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Stamp duty, also known as transfer duty is a one-off, state-based tax so it varies according to the state or territory where you buy. Stamp duty is calculated based on the price you pay for your home. The good news for first home buyers is that — in addition to the First Home Owner Grant — you may be entitled to valuable savings on stamp duty in some states. Take a look at Aussie’s stamp duty calculator to know how much you will pay on your first home. Some lenders will let first home buyers borrow money to cover the cost of stamp duty. If this sounds like you, it might be a good idea to talk through options with your local Aussie Broker.{' '}
Home values are being spurred on by record low interest rates plus a raft of government incentives, and a rapidly recovering economy.
There’s another factor at work too. There simply aren’t enough homes listed for{' '} sale to meet demand.
In fact, the number of properties advertised for sale nationally is 26% lower today compared to a year ago. In this environment, buyers are in hot competition with each other, but you can give yourself a winning edge.
One strategy is to have your home loan pre-approved, so you can act fast when the right property comes along. Your Aussie broker can explain how preapproval works, and start the ball rolling for you.
One strategy is to have your home loan pre-approved, so you can act fast when the right property comes along. Your Aussie broker can explain how preapproval works, and start the ball rolling for you.
Aussie Brokers have experience in the finance industry and the home loan marketplace, but what really sets them apart from the rest?
Find out more about how we work, including our process and the benefits of using an Aussie Broker.{' '}
If your home equity happens to fall below 20%, you may not be able to save by refinancing to a lower rate. This is because you’ll likely be subject to pay Lenders Mortgage Insurance (LMI) if you want to refinance your home loan with an LVR above 80%.
As property prices continue to fall, it will likely become harder for homeowners who bought a property at the peak of the market to refinance. This is especially true for those who purchased a home with a low deposit (and therefore lower home equity) to begin with.
What will this mean for{' '} prospective buyers {' '} and current homeowners? We address the benefits and implications of falling property prices and how this could affect you.
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