Browse Forums General Discussion 1 Feb 05, 2013 8:10 am We are looking at a H& L price of 350-360k for a 3bed house on a land size of around 480-490sq.m. Is this a good budget to enter with for a first homebuyer? We have around 40-45k saved for the deposit for the balance we need to take a loan. Hope we are able to get that.We are looking at buying in Geelong. Are there any other extra costs, which we should consider, I know there will be stamp duty, land transfer fee, solicitor fees, bank processing fees & site costs.How much should we budget for these extra costs?Are there any other extra costs like some inspection permit costs or anything else which we should know of so that we can add it in our budgeting. Mpp Re: New Home 2Feb 05, 2013 8:38 am Other expenses you should be aware of that you need to consider are (based on $360,000). Stamp duty on property $11,496.00. Transfer fee $1,014.00. Mortgage registration fee $105.00. Total fees $12,615.00 Also need to allocate legal fees $500-$1000 if you use a conveyancer, more for a lawyer. Morgage insurance on the loan $1,000 if your LVR is 80%+ Loan application fees ect. I think thats it other than site costs on may add extra to the house and land price but this can only be done after soil and surveyor reports ($0k-$20k), so get a flat block with no rocks and this shouldn't be too much of a problem. Also you can add 20% to the price of the home in upgrades/extras easily. Re: New Home 3Feb 05, 2013 11:10 am Lourance Other expenses you should be aware of that you need to consider are (based on $360,000). Stamp duty on property $11,496.00. Transfer fee $1,014.00. Mortgage registration fee $105.00. Total fees $12,615.00 Also need to allocate legal fees $500-$1000 if you use a conveyancer, more for a lawyer. Morgage insurance on the loan $1,000 if your LVR is 80%+ Loan application fees ect. I think thats it other than site costs on may add extra to the house and land price but this can only be done after soil and surveyor reports ($0k-$20k), so get a flat block with no rocks and this shouldn't be too much of a problem. Also you can add 20% to the price of the home in upgrades/extras easily. Thx Lourance for the information, it really helps to know beforehand what all extra other costs we maybe looking at. Re: New Home 4Feb 05, 2013 9:58 pm Plus the costs involved before/shortly after you move in (if these aren't included from your builder): Letterbox Fencing Driveway Curtains Clothesline Connection fees for telephone, gas, water & electricity I'm sure there is more that I can't think of right now. Custom downslope build Build thread viewtopic.php?f=31&t=61873 Blog http://www.buildingroyalmanor.blogspot.com.au Re: New Home 5Feb 05, 2013 10:03 pm HomeAngels Plus the costs involved before/shortly after you move in (if these aren't included from your builder): Letterbox Fencing Driveway Curtains Clothesline Connection fees for telephone, gas, water & electricity I'm sure there is more that I can't think of right now. These are good points to remember too! Re: New Home 6Feb 06, 2013 8:25 am Lourance Morgage insurance on the loan $1,000 if your LVR is 80%+ Mortgage insurance isn't something that we needed to worry about but I can see our son being in that situation. Is the $1000 a one off charge or per year? Can you please explain a bit further. They are currently paying $395 per week rent. While it's ideal to have a 20% deposit, $395 per week is around $19,000 per year so a lot of money they could be paying off their own mortgage rather than someone elses. Re: New Home 7Feb 06, 2013 4:14 pm catjim Lourance Morgage insurance on the loan $1,000 if your LVR is 80%+ Mortgage insurance isn't something that we needed to worry about but I can see our son being in that situation. Is the $1000 a one off charge or per year? Can you please explain a bit further. For a $360000 value package and a loan of $290000 (80%) mortgage insurance will be approx $1,300, which is a one off charge. It increases the higher you LVR is .. ie for $310000 (86%) loan on a $360000 will be approx $4,000. So its best to save up as much as you can so you can avoid mortgage insurance. Re: New Home 8Feb 06, 2013 9:50 pm Lourance Other expenses you should be aware of that you need to consider are (based on $360,000). Stamp duty on property $11,496.00. Transfer fee $1,014.00. Mortgage registration fee $105.00. Total fees $12,615.00 Also need to allocate legal fees $500-$1000 if you use a conveyancer, more for a lawyer. Morgage insurance on the loan $1,000 if your LVR is 80%+ Loan application fees ect. I think thats it other than site costs on may add extra to the house and land price but this can only be done after soil and surveyor reports ($0k-$20k), so get a flat block with no rocks and this shouldn't be too much of a problem. Also you can add 20% to the price of the home in upgrades/extras easily. My understanding is that you only pay stamp duty on the land, not the house you are building... Building is subject to GST, not stamp duty Re: New Home 9Feb 07, 2013 8:13 am Lourance catjim Lourance Morgage insurance on the loan $1,000 if your LVR is 80%+ Mortgage insurance isn't something that we needed to worry about but I can see our son being in that situation. Is the $1000 a one off charge or per year? Can you please explain a bit further. For a $360000 value package and a loan of $290000 (80%) mortgage insurance will be approx $1,300, which is a one off charge. It increases the higher you LVR is .. ie for $310000 (86%) loan on a $360000 will be approx $4,000. So its best to save up as much as you can so you can avoid mortgage insurance. So just had a meeting with mortgage broker yesterday and we worked out some figures. Since we are planning on buying the block first and then build the house there will be two loans one for the block and another construction. Based on land price of 190K and another 190K for building we worked out stamp duty, mortgage insurance figures. for a loan amount of 170K the mortgage insurance is around 2257 so if we take two separate loans it will be 2257+2257. Even if we take it as a single loan the total comes up to be the same (assuming we have the same deposit). As for stamp duty it is paid on the block of land and not on construction so that is good. Re: New Home 10Feb 07, 2013 8:16 pm mpp Lourance catjim [quote="Lourance"] Morgage