Hi everyone,
First time posting here. I have few questions regarding buying it off the plan.
I'm planning to buy a property that cost roughly 622k (1 bedroom, 1 bathroom, 1 car park space) in Ermington with my girlfriend. It will be built in 2017 so we have 2 years to pay off the rest after 10% initial deposit.
We earn roughly 90k+ per year (before tax) together and so far, we have saved up to 25k. We are planning to receive another 30-40k from our parents which will add up to roughly 60k. Few questions:
1. I'm wondering if me being a first home buyer, I'm entitled to 15k off for this property within the 10%? So altogether we only pay up to 45k?
2. Do we pay off the stamp duty during the 10% or can we pay it later off once the property is settled?
3. What other costs are there to consider? Legal fees? How much would it normally be?
4. Any advice on buying off the plan property? To be fair, the price is expensive for the area (1 bedroom!), wondering how much would it go up in Ermington NSW within 2 years?
Really appreciate it if someone can help me out here.
Thanks in advance!
First time posting here. I have few questions regarding buying it off the plan.
I'm planning to buy a property that cost roughly 622k (1 bedroom, 1 bathroom, 1 car park space) in Ermington with my girlfriend. It will be built in 2017 so we have 2 years to pay off the rest after 10% initial deposit.
We earn roughly 90k+ per year (before tax) together and so far, we have saved up to 25k. We are planning to receive another 30-40k from our parents which will add up to roughly 60k. Few questions:
1. I'm wondering if me being a first home buyer, I'm entitled to 15k off for this property within the 10%? So altogether we only pay up to 45k?
2. Do we pay off the stamp duty during the 10% or can we pay it later off once the property is settled?
3. What other costs are there to consider? Legal fees? How much would it normally be?
4. Any advice on buying off the plan property? To be fair, the price is expensive for the area (1 bedroom!), wondering how much would it go up in Ermington NSW within 2 years?
Really appreciate it if someone can help me out here.
Thanks in advance!