maxia066 Posted May 8, 2018 Share Posted May 8, 2018 Hi all, Just been granted a 189 PR visa, moving to Victoria in September. We're looking to buy a house at some point, and I know that Stamp Duty in Victoria is very low for first time buyers, does this include on a 189 visa or will we have to pay full stamp duty? Also, are there any other hidden costs we should know about? It'll really help us figure out our maximum budget. Thanks! Quote Link to comment Share on other sites More sharing options...
Parley Posted May 8, 2018 Share Posted May 8, 2018 https://www.sro.vic.gov.au/news/changes-first-home-owner-grant-and-stamp-duty Quote Link to comment Share on other sites More sharing options...
Guest Carol from Vista Financial Posted June 26, 2018 Share Posted June 26, 2018 Hi @maxia066 Just some further information for you... If you have PR and tick the other boxes for the first home owners scheme then yes you may be eligible. You can find all the criteria here: https://www.sro.vic.gov.au/first-home-owner In terms of hidden costs in purchasing I would always allow for the following: $1,000 for conveyancing $1,000 for bank fees $2,500-3,000 for pro-rate council rates/utilities (will vary on the purchase price and when you purchase in relation to the financial year) The first two are overestimated and are allowances at the end of the day, and you should aim to have enough funds to complete the purchase and ideally have a $2,000 buffer 'just in case' for any incidentals that are unforeseen. Better have more than less on the day of settlement! Understandably this may not be possible for everyone depending on your circumstance, but if you can it is ideal, just to be safe. Don't forget to factor in any moving costs, additional furniture, building and contents insurance, internet and phone connections etc. Sometimes it is the small things that catch you out... for example if you are purchasing a brand new build check that there are curtains installed! Sometimes they aren't part of the build and it can be a rude surprise in the mornings as you may miss it in the excitement with the rest of the house! If you are moving over in September then it will depend on your job, savings, circumstance and preference as to how soon you look to purchase. Renting for a while is not a bad idea so you get an idea of where exactly you would like to live. Once you are settled and ready to start looking it is best to get a pre-approval from a bank before you get serious, so you are able to look at properties in your price range, and avoid any disappointment. Pre-approvals are generally valid for 90 days so I guess once you realise you are keen to get things moving, best get this process started as will help you know what you can afford and narrow down your options. All the best! Quote Link to comment Share on other sites More sharing options...
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