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How
Much Can I Borrow?
How much you can borrow,
also known as your borrowing capacity,
will depend on how much of a deposit you
have, your current income and what expense
commitments you have. It will also vary
from lender to lender.
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Am
I Eligible For The First Home Owners Grant?
This one-off grant is available to First Home Buyers intending to live in the home they are buying. Basically, you are eligible if you are an Australian citizen or a permanent resident who is buying or building your first home in Australia and intend to occupy it as your principal place of residence within 12 months of settlement. Note that if you are purchasing the property in conjunction with others, they must also meet the same criteria for the grant to be available.
First home owners are only entitled to the FHOG Boost if the contract is entered into on or after 14th October 2008 and before 30th June 2009.
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What
Will My Repayments Be?
It is one thing to work
out how much you can borrow, but you need
to know if you can afford the repayments.
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How
Much Do I Need To Save For A Deposit?
The amount you need as
a deposit will depend on the type of home
loan and the lender you select. Generally
you will require a minimum of 5% of the
property value. However there are lenders which will borrow 100%, plus costs.
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How
Much Do I Need To Set Aside For Stamp Duty?
Stamp duty is a tax levied
on the purchase of a property. It is calculated
according to the purchase price of the
property and the state or territory the
property is situated in.
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What
Other Expenses Will I Need To Pay Besides
Mortgage & Stamp Duties?
As a rough guide, you
should budget for between 5-7% of the
purchase price, in addition to your deposit,
to cover fees and charges. While mortgage
and stamp duties will make up the bulk
of this 5-7%, the balance may include;
- Building and pest reports
- Valuation fees
- Lenders mortgage insurance (LMI)
- Solicitors fees
- Insurances
- Utility connection fees - phone/gas/electricity
- Council and water rates
- Removalist costs
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How
Do I Choose Which Home Is Best For Me?
When deciding on the
area to live in, apart from considering
proximity to family, friends and work
commitments, you will obviously need to
think about prices. Prices will vary greatly
from suburb to suburb.
To help you decide on
the right home for you,
FirstPoint NB can
arrange for a free report on the area
you are interested in.
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What
Should I Do Now?
You can make an appointment
with a FirstPoint NB
by calling 02 9527 2230.
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Call us to find out how we can help you on 02 9527 2230 or click here
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"it’s all about you"
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