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YOU’LL NEED A WEDGE TO HANG THAT DOOR
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YOU’LL NEED A WEDGE TO HANG THAT DOOR

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  1. Home
  2. Finance

The upfront costs that hit the hardest when buying a house

You’ll need more than a deposit. - by Laura Barry
  • 25 Jul 2018

When you’re saving towards a deposit for your first home or a new property it can very easy to forget about all the upfront costs that are associated with buying a house. When planning your budget for the purchase of property, make sure you take these additional costs into consideration.

Settlement Fees

You will need a lawyer or conveyancer to look over your contract of sale, check the title of your land, calculate rates and taxes and liaise with your lender at the time of settlement. These fees can cost anywhere from hundreds of dollars to thousands, and can depend on the provider you use, the services you use, and the complexity of the purchase situation.

Bank Fees

When you set up your home loan you may be required to pay establishment fees for the loan, ongoing fees for the loan, such as service or administration fees. If you’re buying a property with less than a 20 per cent deposit, your lender will also charge lenders mortgage insurance, which is usually rolled into your home loan.

Stamp Duty

Land transfer or stamp duty costs vary from state to state and depend upon the value of your property. As of July 2017, Victoria and NSW have waived stamp duty costs for first home buyers purchasing properties up to a certain amount and introduced stamp duty concessions for some other buyers. Stamp duty also varies depending on if the property is Owner Occupied, Investment or a First Home.

Inspections

Before you purchase a property it’s incredibly important to undertake pest and building inspections to ensure you know exactly what you are spending your money on, and what you’re getting yourself into in terms of maintenance. Costs are usually between $300–$600, but this is much cheaper than trying to fix an infestation or structural damage once you’ve already purchased the property

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  • Finance
  • Better Life
Laura Barry
Laura Barry
Laura Barry is a writer, bookworm and interior design enthusiast with a love for reporting on all things homes, travel and lifestyle. When not tapping away at her keyboard, Laura can be found making endless cups of tea or perusing the shelves of Sydney’s many bookstores.

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YOU’LL NEED A WEDGE TO HANG THAT DOOR
Watch 6:32

YOU’LL NEED A WEDGE TO HANG THAT DOOR

{headline}

{headline}

3 ways to pay off your home loan faster

3 ways to pay off your home loan faster

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5 legal ways to reduce your capital gains tax on investment property

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How you can save money on your home loan by going green

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This is how long it takes to save a home deposit in Sydney

{headline}

{headline}

The potential property hotspots for 2020

The potential property hotspots for 2020

The January 2020 changes all first home buyers need to know about

The January 2020 changes all first home buyers need to know about

Why you should reconsider hosting an open house inspection

Why you should reconsider hosting an open house inspection

{headline}

{headline}

How to know if a home isn’t worth the listed price

How to know if a home isn’t worth the listed price

Three things you should never do at an open house inspection

Three things you should never do at an open house inspection

The suburbs in Australia where it’s cheaper to buy than rent

The suburbs in Australia where it’s cheaper to buy than rent

The most affordable suburbs for first home buyers

The most affordable suburbs for first home buyers

How to find the right suburb for your ‘forever’ home

How to find the right suburb for your ‘forever’ home

How to avoid capital gains tax when selling a house

How to avoid capital gains tax when selling a house

4 signs that a property isn’t worth buying

4 signs that a property isn’t worth buying

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