What costs are involved in buying a home? Let’s assume the following: • Property is worth $500,000 • Owner-occupied (you will live in it for the first year at least) • Mortgage rate of 5% • Deposit: 10% ($50,000) Based on this, here are some estimated costs. Legal fees: Approx. $1,500–$3,000, depending on the complexity of the structure. Stamp duty: This varies from state to state. You can get an idea of how much stamp duty is by using online calculators. Pest and building inspection: $300–$400 Loan application or establishment fee: $600 Lenders mortgage insurance: $7,920 Lenders mortgage insurance is the premium you pay to insure the lender for lending you more than 80% of the value of the property. Document preparation fee/legal charges: $200–$300 Bank valuation fee: $300–$400 Title insurance: $360 Registration of title: $75 Council and water rates: $500–$700 Legal searches and enquiries: $285 Estimated cost: $11,540–$14,050 Plus deposit: $50,000 Total estimated cost of buying: $61,540–$64,050 Read the whole article realestate.au/blog/hidden-costs-buying-home/?rsf=edm:rba:oct:b2
Posted on: Tue, 07 Oct 2014 05:50:42 +0000
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