mental blank - settlement process

[jsoe]

Hi,
I'm having a bit of a breakdown and can't remember how it usually works. Please help.

1. Does the first mortgage payment come out a month after the settlement date?
2. And stamp duty is due within 3 months after the settlement, and not at the time of settlement?

Are those correct? We're a bit tight with our cash purchasing this property and if the above is true, it'll help us a lot.
Thanks!

 

[buzzlightyear]

Mortgage payments are made in arrears, so the first payment, will be made a calendar month (if you are paying monthly) after settlement.

Generally, stamp duty is included in the amount of monies you need to complete the purchase, which you then forward to your conveyancer/soli for settlement and is paid generally by the bank to the relevant state revenue office. Not sure how different states rules affect this process.

 

[Terry_w]

Stamp duty is payable at settlement if you are borrowing because the lender will not settle unless it has been paid.

First payment would vary depending on the bank.

 

[Bamboo01]

Hi,
I'm having a bit of a breakdown and can't remember how it usually works. Please help.

1. Does the first mortgage payment come out a month after the settlement date?
2. And stamp duty is due within 3 months after the settlement, and not at the time of settlement?

Are those correct? We're a bit tight with our cash purchasing this property and if the above is true, it'll help us a lot.
Thanks!

Hope this doc can help you have some idea about stamp duty payment.
Extract from the doc:"You will need to pay stamp duty which is calculated on the purchase price of the property. It must be paid within three months of signing the contract, unless you are eligible for the First Home Plus Scheme.
First Home Plus provides full or partial exemptions on duty to first home buyers who are buying property or land up to certain values. First Home Plus is not means tested. For information about First Home Plus, contact the Office of State Revenue on 1300 130 624."