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?
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.
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.
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 .