• The place to find the right expertise and make better decisions
  • Find the right expertise

I purchasing my mothers second property for the mortgage price only, which is roughly a third of the value. The property is in excess of 750000. This will be my first home. What duty and fees will i pay?

2 years ago
Comments

hi Peter,

Some sound advice below - I trust it has help you get some perspective on your options.

How about we spend a few mins on the phone to help you through this next step - It easy when you know how. . .& im pretty familiar with this sort of transaction.

Regards

Craig
0481 383 490
nicholasfs.com.au

Responses

Hi Peter,
Unfortunately if the value of the property is in excess of $750,000 you will not be eligible for first home buyer concessions as the concessions cut out @ $750,000 & the State Revenue office will work off the property value, not what you buy it for.

Stamp duty & fees will be approx $42,000.

Happy to discuss mortgage options should you need to organise finance.

Pete Dall
Mortgage Broker

Hi Peter,

Firstly Congratulations on purchasing your first home.

As Peter had mentioned unfortunately you will not be able to use the first home owners exemption due to the value of the property.

And you are looking at about $40,000+ in stamp duty.

If you are looking for any finance assistance I am a mobile mortgage broker so I can come and meet with you anywhere to help you navigate your options and review a panel of lenders to find the best for for your situation.

I can be contacted on - 0431156001.

Good luck,

Jacqui

Hi Peter

My colleagues are correct
State Revenue are very vigilant with such activity.
Consult a good solicitor/ Conveyancer
Obtain an independent sworn valuation draft the transfers accordingly to this valuation and pay the applicable duty .

Your Answer

If you wish to include a video or audio response, you can do this by including links to Youtube, Vimeo or SoundCloud (https://www.youtube.com/watch?v=xxxxxxxxxx OR https://vimeo.com/xxxxxxxxx)

<% error.message %>