Since you have all been part of my home buying journey thus far I thought I may as well take you through to the end!
After much to and fro my offer has finally been accepted on a cute little town house in the Sunny Coast suburb of Sippy Downs! Finance has been approved, the pest & building inspections have been done and I have gone unconditional! Wohoooo in 30 days I will own my very own tiny piece of Australia – or should I say I will soon own my very own tiny piece of Australian air within the walls that my body corporate owns! (Another interesting lesson)
I have learnt many things on this home buying adventure; communication, organisation, research, communication, advice, preparation, research, problem solving, resourcefulness and did I mention communication & research?
So earlier in the adventure I spoke to you about communication and how vital that is. My next key piece of advice is research. Because as I did not do my research I nearly lost out on what I had very much moved into in my head (you know you do it too, as soon as you apply for that rental or put in that offer – you know where your Grandma’s antique dresser is going to go in that second bedroom)…….. and this all came down to my eligibility of first home owners grant.
The first home owners grant has changed many times over the years and as it stands now there is a first home owners “GREAT START GRANT” of $15,000 which you can apply for when building a new property or near new (I won’t go into all the rules of new and near new – that is a whole nother blog post) and then there is a first home owners “CONSESSION” which is not a grant but a waiver of stamp duty.
I had factored this concession into my decision making as it took the stamp duty from $3500 to ZERO (or a little over $10,000 if this was to be an investment purchase). I had questioned a few people on the subject who had confirmed my own thoughts that for the purpose of the concession a first home owner means you have not owned a property in Australia.
It means exactly what it says… FIRST home owner. Whether you had a 5% share with the family on a holiday home in Noosa in 1975, an apartment in Wellington or a Villa on the coast of Spain you have already owned a property and are not eligible for the concession. Also keep in mind that these rules also vary from state to state.
Please make sure you do any and all research possible pertaining to your purchase – this means getting all the relevant searches done, finding out who your neighbours are, if you are definitely allowed to bring your 5 cats, if you can put up that 10 metre fence you’re planning, if you are eligible for the first home owners grant and exactly how much deposit you are going to need. Especially anything that may impact on you financially. No one needs a surprise of having to come up with an extra grand or two and if you can eliminate all possibilities of an unsavoury surprise then please do – I cannot recommend enough….. DO YOUR RESEARCH
Need to do some research? Let Chris help you with that…. give him a call on 0414 205 659
And if anyone is at a loose end about a month from now, owns a ute and feels like a workout… I know someone who’s moving house 🙂