 Report Share Posted May 11, 2012 Just bought a place and I agree with the above ref $7k being swept up in the fee's. You also get a different rate for Stamp Duty (which is assess on anything over $500k) this saved us a big chunk of money. I have just been through the whole house buying process so please ask away if you have anymore questions... Quote Link to comment Share on other sites More sharing options...
nicolac34 Posted May 12, 2012 Report Share Posted May 12, 2012 Now we've got our PR we are going to look into buying our first place in Perth and we've been a bit confused over the first time buyers grant and the stamp duty thresholds (and the fact it's added to your loan and not paid outright like in the UK?) and mortgage insurance (if you only have 5% deposit..). Basically we are looking at buying something in the $500k-$600k range, anyone have an idea of how much money we'll need to put down, how much we'll need for any fees and how much repayments are likely to be? Quote Link to comment Share on other sites More sharing options...
bensdad Posted May 12, 2012 Report Share Posted May 12, 2012 Gonna need at Least $35,000 incl dep and mortgage insurance. Unless you can get a bank who are happy to capatalise (add on) the insurance to the mortgage. If your buying land and house usually you will need to settle on land first and pay stamp duty upfront, you then claim it back once you start building. There is also another grant for legal fees etc up to $2000 available subject to criteria. With a small deposit the lending criteria changes bank west for example on a 95% mortgage require you to have been in oz 12 months and working for at least 6. Commonwealth don't and so on. If your in the Perth area I can give you the details of our mortgage advisor he is very good. Quote Link to comment Share on other sites More sharing options...
Give me a break! Posted May 12, 2012 Report Share Posted May 12, 2012 (edited) Another thing we found is that some banks dont accept a lump sum coming over from the UK as "genuine savings" and will not lend you money unless you have a proven savings record here in Australia, not easy when you are renting! Our 7k actually got taken off our mortgage so we owe less, we couldnt use it for the deposit. Edited May 12, 2012 by Give me a break! Quote Link to comment Share on other sites More sharing options...
nicolac34 Posted May 13, 2012 Report Share Posted May 13, 2012 With a small deposit the lending criteria changes bank west for example on a 95% mortgage require you to have been in oz 12 months and working for at least 6. Commonwealth don't and so on. If your in the Perth area I can give you the details of our mortgage advisor he is very good. If you wouldn't mind PM'ing me the details of your broker that would be great, nice to use someone who's proven they know what they are doing! We'll be going for a 95% mortgage but will have been here over 12 months, in a job for that length of time and any savings will be what we've saved since being here as we didn't bring any over with us. So hopefully once we hit that magic figure for a deposit there shouldn't be too much of an issue getting a mortgage sorted. Just means we need to be a bit disciplined over the next few months to build up a 5% deposit! Quote Link to comment Share on other sites More sharing options...
Guest Mckhenry Posted May 14, 2012 Report Share Posted May 14, 2012 Hi Nicolac34, Even if you haven't saved the 5% in gen savings, the banks that deal in non gen savings will take into account rent paid and any amounts paid on debts over and above the minimum repayments. Different lenders do have differing mortgage insurance criteria, even through there are pretty much only two mortgage insurers operating in Australia. You need to make sure you get it right first time, if you get a decline at one lender, it makes it very difficult to get a yes somewhere else. Regards, Michael http://loansmyway.com.au Quote Link to comment Share on other sites More sharing options...
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