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  • Profile photo of challychally
    Participant
    @chally
    Join Date: 2003
    Post Count: 4

    What is the amount of funds we may need to get going? ie do we need many thousands etc.

    We are looking for something around the $200k & below to start with & really don’t have much idea what the Xtra’s will be. This is new to us.
    Any help would be appreciated.

    Chally

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    You generally need around 5% deposit and around 5% for closing costs such as stamp duty. But it is possible to get 100% loans, and if you are a first home owner, and you are buying a place to live in, then you will get a grant of $7000 and stamp duty exemptions, bring down the costs a lot.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of beyondabundancebeyondabundance
    Participant
    @beyondabundance
    Join Date: 2005
    Post Count: 9

    ATT: Terry

    If I bought my first home with the $7,000 grant and paid another $8,000, total $15,000, What would be the repayment roughly on a house that is purchased for $250,000 with the current interet rates?

    Thanks for your help and time.

    Profile photo of TaylorInvestorTaylorInvestor
    Member
    @taylorinvestor
    Join Date: 2005
    Post Count: 4

    This thread has prompted me to ask a question. If My partner has a mortg in thier name and I have never purchased a property before, am I still entitled to the $7000 first home owners if it is my PPOR? Apologies I cannot help with the initial question!

    Profile photo of colliecollie
    Participant
    @collie
    Join Date: 2004
    Post Count: 60

    No you are not eligible for the FHOG if you are living with your partner and they have owned property before. Look at ato.gov.au and follow links to FHOG info or go to http://www.osr.nsw.gov.au if you live in NSW.
    In answer to first question lots of finance and banks sites have calculators for costs also jaffasoft.com does too.
    Have Fun!!

    collie

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