question about buying a house in Australia

[andreerichards1 4]

Hi there

if someone could help that would be great. my husband never own a house while he was there, so I'm curious He did tell me when u buy a house there u need to pay a stamp duties so do the banks ever have a deal regarding that? I know here in Canada you can make some deals and they would pay your lawyer fees. (things like that)

Sorry I'm really curious planing the next 3 years :drum:

[Jachut 487]

I've never heard of it. Stamp duty is expensive here, but dependent upon the state in which you're buying the house.

We've got a bit of a devious plan for buying investment properties and avoiding the stamp duty in a kind of way in that at the moment our house is in my name. Its too small for us and we need to move but our goal is to never ever sell a house, we have several investment properties (which we paid stamp duty on of course) and we've had tax advice that Doug can purchase the house from me (which is in reality simply a refinance as we have a joint mortgage even though technically I own the house) and gear it right back up to 100% so we take our equity out and becuase its a spousal transfer there's no stamp duty. So we get to rebuy this house as an investment property and take our money out of it to purchase our next home. Our next home will be a bit bigger but not our dream home, likely just around the corner, we're looking at that as a 3 year prospect before we do the same thing and that way leveraging ourselves up to what we really want which in Melbourne will be a million dollar home (phew, bit of work ahead of us, lol).

But even then we pay stamp duty, we just pay it once per house, intead of buying a home to live in (and paying stamp duty) AND buying two investment properties (and paying stamp duty on both of those).

Complicated, lol. Which is why we got professional tax advice before doing it.

[andreerichards1 4]

Thanks for answering, I pick Pete up in in Geelong, so he would really like us to move back there. How much is that stamp Pete told me around $20000. his not sure how it works all the house i look at are around 250-300.

Andree

[Jachut 487]

On a house of $300,000 or so you probably would be looking at around $20,000 in buying costs. Most of the online real estate things have calculators - like on Real Estate, Property, Land and Homes for Sale, lease and rent - realestate.com.au you can calculate loan repayments, stamp duty etc.

[She Smiles 2]

Stamp duty sucks, but you can kind of offset it if its your first home and get the $7000 first home owners grant. That paid most of my stamp duty on my modest 3 bedroom place in Canberra. But I think the stamp duty here is one of the lowest in Australia.

[andreerichards1 4]

It's going to be Geelong or Queensland, he loves the beach there, i haven't been here yet next year i cant wait him mom is there. But he like Geelong because its not that hot.

andree

[Ses 0]

Well... if he's interested in Queensland, he should look into Macleay Island or one of those islands in that bay... they're only around 30mins away from Brisbane and the Goldcoast or Sunshine, I've forgotten which is north , they're cheap to buy land on(My dad just moved there.), and they have shops, schools, post offices, that sort of stuff if you can't be bothered to go to the mainland.

And hey, nothing like boasting that you've just moved to an island that has a couple of dolphin pods and a special bay dedicated to a group of dugongs.

[oldspark 0]

Just Yesterday,

The Herald Sun paper reported that off all the regional Victorian towns Geelongs Medium house prices had increased the least by a long way.

Cant exactly remember how much though.

Geelong would really be a nice place to live if you can find work in the area or at worst the Melbourne western side.

Mark