Guest Megss Posted March 19, 2008 Share Posted March 19, 2008 Hi Guys, Questions.... 1) How soon could we get a mortgage when we get there? (independent skilled worker visa) 2) How much is stamp duty, or aussie equivilant? 3) How much is income tax? Thanks so much for any help you could offer or point us towards... Meg + Jon xx Link to comment Share on other sites More sharing options...
Guest Pinhead Posted March 20, 2008 Share Posted March 20, 2008 Sorry posted before finished. Link to comment Share on other sites More sharing options...
Guest Pinhead Posted March 20, 2008 Share Posted March 20, 2008 Hi Guys, Questions.... 1) How soon could we get a mortgage when we get there? (independent skilled worker visa) 2) How much is stamp duty, or aussie equivilant? 3) How much is income tax? Thanks so much for any help you could offer or point us towards... Meg + Jon xx 1) I would think that once you've been permanently employed in a full time position for 6 months you would be able to get a mortgage. 2) Stamp duty & transfer costs vary by state. Check out the CBA 'Total home buying costs' calculator. Commonwealth Bank Group - Personal - Tools and Calculators You can also get a contribution (grant) towards these costs if it's your first home in oz. Again depends on state. This is the VIC link First Home Owner Grant - General Information 3) Have look at the ATO website (IR in Oz) Individual income tax rates Rates vary from 15% - 45% depending on income level plus you need to add on the medicare tax. Conveyancing costs are around $1,100 + GST for simple purchase. Link to comment Share on other sites More sharing options...
Guest billy braveheart Posted March 20, 2008 Share Posted March 20, 2008 you can get a mortgage as soon as you arrive depending on circumstances(we did) as you are on a pr visa you dont pay stamp duty on properties up to $500,000 tax is taken at the rate of20% Link to comment Share on other sites More sharing options...
Guest Pinhead Posted March 20, 2008 Share Posted March 20, 2008 you can get a mortgage as soon as you arrive depending on circumstances(we did)as you are on a pr visa you dont pay stamp duty on properties up to $500,000 tax is taken at the rate of20% Where did you get the 'pr visa you dont pay stamp duty on properties up to $500,000 tax is taken at the rate of20%' from? In my experience it's not true, certainly not in VIC. I bought a property for $337K and paid stamp duty and I have PR status. You pay income tax on a similar PAYE basis as the UK. There is no flat rate of 20% oz has an incremental rate based on your income level. Link to comment Share on other sites More sharing options...
Guest billy braveheart Posted March 20, 2008 Share Posted March 20, 2008 well in WA that is the case if your on a pr visa you dont pay stamp duty on properties up to the value of $500,000 and the rate of tax i pay is 20% Link to comment Share on other sites More sharing options...
Guest Smartline Home Lending Posted March 23, 2008 Share Posted March 23, 2008 You can get a mortgage as soon as you get here, but it is easier and often cheaper after you have been in a permanent position for 3-6 months. As they have said above, it depends on the state you are living in as to what your rate of stamp duty is. Conveyancing fees range from $700-$1200, and you may be looking at application fees for the home loan and they are between $0 - $900 but generally are closer to the $600. A cheaper application fee doesnt always mean a cheaper loan! Dont forget the you may also be eligable for FHOG (first home owners grant). This also varies slightly from state to state but is around the $7000. Also if you borrow above 80% of the property value you will also be looking at lenders mortgage insurance (LMI) and this can usually be financed in with the loan. Link to comment Share on other sites More sharing options...
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