Home loan purchase costs – the first step in buying a house and thinking about a home loan is to work out if you have enough ‘funds to complete’
When it comes to purchasing your first home, and sometimes even when you are purchasing your second home, people generally become so excited with the proposition at hand that they forget to look at the total purchase costs.
Always check with your solicitor and finance broker to confirm costs.
Below is a summary of the general costs involved when buying a house. For the home loan process we must ensure you have sufficient money to pay all these costs.
Points to note are :
- Solicitor professional fees will vary but they are around $990
- Searches conducted by your solicitor will cost from $400 to $600 depending on what searches are done.
- Rates adjustment will be case by case as advised by Solicitor. This is where the current owner of the house has prepaid the rates when selling the house they will want some of their ‘in advance’ payment refunded. So your solicitor works this out and adds this to the total settlement amount
- Mortgage Insurance can only be quoted on a case by case basis, use link below for approximate. This is a insurance premium that applies to lending when the someone has less than 20 % deposit for a home loan.http://genworth.com.au/homebuyer-centre/homebuyer-tools/lmi-premium-estimator/
- Stamp duty is a government cost with the amount dependent on the price of the house. See link below. http://www.visionabacus.com.au/w1/calculators/main/afgonline/StampDuty.html
- Home Insurance will vary from $1500 – $2500 for the average house in Qld
- Building and Pest inspections will each be $440 or in total aournd $880
- bank fees will vary from 0-$600
- The registration of mortgage fee is $130
- Other fees may be $200 – $300 on a case by case basis
- NB: A lot of the above is governed by the price, so the higher the price of the house equals higher purchase costs.
Contact us for further explanation. All links are held on visit our website for more info.
All fees are quoted without referennce are not specific to any case and are not to be relied apon for 100 % accuracy.