First Home Owners Grant
- How much Stamp Duty will I pay?
- The amount of Stamp Duty you pay is determined by the purchase price of your property. As a First Home Buyer you may be entitled to a concession on the Stamp Duty you pay, it is best to consult your legal representative to determine your eligibility. The amount of Stamp Duty you pay will vary depending on the State or Territory you reside in. To calculate Stamp Duty costs for a property situated in Queensland, click here Stamp Duty calculator
- What are Registration fees?
- These fees are paid to the Land Titles Office when you register a document relating to your property. Registration fees may also vary depending on the State or Territory in which the property is situated. It is best to talk to your legal representative or the applicable Land Titles Office for more information. Property, Titles and Valuations - Queensland
- What is LVR?
- Loan to Value Ratio. The LVR is expressed as a percentage and represents the relativity between the value of the property being used as security for the loan as compared with the loan amount. For example: On a loan of $225,000 for a property valued at $300,000 the LVR is 75%.
- Will I need to pay Lenders Mortgage Insurance?
- All financial institutions have limits on how much they will lend you. This will depend on the size of your deposit, the value of the property, and your servicing capacity (based on your income, how much you are able to repay). If we lend you more than 80% of the value of the property, we require you to pay a one-off charge which allows you to purchase a property with a smaller deposit. This one-off charge will be Lenders Mortgage Insurance which we add to your loan amount so it doesn't cost you anything upfront.
- What is Loan Repayment Insurance?
- It's hard to imagine that you could become sick or injured and be unable to work, or that you could suddenly lose your job. Hardest of all to imagine is that you might die. If the worst was to happen, could your family continue to meet your loan repayments? Loan repayment insurance protects either your personal or mortgage loan in the event of death, disablement or unemployment.
Please consult your legal representative for the list of fees and charges that will apply to your specific purchase situation.
A Product Disclosure Statement (PDS) is available for this product and you should read the PDS before making any decisions about the product. As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on this advice, consider its appropriateness to your circumstances.
