Negotiating a deal?

[Indadhanu]

Thanks everyone

So is there still a first home buyers grant? Where does that come into it?

And apparently stamp duty would only be abuot $500 dollars, does this sound right?
What are the other fee's and things? Would we need a solicter? How much are all the inspections and things, on average?

[Winter]

Ahhh...$500 stamp duty doesn't sound right at all.

You wont need a solicitor, you'll need a settlement agent. They handle the transfer of money from the bank to the seller and the transfer of title into your name.

You'll need a couple of grand for settlement & inspection costs. And insurance for the house as well. We needed that before settlement would take place.

[Arimeh]

Ahhh...$500 stamp duty doesn't sound right at all.

You wont need a solicitor, you'll need a settlement agent. They handle the transfer of money from the bank to the seller and the transfer of title into your name.

You'll need a couple of grand for settlement & inspection costs. And insurance for the house as well. We needed that before settlement would take place.

I'm not sure what state you are in, but in Queensland, the stamp duty is cheaper than most of the other states. Plus its better to have a solicitor than just a settlement agent, as the settlement agents AREN'T solicitors, and if you run into trouble, its more expensive to get someone to help you out - I'd rather the protection of a solicitor than going in blindly - ESPECIALLY - if you've never purchased a house before.

ETA - PB - Queensland is one of the only states I think where you must use a solicitor for a conveyance. Conveyancers can work themselves in other states, but all are directed in Queensland by a solicitor. Conveyancers cannot practise in Queensland on their own without a solicitor (believe me, I studied to be a conveyancer in Victoria, then went to queensland and it wasn't recognised cos there isn't a course up there - everyone is a solicitor who then practices in property law - ie conveyancing)

[Winter]

Wow, I should buy in Qld! We paid over $15,000 in stamp duty alone! Bloody WA!!

[Arimeh]

Wow, I should buy in Qld! We paid over $15,000 in stamp duty alone! Bloody WA!!

WA is probably up there with tassie - we paid nearly 9 grand for this place and it was only $265,000 to buy!! IN queensland we would have paid $2650.

[Pretty Butterfly]

Then I recommend a solicitor!!!

Ours was great, have used her for buying and selling everytime.

[Indadhanu]

We haven't got a specific one in mind, don't want to get attached until we get an official go ahead from the bank! I'd link one I have my eye on to you, but I don't want to get my hopes up LOL!

[Indadhanu]

Apparently, according to the OSR, there are a whole bunch of concessions? $1.00 for each $100 or part of $100 for purchase prices up to $350,000, plus $8,750 for first home buyers (under $500,000).

Thanks Mel Your brain will be very useful in weeks to come.

[Arimeh]

Leash - how much is the property? I can have a look for you if you like.

[Arimeh]

Leash - I can offer a 18 month old view on things - I haven't done any conveyancing in qld for that long.

First home owners grant - yes it still exists. Most banks use it to cover some of the mortgage insurance costs and so forth, plus fees and charges for them establishing the loan, registering the mortgage on title, settlement fees etc - I think most of our FHOG went on that kind of stuff. Our mortgage insurance was over 3 grand as it was.

Stamp duty would probably be around that - tis not much for First home owners. I think we paid $600 on our place in nambour back in 2006 and the cut off for stamp duty has risen, so i'd say thats about right - but can double check and tell you exactly how much if you want me to.

Solicitors fees - yes, get one, particularly for buying. I would do my own selling in queensland but not buying. For a standard house, its about $800 for fees for the solicitor and about $350 for searches, depending on which council you are buying in. Brisbane city council was one of the MOST expensive councils to get searches through, we're talking $300 just for their searches, let alone all the others.

Pest and building - I got ours done for $220. Probably be similar to that.

[Pretty Butterfly]

I have never used a solicitor, just a conveyancer, who handeled everything for me once a price was agreed on.

And I mean everything... she called me when it was time to read and sign stuff or with questions. If you get a good one, it makes things VERY easy!!

I think there is a waiver/reduced thing for First Home Owners still for stamp duty, on top of the first owners grant? There was when I bought my first house....