• +61 (02) 4308 8892
  • +61 (02) 9151 7339
  • info@carteroneill.com.au
    carter-oneill-logocarter-oneill-logocarter-oneill-logocarter-oneill-logo
    • Home
    • Team
      • Rachel Carter
      • Tayleh Soames
      • Olivia Robinson
      • Support Staff
    • Services
      • Disputed Estates
      • Estate Planning
      • Family Law
      • Property Law
    • News
    • Contact
    • Client Downloads

    First Home Buyers

    • Home
    • Property Law
    • First Home Buyers
    I was married overseas and have no marriage certificate; can I get a divorce in Australia?
    January 10, 2021
    Mortgage
    January 10, 2021
    Published by Rachel Carter at January 10, 2021
    Categories
    • Property Law
    Tags

    Purchasing a home for the first time is both an exciting and frightening investment as it can be considered one of most important financial decisions ever made.

    Once the perfect home is found, you usually want to move in and start renovating immediately but there is so much that needs to be organised prior. Our team here at Carter O’Neill Legal have a wealth of experience having all purchased their first homes and are experienced in navigating property transactions. We can assist you from the initial stages of formal finance approval up until the day of settlement and organising the keys to you.

    We recommend reading our article ‘Buying a Property – what do I need to know?’ Which breaks the basis conveyancing process down however, here is some information of special interest to first home buyer:

    How much will this really cost me?

    Property is typically a long-term investment and is regarded as one of those transactions that fall under the category ‘short term pain, long term gain’. This is because it usually cost your life savings to purchase your first home but over time, you will reap the benefits.

    Assuming you are borrowing most of the purchase price, your broker or lender should work through the figures to ensure you are in a financial position to purchase the property and cover other incidental costs. These incidental costs that lots of people ‘forget’ to include are things like legal fees, stamp duty, building and pest inspections, survey and building certificates and government searches and enquiries. Not all these costs will be necessary as it will depend on the property you purchase. To assist you in making an informed decision – we will advise you of what costs we think are imperative.

    Grants and Exemptions

    However, if you are a first home buyer, you may be exempt from stamp duty if your house is valued for less than $650,000. If your home is valued between $650,000 and $800,000 you can apply for a concessional rate. This amount will be based on the value of your home. To find out more visit Revenue NSW or click here.

    The First Home Owner Grant (New Homes Scheme) is also available to first home buyers purchasing or building a new home up to the value of $750,000. The grant provides a rebate of $10,000 for eligible purchasers. If you are purchasing a new home that is already built, the grant can be processed and provided to your lender so the monies are available for settlement and if you are purchasing off-the-plan, then the grant will be made available to you once the home is built. To find out more visit Revenue NSW or click here

    Here at Cater O’Neill Legal, we understand a property transaction can be a highly stressful and consuming process and we aim to take as much pressure off you during this time. Our aim of the transaction is to ensure that you are as comfortable and informed in your decision as you can be as we understand that this is unfamiliar territory. Please contact our office today regarding any property law questions knowing we have you covered.

    Share
    0
    Rachel Carter
    Rachel Carter

    Related posts

    January 10, 2021

    Settlement Figures


    Read more
    January 10, 2021

    Selling a Residential Property?


    Read more
    January 10, 2021

    Retirement Villages


    Read more
    home_lawyer_pic11

    Gosford Office

    Suite 12
    201 Mann Street
    Gosford NSW 2258

    info@carteroneill.com.au
    +61 (02) 4308 8892

    home_lawyer_pic11

    Mona Vale Office

    Suite 4
    6 Waratah Street
    Mona Vale NSW 2103

    info@carteroneill.com.au
    +61 (02) 9151 7339

    home_lawyer_pic11

    Sydney CBD

    Sydney NSW 2000

    info@carteroneill.com.au
    +61 (02) 9151 7339


    Liability limited by a scheme approved under Professional Standards Legislation. Legal practitioners employed by Carter O’Neill Legal Pty Ltd are members of the scheme. Use of this website is subject to the above Privacy Policy and Terms of Use.

    Copyright © 2021 Carter O’Neill Legal

    Privacy Policy | Terms of Use | Collection Notice