I am still unsure of what finance is required at the beginning of a property transaction in regards to Stamp Duty. I have two examples below, which one is correct ( or most correct ), and what can be fine tuned to correct any mistakes.
Example A
a = $200,000 ( purchase price )
b = $10,000 ( 5% deposit )
c = $6800 ( Stamp Duty in NT )
d = 6.79% ( Interest Rate )
e = 30 ( Loan term, years )a minus b plus c is then used in calculating fortnightly repayments?
200,000 – 10,000 + 6800 = 196,800
196,000 at 6.79% over 30 years = $294.57 fortnightExample B
a = $200,000 ( purchase price )
b = ( 5% deposit of a + c )
c = $6800 ( Stamp Duty in NT )
d = 6.79% ( Interest Rate )
e = 30 ( Loan term, years )200,000 + 6800 = $206,800 becomes purchase price
5% deposit becomes $10,340196460 at 6.79% over 30 years = $295.26 fortnight.
At what point are fees added? LMI and loan costs, are they added to the required deposit?
I am looking for an absolute deposit required ( so I can calculate on various prices ) and a per fortnight figure. I know a bit but not the intricate details.
Cheers
“Looking forward to the day when I can tell the boss where to go”
Hi Myydral,
Here are my figures based on a $200.000 purchase in NT,Value of property, $200.000
Transfer Stamp duty $6800
Mortgage stamp duty $5
Mortgage Registration $90
Land transfer registration $90LVR (excluding LMI) 98.5%
Funds required, $206985
Your contribution $10.000Loan amount $196985
LMI estimate $7138
Your final contribution $10.000 + $7138(LMI) = $17138
Fortnightly Repayments @ 6.79% P&I $590If you capitalise the LMI your final LVR will be 102.1%
And the final loan amount will be $204.123
Fortnightly repayments @ 6.79 P&I $611Hope this helps,
Regards
Steven
Mortgage Brokerinfo@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VICTORIAPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Thanks for that, explains things nicely
“Looking forward to the day when I can tell the boss where to go”
Hi Rob,
To clarify, Of course these figures are incorrect, I’m well aware you can not get 100% finance at 6.79%,
Myydral is not asking for information regarding LVR, lender rates & fees, credit history etc,
To keep my explanation uncomplicated, I quoted the same figures used by Myydral in his examples of A & B to answer his question on how to calculate the final loan figure,
I hope I haven’t confused Myydral,Regards
Steven
Mortgage Brokerinfo@mobilemortgagemarket.com.au
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VICTORIAPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Thanks for the replies, this one is a bit late as the computer at work doesn’t like me at the moment.
Yes, I do now about loan costs etc, it was just when to add the stamp duty that got me.
“Looking forward to the day when I can tell the boss where to go”
Thankyou, that first statement pretty much covers everything that I have been wondering
“Looking forward to the day when I can tell the boss where to go”
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