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Additional Costs Of Buying A Home
What are the extra costs you need to be aware of?
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In addition to the price of the property itself, there are many other costs of buying a home that you need to take into consideration before making any decisions. These costs all vary depending on things like the state you live in, the type of property, the use of the property (will it be owner occupied or an investment property) and the cost of the property. Below is a list of some of the main costs you need to factor into your finances. An Assured Lending Mortgage Broker can give you free advice on what all of the costs of buying a home will be for your specific circumstances.
Stamp Duty
Stamp Duty is a state Government tax paid on the purchase of land or a property in Australia. The stamp duty you will be required to pay is calculated on the value of the land or property and varies between the different states. Calculate your stamp duty with our online calculator.
Lenders Mortgage Insurance
Lenders Mortgage Insurance is a one off fee paid to the lender as insurance with any loan where you borrow more than 80% of the property value. See more information on Lenders Mortgage Insurance.
Finance Costs
There may be fees from your home finance lender such as application fees, property valuations and settlement fees. These vary from lender to lender, your Mortgage Broker can advise you of the cost of these fees prior to getting a loan.
Pest & Building Inspections
Pest & Building Inspections need to be done before any contracts are signed to ensure the property is structurally sound and has no termites or pests.
Land Title Registration
Land Title Registration is a fee paid to your state Land Titles office to register the Title of your property.
Legal Fees
Legal Fees are paid to a solicitor or conveyancer for services like property & title searches, transfer of ownership, strata documentation, contract amendments & organising your property settlement.
Building & Contents Insurance
Building & Contents Insurance covers the value of the property and it’s contents in case of theft, storm, fire, flood & damage.
Utilities
Utilities include connection of water, electricity, gas, internet & phone services.
Council Rates
Council Rates are paid to local Council for the community services in your suburb. Your rates will be calculated on the value of your land. Get more information on how rates are calculated here.
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Property Valuation Report
Would you like a free report on an investment property you are considering purchasing?
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Suburb Profile Report
Order your free suburb profile report to see how any Australian suburb is performing in the property market
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Property Month In Review Report
The free Herron Todd White Month in Review report identifies the latest movements and trends for property markets across Australia.
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Property Viewing Checklist
Instantly download and print this property viewing checklist to make sure you consider all aspects of a potential property during a viewing.
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Home Loan Repayments
Get an estimate on how much your home loan repayments might be on an investment property so you can compare repayments to rental yield.
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Stamp Duty On An Investment
Calculate what the stamp duty will be for a property you are considering purchasing.
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No matter where in Australia your located, we'll find the right loan for you.
Get in touch with our team for a free 15-minute consultation call.
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