Steve S Posted March 8, 2015 Share Posted March 8, 2015 Hi, When we move to Australia we hope to live on the Central Coast near to our daughter in Terrigal. I don't think we can afford Terrigal. Any suggestions of other nice but cheaper areas nearby to buy a property. Also any advice on what other costs we will face over and above the purchase price of the property (tax, surveys, agent's fees etc., also monthly rates/water rates?) and any advice on trustworthy estate agents in that area. Many thanks, Steve S. Link to comment Share on other sites More sharing options...
Fisher1 Posted March 8, 2015 Share Posted March 8, 2015 Glad you raised this Steve S - I'd really like to know about house buying costs as well - we're in a similar situation to you. Link to comment Share on other sites More sharing options...
srg73 Posted March 8, 2015 Share Posted March 8, 2015 Added cost that we have established, I'm sure there are more Stamp duty, circa 2-3% at least. Not cheap Searches, can vary from few $100's to $1,000's Survey, valuation free usually with mortgage Mortgage broker fees, rip off and expensive, can be upto $10,000 Mortgage charges inc transfer etc few $100's Legal costs, circa $1,000.00, this is good value compared to most other costs The whole process is expensive compared to UK however if your serious about buying the required. Be very careful about your mortgage, the banks rank the property from 1 being low risk, easy to resell etc to higher numbers meaning the property is high risk, would be hard to resell etc, S Link to comment Share on other sites More sharing options...
Marisawright Posted March 8, 2015 Share Posted March 8, 2015 Here's a calculator: http://www.creditandfinance.com.au/buying-costs-calculator/ Most people don't use a mortgage broker - you don't need one unless you have difficulty qualifying for a loan. Use a conveyancer, not a solicitor for the legals - many conveyancers charge a fixed fee. Link to comment Share on other sites More sharing options...
Guest Posted March 8, 2015 Share Posted March 8, 2015 Conveyancers are fine unless something goes wrong and they really are not good in those circumstances. My solicitor in QLD charges $650 all in, but even if you are charged $1000, you are buying a property worth many hundreds of thousands of dollars - wouldn't you want to make sure you are covered. Also DO NOT sign the standard contract put in front of you by the REA without being absolutely sure it has all the clauses you need. They will put building, pest and finance at 14 days, and finance is often very hard to get within this time scale. Also if the property has a pool does it have a pool safety certificate, because if not you could be liable for BIG fines. This should be a clause in the contract. It is very different to the UK, settlement is faster and you will get given a contract by the REA. Talk to a solicitor, before you put in an offer so you know what you are signing. It is different so be prepared. Link to comment Share on other sites More sharing options...
Marisawright Posted March 8, 2015 Share Posted March 8, 2015 Conveyancers are fine unless something goes wrong and they really are not good in those circumstances. My solicitor in QLD charges $650 all in, but even if you are charged $1000, you are buying a property worth many hundreds of thousands of dollars - wouldn't you want to make sure you are covered.Also DO NOT sign the standard contract put in front of you by the REA without being absolutely sure it has all the clauses you need. It depends what conveyancer you use. An experienced conveyancer can sometimes be better than a solicitor, in my experience - a conveyancer is a property specialist, and therefore knows exactly what questions to ask and what the catches are. Whereas a solicitor is a jack-of-all-trades and may not know as much about property as you think. Link to comment Share on other sites More sharing options...
Guest Posted March 8, 2015 Share Posted March 8, 2015 Agreed Marisa but I have seen some hideous issues where a cheap conveyancer has been used and settlement has gone through with major issues or not gone through. Its where a contract moves out of pure conveyancing into issues of law that conveyancers can have problems. I guess due your own due diligence Link to comment Share on other sites More sharing options...
Marisawright Posted March 9, 2015 Share Posted March 9, 2015 Agreed Marisa but I have seen some hideous issues where a cheap conveyancer has been used and settlement has gone through with major issues or not gone through. Its where a contract moves out of pure conveyancing into issues of law that conveyancers can have problems. I guess due your own due diligence I used to work for a mortgage company and I've seen a lot of issues where a solicitor was used too - often because the solicitor did very little property work and therefore just didn't know his job well enough. I think the lesson is, whether you use a conveyancer or a solicitor, don't choose your professional on the basis of cost alone. Link to comment Share on other sites More sharing options...
Freckleface Posted March 9, 2015 Share Posted March 9, 2015 When we sell we use a conveyancer at the legal firm we use as the buyer is wearing the risks not us. When we buy we use the solicitor who specialises in property at the legal firm we use because we are wearing the risks. Link to comment Share on other sites More sharing options...
furkew Posted March 9, 2015 Share Posted March 9, 2015 just been through the process having bought & sold. I went though a local conveyancer and was very happy. About $650.00. they handled both my present house & new house without any issues. most big banks are similar with loan fees & interest rates on home loans, so just do your homework carefully because everybody has a different financial situation & requirements. don't forget to ask a bank if its the best rate they are prepared to offer. sometimes they can shave off a bit on the rate. part of the settlement fees are rates paid by the previous owner, that you will be required to pay from the day you take possession. This is all shown clearly in the solicitors/conveyancers paperwork once settlement has taken place. When putting in an offer there is always a cooling off period of 3 days once the offer is accepted, and then normally as buyer it is recommended to put into the contract that the purchases is subject to finance (standard) and also pest control & a building inspection. Your bank might even insist on a valuation if you are looking at a large mortgage. Also as buyer, you can negotiate with the seller the settlement date. It can range from 30,60,90 days or even longer in complicated situations. it can be very confusing when they start talking about settlement, section 32's, pest & building inspections etc etc but the most important thing at the end of the day is to read the sales contract VERY carefully and anything you don't understand ask a friend. By the time you get around to buying a house, more than likely, you will have met friends that you can trust & will be more than happy to assist if you have any questions. cant give advice on areas & agents as im in Vic, but (I assume) the system is the same everywhere. don't worry about reputable agents etc, because if you see a house you like, the agent will always be working in the interests of the seller. Link to comment Share on other sites More sharing options...
