What is the buying steps in Vic?

I found a thread for WA but not for Vic, may be I haven't looked at the right place.
I'm aware each state would be different.

Also recommendations for the team as well please.
Conveyancer / solicitor. (Would you get the solicitor to do conveyancing work?)
Property Inspectors
Pest Inspectors
etc...

 

My steps are
1. Research - what area do you want to buy, are you looking for capital gains or cash flow etc.
2. Finance - before you start looking at individual properties get you finance sorted so you know how much $$ you have to play with
3. Start looking for the right property based on your previous research
4. Have contracts and section 32 reviewed by a solicitor, add clauses as required to your individual circumstances
5. Make an offer/bid
6. Valuation
7. Settlement
8. Live the dream

If it's your first time buying you may want to engage a buyer's advocate, make sure you use one that is not a real estate agent in disguise! I know @JacM and @JamesGG are great advocates.

@Mitesh Dedhia from Think and Grow Finance is a great broker who is also active on the forums.

 

I am looking for any advise on when stamp duty is payable in Victoria ? Is it at settlement or within 30 days.
Finally , If i have pre approval for $473,000(including stamp duty ) and sign a contract for $450,000 and pay 10% deposit from my funds ,the settlement balance will be $428,000.00 including stamp duty .Can I ask the lender for the un utilised funds of $45,000?.Its an IP

Other than the usual cost of buying ,what other govt fees and charges should I be aware of ?

 

Stamp duty in Victoria is payable at settlement.

I'd expect that whoever has set up your pre-approval has taken all this into consideration.

You can only borrow a percentage of the property value, for example 90%. If you buy something for $500k, then 90% is $450k. You can't access the pre-approved extra $23k as this would take the loan over 90% of the property value.

The main purchase cost is usually the stamp duty, but there is also several others such as land transfer, mortgage registration, conveyancing and various adjustments based on holding costs. Allow about $3k-$5k for these.

 

Thanks Peter.What I should also mentioned ,lender funding 105%.cross collateral (I know your not a fan)
In that case ,when settlement takes place ,bal due at settlement will be $405,000 plus stamp duty $23324,total $428324 ,will I have access to the $45000 unutilised amount?
Can the land transfer fee,mortgage registration come out of loan proceeds at settlement
I will be cash flow tight after deposit paid
Thanks

 

They'll likely fund the full loan as described in your loan offer documents. Funds in surplus over the amount required to settle would be disbursed as cash to whatever account you nominated in those documents.