Stamp duty rates vary between state and territory governments and also depend on the value of the property you buy.
These fees cover all the legal side of property purchase, including title searches and the settlement agent's fees. Our clients receive a substantial discount from the agents that we use and they will supply a written quote, before you agree to use them.
This should be carried out by a qualified expert, before you purchase an established property. Your Contract of Sale should be subject to a building inspection. If there are any structural problems you have the option to withdraw from the purchase without any significant financial penalties. The building inspection report fee will vary according to the age and size of the property. Your conveyancer can arrange the inspection, and you will usually pay for it as part of their total invoice at settlement in addition to the conveyancing fees.
This is also to be carried out before purchase to ensure the property is free of problems such as white ants. Your Contract of Sale should be subject to a pest inspection. You may have the option to withdraw from the purchase without any significant financial penalties if the inspector finds any problems. Allow up to $500 depending on the size of the property. Your real estate agent or conveyancer may arrange this inspection, and you will usually pay for it as part of their total invoice at settlement in addition to the conveyancing fees.
Most lenders charge establishment fees to help cover the costs of their own valuation as well as administration fees. We will highlight the lender fees, but budget for between $0 to $600 as a guide.
Home moving costs
Don't forget to budget for the cost of a removalist if you plan to use one.
Mortgage Insurance costs
If you borrow more than 80-85% of the purchase price of the property, you'll have to pay Lender Mortgage Insurance to the lender, this will be added to your home loan amount.
You will need to budget for the council and water rates. You will also be required to take out building insurance cover, the lender will require a minimum sum to cover the property replacement value,and you should also consider taking out insurance to protect your homes contents.