Many first home buyers are not aware of the most basic costs and process associated with buying a home. A lot of them only think about the property price when doing their budgeting and are shocked when they meet with our mortgage specialist who explains all the costs and steps in getting their first property.
It’s important to know the following 7 most basic costs associated with buying a property and your Mortgage Corp loan specialist will also explain what other costs you should expect depending on your individual circumstances.
- Property Price
- Stamp Duty
- Government Transfer Fee
- Government Registration Fee
- Legal Fee
- Disbursements
- Mortgage Insurance
Here is some estimated costs for a typical property of $420,000 purchase price. You can also try our All In One Mortgage Calculator and get the estimate costs yourself.
- Property Purchase Price: $420,000
- Stamp Duty (minus First Home Owner’s Grant FHOG): $10,422
- Government Transfer Fee: $108
- Government Registration Fee: $1,165
- Legal Fee (this will vary depending on your choice of solicitor): $1,000
- Disbursements (rates and cheque fees): $1,500
- Minimum Deposit Required: $33,750
- Minimum Loan Amount: $398,945
- Estimated Mortgage Insurance: $13,830
- Estimated Total Loan Amount Required: $414,220
Based on the purchase price of an established property, the minimum amount of savings you will need in your bank is $33,750.
If you’re thinking of spending more/less than $420,000, use the all in one mortgage calculator to get the estimated costs.
(*estimated amount and figures being used and should not be relied on as fees and charges may change due to government charges, legal fees and disbursements)
