Latest housing affordability report
Great news for home sellers, not so great for home buyers
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Let’s say you’re looking to buy a home worth $700,000, you’ll need much more than a 10% deposit. Stamp duty will be your biggest upfront cost at around $30,000. Legal and conveyancing fees will set you back around $2,000 and you’ll be looking at a further $500 on inspections, as well as a couple of hundred on disbursements and adjustments on settlement for your rates. You may also be required to pay a certain amount in mortgage insurance, as well as insurance on your new home. Just like that, half of your $70,000 deposit has been eaten by up-front fees.
When buying it’s also important to consider the comfort factor of what you’re borrowing. With interest rates at a historic low, what is achievable now, may leave you under considerable mortgage stress later.
Don’t overstretch yourself, continue to be patient and the right property will come along.
Great news for home sellers, not so great for home buyers
The new laws generally recognise the changing nature of strata living and the increasing shift towards permitting responsible pet ownership in all strata buildings.
Your paper certificates of title are about to become worthless!
It’s proposed to abolish stamp duty on NSW land purchases – but there’s a catch!
Consumers can now sign and witness property documents including sale contracts and residential leases online in a huge step forward for the property services industry.
First home buyers and the construction industry in New South Wales will be the big winners under a targeted boost to eliminate stamp duty on newly-built homes below $800,000 and slash thousands of dollars for properties up to $1 million. The changes commenced on 1 August 2020 and will last for a 12-month period.
There are many reasons why home owners decide to downsize in this current climate. If you are thinking about taking the leap, here are some insights which might assist you along the way.
The new laws generally recognise the changing nature of strata living and the increasing shift towards permitting responsible pet ownership in all strata buildings.
Your paper certificates of title are about to become worthless!
Great news for home sellers, not so great for home buyers
It’s proposed to abolish stamp duty on NSW land purchases – but there’s a catch!
First home buyers and the construction industry in New South Wales will be the big winners under a targeted boost to eliminate stamp duty on newly-built homes below $800,000 and slash thousands of dollars for properties up to $1 million. The changes commenced on 1 August 2020 and will last for a 12-month period.
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