When buying home for the first time, it is important to know that there are many additional overhead costs. It is our policy that we provide you a holistic structure of the amount to be incurred, including additional costs so that you have the right information to get started with.
Some of the additional costs include:
- Stamp duty – It is the tax levied on the purchase value of the property. Stamp duty is charged by the state and territory governments, so the amount to be paid will depend on where you buy the property.
- Pest and building inspection cost – Both the state and Federal governments require that pest and building inspection be carried out in the initial stages of building the structure.
- Legal procedures cost – Buying a home requires a number of legal activities, such as ownership transfer of the property, and all these legal procedures incur costs.
Apart from these, there may be a number of other additional costs. We, at WizWealth Finance, will help you take a cognizance of all such costs, and find a plan that suits you in the best of everything.
First Home Owners Grant (FHOG)
When buying home for the first time, you must make yourself aware of the First Home Owners Grant (FHOG), which is a one-off tax-free Federal Government payment available to most people buying a first home in Australia.
If you are an Australian citizen or a permanent resident buying or building your first home in Australia, and if you will be occupying the home within 12 months of settlement, you can apply for the FHOG within 12 months of settlement.
However, it might be noted that the terms and conditions governing FHOG vary from state to state. Some state and territory governments also offer additional bonuses for first home buyers.
We will help you apply for the grant as per the rules and regulations set by the respective State and the Federal government
The next question is which loan to choose.
The mortgage market is abounding with hundreds of different loans; as such, it is very important to choose the loan that best suits your needs and circumstances. We will start by accessing and understanding your present financial circumstances, and present you with the best possible mortgage plans, along with the pros and cons of each suggested plan. The final decision always rests with you. However, be assured that we are here to help you at every step.