Guest JK2510 Posted July 5, 2013 Share Posted July 5, 2013 I wonder if all you homeowners can help. We are currently saving to buy our first home...the last piece of the jigsaw. I was hoping to get a timeline of the buying process from making an offer and completion. Also at what stage the stamp duty is paid. Also offers over guidelines....is it wrong to offer under that price. :wub: Quote Link to comment Share on other sites More sharing options...
nicolac34 Posted July 5, 2013 Share Posted July 5, 2013 Our timeline was offer to moving in was 3 weeks, but we were hurrying it along because we had to move out of our rented flat in that time. Get pre-approval for a mortgage from a lender before you go looking for a house, organise a settlement agent ready and waiting for your offer to be accepted (can recommend a good one in Perth) and hope you get an estate agent that's on the ball. I don't know on stamp duty as we didn't have to pay it as we bought under $500k as first time buyers. You can try offering under the "offers over price" but depending on where you are looking in Perth and at what price I don't see you getting very far!* *My experience only (bought in Feb 2013). Quote Link to comment Share on other sites More sharing options...
Guest JK2510 Posted July 5, 2013 Share Posted July 5, 2013 I have read about the pre approval letter. I don't think you will be able to help on the next one but hopefully others can....do you need to have the stamp duty fees in order to get pre approved...the reason why I say that is that we could be looking for a while so will obviously be saving during that time. We are staying with family so we only have basic living costs. wow 3 weeks is good. A settlement agent...do they need to be located in an area where you would like to buy....just for ease or is it all emailing and phone calls? btw glad to see hubby is now working...congrats. X Quote Link to comment Share on other sites More sharing options...
newjez Posted July 5, 2013 Share Posted July 5, 2013 My settlement agent handled everything. I just signed when he told me too. It took 4 weeks from offer to moving in. Quote Link to comment Share on other sites More sharing options...
nicolac34 Posted July 5, 2013 Share Posted July 5, 2013 Thanks JK! It is a big relief, although it's only a six month contract his boss has hinted that there are bigger and better things coming up for him if he wants it, so hopefully a perm contract isn't too far away. I would assume you would need to show stamp duty (but I'm sure someone will clarify) because when we were going through the finances we had to show that we had enough to pay the deposit and the LMI (% of mortgage insurance that wasn't covered by the bank) and costs of settlement before they'd give us approval. I never met our settlement agent, she was in Waneroo and we bought in Yangebup, it was all phone calls and emails. Quote Link to comment Share on other sites More sharing options...
Guest JK2510 Posted July 5, 2013 Share Posted July 5, 2013 Thanks nic....we are not to far from wanneroo but seeing it was all emails and calls it doesn't matter...please can you give me the details. Thank you. fingers crossed...hoping it leads to a permanent role...work is work isn't it. Quote Link to comment Share on other sites More sharing options...
moirclan Posted July 5, 2013 Share Posted July 5, 2013 I think what you offer depends on the house, you get a feel if its over priced or not , the dearer the house is the more you can some times move on the price , will you get the first home buyers grant ? The average settlement when ive bought or sold has been six weeks , but you can put it into your offer if you want a quick settlement or long one ,a friend of mine did a five month settlememt , long i know but it worked out well for both parties Quote Link to comment Share on other sites More sharing options...
Guest JK2510 Posted July 5, 2013 Share Posted July 5, 2013 I think what you offer depends on the house, you get a feel if its over priced or not , the dearer the house is the more you can some times move on the price , will you get the first home buyers grant ? The average settlement when ive bought or sold has been six weeks , but you can put it into your offer if you want a quick settlement or long one ,a friend of mine did a five month settlememt , long i know but it worked out well for both parties Moirclan...thank you.....I'm staying with family so for sanity a long settlement is a no go...lol....tbh I think there are quite a few on the market which are overpriced...and have been on the market for a few weeks....ATM in edgewater if they are priced right the are selling quickly. We will get the grant plus around $17k bill for stamp duty...:chatterbox: Quote Link to comment Share on other sites More sharing options...
moirclan Posted July 5, 2013 Share Posted July 5, 2013 I thought you got free stamp duty on first time home buyers up to 500k then a reducable [ is that a word ??] lol stamp duty being first home buyers , i think there was another grant available that not a lot claim as its hardly known about , [ good way to make it work !!] some thing that the estate agent claims back for you , ill have to check it out . Edgewater is in a nice little pocket , some lovely views , although getting on to oceanreef rd is a nightmare early mornings and 4.30pm onwards Quote Link to comment Share on other sites More sharing options...
