So what are the costs involved in Buying?
When considering buying a property and securing your finances, you must take into account Government and other charges such as stamp duty and registration fees which are applicable to most property purchases.
In South Australia, buyers must pay conveyance stamp duty and Land Titles Office fees based on the purchase price of the new home. Stamp duty on mortgages was abolished on 1 July 2009.
First homebuyers may be entitled to the First Home Owner Grant (FHOG). Eligibility requirements can be viewed at www.revenuesa.sa.gov.au in the stamp duty section. First home buyers who qualify for the FHOG may also be eligible to receive a First Home Bonus Grant (FHBG). Eligibility criteria for the FHBG can also be viewed at the Revenue SA website.
The Real Estate Institute of South Australia (REISA) makes available to the public and its members a list of Government fees and charges. To view the table of charges, click here
For further information on the Government fees and charges, click on the following links:
Revenue SA (stamp duty) - www.revenuesa.sa.gov.au
Land Services Group (registration fees) - www.landservices.sa.gov.au
For your information, REISA continues to lobby the State Government to reduce these fees.
There are a number of other costs associated with buying a property that you must take into account when setting your budget and organising finance. These may include legal/conveyancing fees, loan application fees, insurance cover and pro-rata adjustments for services, such as council and water rates.