Conveyancing blog

Property purchase costs: better to prepare upfront

We all know that purchasing a property will involve various costs and to assist you in estimating how much this cost will be, we have created this list for you. There are also links to some pages that can assist you in estimating the various costs involved during your property purchase.

Government fees & charges, bank fees & charges, inspections, removalist, appliances, furniture, service connections and renovations can all add up to be considerable amount of money and so we suggest that you be prepare before commiting to property purchase.

The following are some of the items that you should keep in mind when calculating your expenditure:

  • Stamp duty - one off, payable on property purchases. Please refer to Stamp duty implications article on our website.
  • Transfer Registration fee - payable to your State Government.
  • Mortgage registration fee - usually $90.
  • Loan Establishment Fee - please liaise with you banker/broker.
  • Settlement Attendance Fee - we usually cover this in our quote.
  • Lenders’ Mortgage Insurance Arrangement Fee - please liaise with you banker/broker.
  • Lenders Mortgage Insurance (LMI) - please liaise with you banker/broker.
  • Rate Lock Fee - please liaise with you banker/broker.
  • Conveyance Fee
  • Services connection charges such as telephone and internet - please speak to your telecom provider.
  • Removalist Costs
  • Pest Inspection Report - around $250.
  • Building Inspection Report - around $350.
  • Strata Inspection Report - if applicable - around $270.
  • Building & contents Insurance - please speak to your insurer.
  • Strata fees/body corporate (incl. Building insurance, garden maintenance) - if applicable.
  • Council costs & water rates

We offer a complete conveyancing solution to all our clients purchasing property. Please contact us if you have questions regarding the above or conveyancing in general.

 

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