Guest JK2510 Posted July 5, 2013 Share Posted July 5, 2013 Can't get a house in edgewater for under $500k...so looking to spend up to $575k hence the stamp duty. Quote Link to comment Share on other sites More sharing options...
moirclan Posted July 5, 2013 Share Posted July 5, 2013 (edited) Yep just had a look , they have all gone up in value so much , and most are under offer , i didnt realise the market was moving as quick as it seems to be have you had a look around currambine ? there are some lovely houses well located to services in good school catchment areas on decent sized blocks Edited July 5, 2013 by moirclan Quote Link to comment Share on other sites More sharing options...
Guest JK2510 Posted July 5, 2013 Share Posted July 5, 2013 I'm wondering whether the ceiling price has been reached....or hope. Quote Link to comment Share on other sites More sharing options...
moirclan Posted July 5, 2013 Share Posted July 5, 2013 proberly not house opposite me went on the market a short while ago kept neat but no renovations done as it was when it was built 20 odd years ago sold well over the asking price and they had four offers on the first weekend , i was looking to buy a place for my daughter about 7 months ago and they were starting to move then , she decided she wanted to go to the uk to live and work for a while , so i didnt bother , i thought it was the first time home bracket that was moving , but it seems to be the higher priced housing as well Quote Link to comment Share on other sites More sharing options...
Incata Posted July 5, 2013 Share Posted July 5, 2013 We bought at auction and had a 30 day settlement period. The bid was binding so no chance to back out as we had to sign the contract there and then. We used the same settlement agent as nicolac34 who was fabulous. We had spoken to our bank in advance about the auction and knew how much they would lend us (although he told us we did not need pre-approval and just said it was fine for us to go ahead). We had a significant deposit so it was less of an issue for us as our banker was not concerned about us being a viable proposition. Offers are binding with only a few get out clauses (such as being unable to get finance or one of the purchasers dying). Mortgages are typically for 30 years, rather than the 25 years in the UK. Stamp duty is paid at settlement by the settlement agent, so don't whatever you do make an offer on a house if you do not have the money to pay the stamp duty. Websites like realestate.com.au can give you an idea of how much your mortgage will be and what stamp duty you will have to pay. Quote Link to comment Share on other sites More sharing options...
Mongrel Posted July 5, 2013 Share Posted July 5, 2013 I wonder if all you homeowners can help. We are currently saving to buy our first home...the last piece of the jigsaw. I was hoping to get a timeline of the buying process from making an offer and completion. Also at what stage the stamp duty is paid. Also offers over guidelines....is it wrong to offer under that price. :wub: It depends where you are buyin , we sold on the greens butler wa and they are selling like hot cakes mainly to investors , the train station opens next year Quote Link to comment Share on other sites More sharing options...
Guest alfied Posted July 18, 2013 Share Posted July 18, 2013 (edited) I think, you should must contact with a professional broker, they known well about properties or call your friends, they can better helps you. According to my knowledge, choose a place where you can easily access all types of living facilities and nearby a market. Best of luck. Property Managers Gold Coast Edited July 22, 2013 by alfied Quote Link to comment Share on other sites More sharing options...
Mojacar Posted July 28, 2013 Share Posted July 28, 2013 Can't get a house in edgewater for under $500k...so looking to spend up to $575k hence the stamp duty. Hi Guys, Sorry if im way off topic... We're just become Residents and now looking into buying our first home, just wondering if anyone knows whether a parent from UK (non resident) can stand as gurantee against a home loan. Thanks in advance, just wanted to ask but will arrange to see someone in the coming months for advice. Have a good afternoon Quote Link to comment Share on other sites More sharing options...
Incata Posted July 28, 2013 Share Posted July 28, 2013 Hi Guys, Sorry if im way off topic... We're just become Residents and now looking into buying our first home, just wondering if anyone knows whether a parent from UK (non resident) can stand as gurantee against a home loan. Thanks in advance, just wanted to ask but will arrange to see someone in the coming months for advice. Have a good afternoon I don't know but I would think it is unlikely as the lender would have no way to get the money back from someone in the UK if you default. From what I understand they look at the size of your deposit, your income and your expenditure and from that they decide how much they will lend you. Quote Link to comment Share on other sites More sharing options...