insurance on the loan $1,000 if your LVR is 80%+ Mortgage insurance isn't something that we needed to worry about but I can see our son being in that situation. Is the $1000 a one off charge or per year? Can you please explain a bit further. For a $360000 value package and a loan of $290000 (80%) mortgage insurance will be approx $1,300, which is a one off charge. It increases the higher you LVR is .. ie for $310000 (86%) loan on a $360000 will be approx $4,000. So its best to save up as much as you can so you can avoid mortgage insurance. So just had a meeting with mortgage broker yesterday and we worked out some figures. Since we are planning on buying the block first and then build the house there will be two loans one for the block and another construction. Based on land price of 190K and another 190K for building we worked out stamp duty, mortgage insurance figures. for a loan amount of 170K the mortgage insurance is around 2257 so if we take two separate loans it will be 2257+2257. Even if we take it as a single loan the total comes up to be the same (assuming we have the same deposit). As for stamp duty it is paid on the block of land and not on construction so that is good.[/quote] Exactly... Probably best to ask your finance experts rather than people in here... There is a lot of misguided information that can cause undue worry. Enjoy your housebuild, it is a fun experience! Re: New Home 11Feb 07, 2013 11:39 pm benblinkau Exactly... Probably best to ask your finance experts rather than people in here... There is a lot of misguided information that can cause undue worry. Enjoy your housebuild, it is a fun experience! You find that with general information all you will get in return are general answers as every state and situation is different. As you have stated if you want accurate information then consult an expert. Enjoy your journey with your build and I look forward to following it. Re: New Home 12Feb 08, 2013 10:48 am So just had a meeting with mortgage broker yesterday and we worked out some figures. Since we are planning on buying the block first and then build the house there will be two loans one for the block and another construction. Based on land price of 190K and another 190K for building we worked out stamp duty, mortgage insurance figures. for a loan amount of 170K the mortgage insurance is around 2257 so if we take two separate loans it will be 2257+2257. Even if we take it as a single loan the total comes up to be the same (assuming we have the same deposit). As for stamp duty it is paid on the block of land and not on construction so that is good.[/quote] Exactly... Probably best to ask your finance experts rather than people in here... There is a lot of misguided information that can cause undue worry. Enjoy your housebuild, it is a fun experience![/quote] Thanks will definitely try to update my experiences over here. mpp Re: New Home 13Feb 11, 2013 5:40 pm Lourance benblinkau Exactly... Probably best to ask your finance experts rather than people in here... There is a lot of misguided information that can cause undue worry. Enjoy your housebuild, it is a fun experience! You find that with general information all you will get in return are general answers as every state and situation is different. As you have stated if you want accurate information then consult an expert. Enjoy your journey with your build and I look forward to following it. So over the weekend we went around looking as various display house to find out estimated costs of building the house. Now there are 2 blocks of land which we liked.Of which block A is around 470sq.m and is available as a vacant land as well as a house and land package. The other block B is a bit bigger around 515sq.m but only available as a house and land package with a builder and the cost is also within our budget for the whole package.If we decide the buy the block A then it gives the flexibility of choosing the builder and design we like. With block B we get a bigger land area but not much choice in house design. The house designs available with this builder and which are within our budget are not great.So a bit confused any thoughts/suggestions. Re: New Home 14Feb 15, 2013 8:57 am mpp Lourance benblinkau Exactly... Probably best to ask your finance experts rather than people in here... There is a lot of misguided information that can cause undue worry. Enjoy your housebuild, it is a fun experience! You find that with general information all you will get in return are general answers as every state and situation is different. As you have stated if you want accurate information then consult an expert. Enjoy your journey with your build and I look forward to following it. So over the weekend we went around looking as various display house to find out estimated costs of building the house. Now there are 2 blocks of land which we liked.Of which block A is around 470sq.m and is available as a vacant land as well as a house and land package. The other block B is a bit bigger around 515sq.m but only available as a house and land package with a builder and the cost is also within our budget for the whole package.If we decide the buy the block A then it gives the flexibility of choosing the builder and design we like. With block B we get a bigger land area but not much choice in house design. The house designs available with this builder and which are within our budget are not great.So a bit confused any thoughts/suggestions. You have to live in the house for a long time so you dont want to build a house you dont really want just to get a few extra sq metre of land. If you really loved that block then thats different. Also if you buy block A & start paying some off the block loan you may be able to get the 20% deposit to avoid the mortgage insurance on the build. Is it just a report written to give to the bank initially and it is based on what and how your payments are made up for, or is it a full service where they go out and… 2 2988 Skjm You might want to watch this video: https://www.youtube.com/watch?v=CKx-bsOr2jg If that link doesn't work go to youtube and search for Zac Homes ACA I am really… 1 3060 What you are looking at is fibrous plaster, true gypsum, it is cast on horizontal beds with fibers included to give strength. I has no Asbestos in it. 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