what is the process?

Property transactions can be complex – but it doesn’t mean that they have to be daunting. If you’re looking to buy, the first step is to have us look at the contracts to make sure you know what you are buying and what your obligations are, and then we can go through the next steps with you. If you’re looking to sell, it starts with a conversation and we go from there. We make sure that you are kept up to date the whole way.

this is my first time buying property - what do i do?

Get in touch with us – that’s what! There’s a lot to look out for when buying a property, so if you find a property that you like, send through the Contract and Vendor Statement and we can check it out for you.

We can help make sure you’re aware of what you’re buying and what to expect along the way.

how much stamp duty do i have to pay?

Well, this depends on a few things. Stamp duty is calculated as a percentage of the purchase price of the property. And it also depends on your eligibility for any concessions, such as the first home buyer concession or pensioner concession. Head over the our links page here and follow the link to the State Revenue Office stamp duty calculator, or give us a call and we can help you work it out.

do i get a stamp duty discount for being a first home buyer?

There are a number of factors that can determine your eligibility for a reduction in the amount of stamp duty payable on your purchase. If you head over to our links page here, you can follow the link through to the State Revenue Office where you can find out more information about concessions. Or feel free to give us a call – we can help you determine if you are eligible.

what are the fees when buying a house?

When buying property, it seems like the money never stops going out the door! That is why we make an effort to ensure that you are fully aware of all of the costs that you are going incur along the way. Some of the more common costs that you will have to pay (in addition to the purchase price) are:

-         Stamp duty

-         Title registration fees

-         PEXA fees

-         Conveyancing fees

-         Lender fees (your lender sometimes passes some of their costs onto you)

-         Your portion of council and water rates (and sometimes owner’s corporation fees)

It is possible that other costs may be incurred, but don’t worry, we will make sure that you are aware of these if they arise.

do we have to meet face to face?

In days gone by it would have been a hard and fast yes. However, thanks to a few advances in technology, the entire transaction can now be dealt with remotely. We still need to complete our verification of identity checks with you, but there are apps for that. But we are still happy to see your face if you would prefer to meet in person. Depending on where you are, we are also happy to come to you if that works better.

Is there a lot of paperwork?

While advancements and streamlining of processes has reduced the amount of paperwork, there is still quite a bit that needs to be read and completed. But don’t worry, we make sure that everything is fully explained and is easy to understand.

And remember, if there is something that isn’t clear, or you don’t quite understand, we are always happy to talk about it.

Do I have to attend settlement?

The good news – no. On the day of settlement, all that you need to do is wait for the phone call confirming that settlement has taken place.

When can we pick up the keys?

Typically, keys are available within 15 minutes of settlement being completed. It is important to remember that settlement can take up to 30 minutes from when it starts (though it can be much faster). For example, if settlement is scheduled for 1PM, you may not be able to collect the keys until 1:45. But don’t worry, we’ll let you know as soon as you can pick them up!

What happens after we settle?

This one depends on if you are buying or selling.

If you’re selling, then once we let you know that settlement has been completed, then there really isn’t a lot for you to do. Just make sure that you have disconnected any services (electricity, phone, internet, gas etc) and we will take care of the rest, including letting the council and water authority (and owner’s corporation if applicable) know that you no longer own the property.

If you’re buying, the first thing to do is to pick up the keys! And almost the reverse of when selling, we will let the council and water authorities (and owner’s corporation if applicable) that you are the new owners.

who do we need to tell about our purchase / sale?

Everyone! Well, as many as you would like to, but in terms of council and the water authority, we take care of that for you. Likewise if the property has an owner’s corporation, we’ll make sure that they know too.

Will we have to pay GST on our purchase / sale?

Typically, existing residential property transactions do not attract GST, however we strongly advise that you contact our office if you are unsure.

What is the foreign resident capital gains tax withholding certificate and why do i need it?

If a property in Australia sells for $750,000 or more, each Vendor is now required to provide evidence to the purchaser that they are not a foreign vendor. In the event that a Vendor does not provide a certificate saying otherwise to the purchaser, then the purchaser is obliged to retain 12.5% and remit it to the Australian Tax Office at settlement.

In the event that your transaction requires a certificate, we will help you with the steps to apply.

I am a new zealand citizen - can i purchase property in australia?

Absolutely!

I am a new zealand citizen - do i have to pay additional duty?

As long as you are in Australia at the time of settlement, then the foreign purchaser stamp duty levy would not apply. But if you are outside of Australia at the time of settlement, then yes, you would have to pay the foreign purchaser stamp duty levy.

If you have questions about this, please feel free to call us for a chat – we’re happy to help you out.

how do i tell if i am considered a foreign purchaser or foreign vendor?

Good question! It is safe to say the if you hold an Australian passport, or an Australian Permanent Residency visa, you would not be considered a foreign purchaser. However, it is a complex area, so if you are not sure of where you stand, then don’t be afraid to call and we can help you out.

Got a question that wasn’t answered or you need more information? Send an email or give us a call - we’re happy to help!