scuffythetugboat Posted March 9, 2015 Share Posted March 9, 2015 The system is not the same everywhere. Each state has its own laws and different stamp duty rates, Be very careful. Do your homework. Link to comment Share on other sites More sharing options...
Steve S Posted March 9, 2015 Author Share Posted March 9, 2015 Many thanks everyone - you've given us a lot of useful advice. Link to comment Share on other sites More sharing options...
tina0101 Posted March 9, 2015 Share Posted March 9, 2015 Deposit is a big thing here too. If you don't have 20% they get you on Lenders Mortgage Insurance (you pay the insurance for the additional sum up to the 20%). That's in Queensland. We we used a mortgage broker as we'd only just started jobs. He was superb and got us a good deal for our situation. Link to comment Share on other sites More sharing options...
Fisher1 Posted March 9, 2015 Share Posted March 9, 2015 Many thanks everyone. We're not ready to buy yet (we're still in the UK!!!) but are very keen on getting information ahead of time so that we've had time to digest it all when the time comes. One last question - I vaguely remember reading a while ago something about flats more than three (or was it four) stories high not being covered for insurance if something goes wrong ... I'm sure I have this all wrong, it sounds very garbled but does anyone know anything about things to be aware of specific to apartment blocks? We are considering buying while still non-res (I believe you can do this if you buy new build) and would be looking at a small flat because its more secure when empty. Link to comment Share on other sites More sharing options...
Cez Posted March 9, 2015 Share Posted March 9, 2015 I haven't heard that about flats, but then I didn't try to get contents insurance for my flat, which was in a seven ish storey building. Building insurance is provided by the body corporate usually I believe - it was for my place in Sydney anyway. Link to comment Share on other sites More sharing options...
Cez Posted March 9, 2015 Share Posted March 9, 2015 I've just bought a place in Sydney, not too far from the central coast. It's $435k, so fees as follow: $15,085 stamp duty $320ish mortgage registration and transfer fee free mortgage application, should've been about $400 didnt go through a mortgage broker but Aussie is a free mortgage broker I've used in the past i paid about $900 for separate pest and building inspections, but you can get combined inspections from about $600ish conveyancer $1100 costs on settlement, ie settling up bills like council tax, water rates, allowing $1-2000 and a 20% deposit to avoid lmi. if you buy in nsw you get a five day cooling off period but only if buying by private treaty. You get no cooling off period if buying by auction. Getting a mortgage has been paperwork hell. Lenders are much more careful these days. It hasn't helped that I'm on a temporary contract! Link to comment Share on other sites More sharing options...
Fisher1 Posted March 9, 2015 Share Posted March 9, 2015 Thank you Cez, that's really helpful. Link to comment Share on other sites More sharing options...
sydneysider3 Posted March 17, 2015 Share Posted March 17, 2015 Hi Steve, We have ended up looking for a place closer to Sydney, but I was considering the area up around Gosford at one point (near Terrigal). You can find cheaper places once you are off the coast. There are parts of Gosford that are a little ugly or run down, but there are nice leafy areas to, like North Gosford. Its about a 20 minute drive to Terrigal from there, and you would also be close to the Pacific Highway which is the main road to Sydney. Erina is closer to Terrigal and has good shopping and transport also. For something a bit more leafy, look at Green Point, or Bateau Bay to the north of Terrigal. Bateau Bay in particular is quite nice, close to a beautiful beach, and only a short drive to Terrigal. When i was looking, there seemed to be some reasonably priced cottages there. There are many more houses than apartments in all these places, but you can find apartments in the more urban areas. The little cottages are about the same price as an apartment. Domain, one of the big real estate sites is a good place to look at average prices for an area. I've found you can also get a lot of useful information out of the estate agents by just emailing them about a property and sounding interested! They are always happy to answer questions if they think you might come to the auction! I agree with the others that Stamp Duty and the deposit are significant, and the paperwork is hellish, but i think as long as you educate yourself as much as possible, its no more complicated than anywhere else. Good luck! I'll let you know if i think of anywhere else around Terrigal Link to comment Share on other sites More sharing options...
drew1975 Posted May 14, 2015 Share Posted May 14, 2015 Hey all, Can anyone share their experiences on new Home Loans / mortgages in Oz. I am lucky enough to have been granted a PR visa, and head over to oz in September. We have property here, on a buy to let and another on permission to let. When we visited Oz a few years back, we saw a mortgage advisor, and they said ' don't mention your uk property, as it will complicate things. The mortgage and rent all comes from the same uk account so would in effect be invisible. Does anyone have any first hand experience on this? We were also thinking of taking out personal loan in UK prior to leaving, so if we need it, can be a deposit for new property in Oz - would Oz be able to see these monies if we did not disclose their source? we have excellent credit history here, but understand that starts again in oz, just wondering to what extent? Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.