Several costs and fees are involved in purchasing property, including:
- Lender costs: Such as application fees, package fees, property valuation, and administration fees.
- Legal and conveyancing fees: Costs associated with solicitors or conveyancers, varying by state/territory.
- Mortgage insurance costs: LMI for loans over 80% of the property’s purchase price; larger
deposits can help reduce this. - Building inspection and report: Necessary before purchase; costs vary by property size and location.
- Pest inspection: Important for identifying pest-related issues before purchase.
- Stamp duty: A tax charged on property transfers, with rates and thresholds varying by region.
- Home insurance: Required upon contract exchange, with ongoing premiums and additional charges.
Post-settlement, budget for ongoing expenses like insurance premiums, rates, water charges, and potential body corporate fees for units or townhouses. Don’t forget to include regular home loan repayments in your budget.
For more information call us on 0410 598 828 or email us on czang@bestprofessionalfinance.com.au for free mortgage health checkup or for any loan enquiries