Hi guys,
I'm a first home buyer looking to get into the market for a PPOR. I've busted my a$$ to pay down all my debts (about 10K) + already saved a 5% deposit for a property within my price range.
I've been to 2 of the big 4 banks to discuss pre-approval and they're willing to lend me 80K more than what I even want to borrow, yet they still want me to come up with 10K up front for stamp duty?
My question is, if they are throwing more money at me than I even want, why can't they just add the stamp duty to the loan? I have no issue paying stamp duty but does it have to be up-front? With every lender? Because barring this, I'm all set to buy.
Thanks.
I'm a first home buyer looking to get into the market for a PPOR. I've busted my a$$ to pay down all my debts (about 10K) + already saved a 5% deposit for a property within my price range.
I've been to 2 of the big 4 banks to discuss pre-approval and they're willing to lend me 80K more than what I even want to borrow, yet they still want me to come up with 10K up front for stamp duty?
My question is, if they are throwing more money at me than I even want, why can't they just add the stamp duty to the loan? I have no issue paying stamp duty but does it have to be up-front? With every lender? Because barring this, I'm all set to buy.
Thanks.