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Hidden Extras In House Buying?????

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This is basically for all those of you who are lucky enough to be out there already.


Once we are out there and have rented a place for a while we would like to buy a plot and build our house. Apart from the cost of the housebuild, what other costs are involved. i.e in the UK we have the Stamp Duty, Home Info Packs, etc etc.


Is the First Home Owners Grant for anyone for evermore or is it likely to be pulled. Also what are your interest rates like? Have they gone up or down recently and has the rest of the worlds credit crunch affected the Oz economy at all??


Sorry for the questions folks, we are trying to get a handle on what our life would be like out there.


Jo x

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Guest taffy 62

I have built 3 houses.


It all depends on what state you live in as their all different.


You have to pay stamp duty (this is around 4% but on a sliding scale I think) only on the land cost in victoria, so this works out cheaper than buying an established house.


If you have a mortgage you have to pay bank fees for establishing the loan and registration of the mortgage, this could add up to around $1,500.

Then if you havnt got 20% deposit you will be required to take out mortgage insurane I think thats a % too so it could cost around $3,000.


I think the first time home owners thing is still going ahead but you may have to be citizen or permenant to get in.

Interest rates have gone up about 3% over the last couple of years and are now at 9.75%. There is talk of them maybe coming down but I think they will stay around that rang for a while.


Then it all depends who you build with you could get a complete price or you could get a price with which you would have to allow about $20,000 to $30,000 to finish it off, ie; fencing, driveway paths, carpet, tiles, landscaping etc.


I am hoping to build again when I move soon as I enjoy it and it has worked out well for me, at lot depends on finding a good builder and one that you can trust. Word of mouth works well, thats how I found mine.

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Guest Scamp1976

thanks for the tips taffy. Yes I'm considering building also. But if I can buy a house on it for the same price I'll live in it for a while until the recession is gone..

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