Mojacar Posted July 28, 2013 Share Posted July 28, 2013 I don't know but I would think it is unlikely as the lender would have no way to get the money back from someone in the UK if you default. From what I understand they look at the size of your deposit, your income and your expenditure and from that they decide how much they will lend you. Thanks Quote Link to comment Share on other sites More sharing options...
Guest JK2510 Posted August 8, 2013 Share Posted August 8, 2013 A quick update. We have put an offer on a house on Monday evening and are still waiting for an answer....owners are very nervous agent has told them to take the offer. TBH not very good experience at the moment....hence why I am awake very early. Quote Link to comment Share on other sites More sharing options...
Incata Posted August 9, 2013 Share Posted August 9, 2013 (edited) A quick update. We have put an offer on a house on Monday evening and are still waiting for an answer....owners are very nervous agent has told them to take the offer. TBH not very good experience at the moment....hence why I am awake very early. Good luck. I hope that they accept! It is nerve wracking waiting to see if someone will accept or not. A word of advice: If they decline and you don't want to increase your offer, send an email to the agent stating that as they have refused your offer, it is officially withdrawn, as you could be stuck if they turn round in a weeks time (when you have just made, and had accepted an offer on another property), as you may still be obliged to honour your original offer and you may then be in the position of having offers on two houses and no way to pay for them. I don't know if this is the case or not, but we were advised to do this by both our bank and the agent when we made an offer (at the asking price), on a house and it was declined. We subsequently bought at auction a week later, but did formally withdraw the offer a week after it was declined, before we went to the auction. Our bank said we needed to do it to protect ourselves, so we took their advice. It wasn't necessary but I did not want to chance it. Let us know what happens! Edited August 9, 2013 by Incata Quote Link to comment Share on other sites More sharing options...
newjez Posted August 9, 2013 Share Posted August 9, 2013 A quick update. We have put an offer on a house on Monday evening and are still waiting for an answer....owners are very nervous agent has told them to take the offer. TBH not very good experience at the moment....hence why I am awake very early. Why are the owners nervous? Will the changes to the FHB grant affect you? Quote Link to comment Share on other sites More sharing options...
newjez Posted August 9, 2013 Share Posted August 9, 2013 Was your offer in writing? Good luck. I hope that they accept! It is nerve wracking waiting to see if someone will accept or not. A word of advice: If they decline and you don't want to increase your offer, send an email to the agent stating that as they have refused your offer, it is officially withdrawn, as you could be stuck if they turn round in a weeks time (when you have just made, and had accepted an offer on another property), as you may still be obliged to honour your original offer and you may then be in the position of having offers on two houses and no way to pay for them. I don't know if this is the case or not, but we were advised to do this by both our bank and the agent when we made an offer (at the asking price), on a house and it was declined. We subsequently bought at auction a week later, but did formally withdraw the offer a week after it was declined, before we went to the auction. Our bank said we needed to do it to protect ourselves, so we took their advice. It wasn't necessary but I did not want to chance it. Let us know what happens! Quote Link to comment Share on other sites More sharing options...
Incata Posted August 9, 2013 Share Posted August 9, 2013 Was your offer in writing? Yes it was (we filled in all the formal offer paperwork) and it was declined. We offered the asking price and they declined as they wanted $15k more. The agent offered $10k of his commission but they still refused and we would not pay the extra $5k as we felt they were being greedy and the house was overpriced. In the end they did not manage to sell it and it took them 6 weeks to rent it out. They started out by asking for a ridiculously high rent, which they then had to knock $200 per week off and finally they had to include gardening and swimming pool cleaning in order to get it rented out. Served them right. Quote Link to comment Share on other sites More sharing options...
Guest JK2510 Posted August 9, 2013 Share Posted August 9, 2013 (edited) Offer accepted this morning,sellers had been living there for 20years and were quite nervous about where they will be living.it has all fallen into place as sellers had the offer they made accepted on their new house. Unsure about the fhog,spoke with the broker who also doesn't know a great deal other than the fact the changes start September 15th. So as soon mortgage is approved the form is filled and will be sent in by broker. Edited August 9, 2013 by JK2510 Quote Link to comment Share on other sites More sharing options...
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