Deposit, Legal Fees and Stamp Duty
With any property purchase the ‘rule of thumb’ is to have a minimum deposit of 10%.
For example to purchase an existing property for $300,000 you will need 5% deposit and 5% to cover stamp duty and other costs. For a First Home Owner the stamp duty is discounted by 50% on properties up to a value of $400,000
If you are building a new house or buying a new property off the plan, still apply the 10% rule. For land and construction costings $400,000, you will need to have savings of approximately $20,000. And of course the $20,000 First Home Owners Grant.
First Home Owners Grant for Buying or Building a Brand New Residence
The Tasmanian Government has extended the $20,000 First Home Owners Grant until 30 June 2022.
The First Home Owners Grant is a one-off payment for eligible applicants who buy or build a new home. The transaction needs to meets certain eligibility criteria.
The extension will mean that the increased $20,000 payment will be available for eligible transactions entered into up until and including 30 June 2022.
For more information please see State Revenue Office, Tasmania – click here.
Applying for the First Home Owners Grant
I am only too happy to complete forms and apply on your behalf and give you guidance in purchasing your first home.
That’s all part of the service at Mortgage World Finance and I’m available 7 days a week. Click here to go to contact form for Mortgage World Finance