We feel that buzz: pounding the pavement on Saturday morning, doing opens, with your decaf, plant-based, latte in hand. Or just a coke. We’re not judging.
But while riding that home shoppers high, make sure you also keep your feet firmly grounded in a realistic buying budget. That means knowing what fees you’re likely to pay along the way – and also how to minimise them.
Here are #3 ways to minimise fees if you’re a first home buyer:
- Stamp duty: This is a government charge and is typically one of the highest fees you’ll pay, we’re talking thousands of dollars. But Queensland first home buyers will pay nothing if their home is under $500,000. Purchases above this value will incur stamp duty but concessions apply. Find out more about the First home concession.
- Mortgage insurance: If you’re borrowing more than 80 per cent of the value of your home, you are likely to incur lenders mortgage insurance. This is another pricey fee to watch out for. But the good news is, first home buyers who qualify for the government’s new First Home Loan Deposit Scheme will avoid this fee courtesy of the government essentially going guarantor on your loan. Thanks Uncle Scomo!
- Loan fees: Some lenders will charge you fees when you set up a loan, and ongoing annual fees may also apply. Do your research to compare fees, not just interest rates, to find the best loan for you. Don’t be afraid to ask your lender to waive the set-up fees. You could save hundreds – or more!brisbane prices set to