Fees can vary by state and some can be wrapped into your home loan, so you won’t always need to dip into your hard-earned cash.
There are also concessions for first time buyers, depending on where you’re buying and the price of your property.
Check out the fees you’ll need to know about, courtesy of Property Update:
Stamp duty. If you’re a first home buyer in Queensland and you’re buying a home under $500,000 then you’ll pay no stamp duty. If your home is above $500,000 you may still be eligible for a concession, but not for the full amount. Check out the stamp duty
- Finance fees. Some banks can charge fees for a home loan, including application fees and annual fees. Talk to your broker or your bank to find out what fees apply. Don’t be afraid to ask for a fee waiver. The worst they can say is no.
- Legal fees. Shop around solicitors to get quotes for conveyancing. They’ll be able to quote you a fee for a straightforward property transaction, probably up to or around $1500. Be aware it is likely to get more expensive if you have non-standard property features to deal with like easements or if you want to do extra searches.
- Make sure you take out building and contents insurance to cover your property from the moment of settlement. It can be one thing you forget until you move in, but you’re liable for your property from the moment of settlement, so don’t leave yourself unprotected.
- Inspection fees. Make sure you arrange a building and pest inspection. Shop around for quotes, which will probably come in around $600. If you’re buying a strata title property you’ll want to check the body corporate minutes to find out about the maintenance expenses and ensure the body corporate has a healthy sinking fund balance to cover these. You might need to pay a fee to get copies of the documents.
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