First time home buyers are anxious, nervous and excited because they are about to fulfill a long time dream and going to be fully financially committed to it.  Buying first home comes with a lot of responsibility in terms of making the right decisions about your life long savings. If you are a first time buyer, don’t worry because the key lies in empowering yourself with the right information and making all the correct moves.

Here are few most important tips for you so that your first home buying experience is the best one.
•    Analyze your finances. Checkout what you can afford and what will be the down payment along with monthly installments for owning a particular budget home. You can use mortgage calculators available online to make it easy for you.
•    Research the market to compare the prices of the houses available in the area so that you can have an idea of the kind of housing available to you.
•    Also, pay due attention to the home insurance, taxes and different land and property rates that you will have to pay to acquire and maintain the property.
•    While buying your first home, you must keep in mind factors like proximity to school, shopping areas, medical provisions, and locality. You must also keep in mind the resale value of the property because it may not be your abode for the rest of your life; you may move to bigger and better house.
•    After selecting the property, do investigate to make sure there are no legal tangles or disputes associated with the land or the structure. You can also hire a professional to do this for you.
•      Right home loan also plays a very important role in making buying first home smooth and easy so do checkout various lending institutions and the interest rates charged by them.

Always remember to look 5 or 10 years down the line while buying first home. Consider the future prospects of the area and the property before investing. Extensive research and well thought out decisions can make your journey of buying home special and rewarding.

Also check out related blog posts - First Home Owners Grant, stamp duty rates, conveyancing fees

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Conveyancing is the process of transferring the ownership of a property legally from one individual to another. And conveyancing fees are the charges or rates levied by the government and solicitors for such transfers. In Australia, there are two main parts of this process: one is the exchange of contracts and second is the completion of formalities leading to your ownership.

Usually a conveyancer or a solicitor is hired to do the conveyance but you can also handle it yourself. In some areas like Queensland, a conveyancer works closely with the solicitor but in other areas, you can manage all by hiring a conveyancer only. You must also keep in mind that certain lenders also provide the conveyancing facilities without any fees to their borrowers.

The conveyancing fees are not fixed. You have to pay the cost of conveyancing to your hired lawyer or conveyancer. And it is usually charged on the basis of time and amount payable for legal formalities like registration. The various costs involved are:

•    Fees for searches. The searches reveal any disputes or problems affecting the property.
•    Registration fees that are charged for the process of transfer of title.
•    Stamp duty that varies from state to state and also depends on the total cost of house.

Solicitors charge a little higher than the conveyancing firms. The conveyancers give you a correct estimate of the costs involved. But as a user, you must know what all is included in the final figure presented to you and if it is the correct amount or just a rough estimate. You can get the information about the conveyance from National Electronic Conveyancing System which is a joint effort by the government and the industry to make it easier for the common people to know their conveyancing fees and details.

You can save the conveyancing fees by doing everything yourself although it  requires lot of effort from your side. You have to have a detailed understanding of all the concepts. It is complicated and a bit risky too so it is advisable to hire a professional to take care of the legal matters.

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Every country has certain taxes that need to be paid on the documents. Right from cheques, licenses to ownerships and transactions related to property, every document requires a particular amount to be paid to the government for it to be legally effective. These taxes are known as stamp duty rates. These rates are also levied on certain undocumented possessions like transferring title and policies and even home loans.

This collected tax or revenue is used to maintain all the public services. These include health care, safety and protection, law and order, education and public transport. In Australia, the first time home buyers are given concessions on the stamp duty rates and these vary from state to state. The regular stamp duty rates also varies as per state. Different states change the rate on the basis of the documents and the kind of transactions performed. Many states have now come up with transaction duty that is levied for giving the facility of not requiring any physical documentation.

The rates of stamp duty are discounted for some other business and home transactions. For this discount to be availed, certain criteria need to be fulfilled like the value of the property, its occupancy, its type. You can get in touch with the Office of State Revenue to find out about the policies and the various concessions available.

Stamp duty rates can increase the price of the property very significantly so whenever you choose a location, you must also give due thought to the amount of stamp duty you have to pay. The stamp duty can have its manifestation in various forms like transfer duty, mortgage, sale-purchase, lease and land ownership.

The Australian government keeps on revamping the stamping process that changes the rates as well as the concessions. According to Treasurers, there is also a possibility of abolishing number the duties over a period of time. Many states have already taken a step in making stamp duty rates on land quite affordable. You must keep a tab on all the latest developments in this field so that you are aware of your financial liabilities.

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