Buying a house is always a big challenge. Imagine how much you have when you are a new immigrant and try to keep your budget tight. The thing always keeps us worried that how to buy a house in Australia. When looking for a home, keep the following in mind.
Those who purchase a home for the first time in Australia are eligible for the first home buyer grant. This is a grant of $7,000, which is paid directly to the buyer of the house. All the people who buy a home in Australia are required to pay taxes. Taxes are called stamp duty and the amount will be depending on many variables, such as the price of the house or its location. If you are the first home buyer, most of them are new immigrants to Australia, you may be eligible for a discount.
Real estate agents should be able to accurately estimate how much stamp duty you need to pay. Although careful, each state has its own law on stamp duty discounts. For example, in Sydney, a $500,000 house will impose an $18,000 stamp duty. In Sydney, if you are a first time home buyer, this tax will be completely canceled. The same is true for Perth and Brisbane, with stamp duty of $17,800 and $8,800, respectively, for $500,000. Although in Melbourne, houses of the same price will be subject to a stamp duty of nearly $22,000, of which only $3,000 will be reduced for the first time. You will be able to know, how to buy a house, if not yet then keep reading this article as well.
Your real estate agent will hand over your contract to the homeowner and he will make a $320,000 offer. To do this, the seller will exceed your A$270,000 figure and replace it with the new A$320,000. The agent will then bring the contract back to you. This negotiation process is converted back and forth in a written form of the contract until the parties reach an agreement. Once the two parties agree on the price, a sales contract document will be developed. This document was signed by both parties and forwarded to its lawyer for review.
The result of this process is a very untidy form of contract. If the parties cannot reach an agreement, the buyer must withdraw the offer in writing again. Another thing you should know is that the sales contract document does not provide any information about the home being sold and purchased. The only way for the buyer to determine the negative impact of the property is by a lawyer.