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Home Loan Costs

Some of the other costs would include the following:

Stamp Duty

This is a government cost that is usually the biggest expense outside the purchase price of the property. Stamp duty varies between the states and territory. A great website is available for guidance on what the approximate stamp duty cost would be in your relevant state:

Loan setup up costs

This includes establishment fees and will vary pending on the lender and the loan product chosen. It is important to note that you may also require Lender’s Mortgage Insurance (LMI) depending on your deposit size.

Conveyancing Costs

Conveyancing is the process of which a property’s ownership is transferred from the current owner (the vendor) to the buyer. A conveyancer is a legal representative that specialises in this field. Either a conveyancer or solicitor will review your Contract of Sale and ensure appropriate checks are conducted on the property with local government agencies.

Inspection Costs

It is always recommended that prior to purchasing a property, you hire professionals to inspect the property for structural defects, concerns, pest infestations, anything that could potentially cause damage to your property.

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DISCLAIMER:  The information contained on this website is provided for general education purposes only and does not constitute specialist advice. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy.