Useful Tips

Sale & Purchase Costs

Every lender has their own terms and conditions, and this is intended only as a general guide to understanding this topic. Contact us to discuss your individual circumstances.

Definition
When you buy and sell properties there are many costs that you need to budget for, and it’s not only ‘how much’ but ‘when’ that you need to consider.
Here’s a list of some costs as a starting point for your own research. Where possible I’ve made some estimates which are based on my clients’ recent Victorian property experiences. They will be different for your own unique situation.

Selling
Real Estate sales commission 2% On sale settlement
Real Estate Marketing $2,000-$10,000 Possibly upfront
Preparing house for sale:
repairs painting, cleaning $ Upfront
Preparing garden for sale $ Upfront
Hire of presentation furniture $ Upfront
Storage for your excess stuff
during your sale campaign. $ Upfront
Exit fees for your current lender $200-$500 On Sale settlement
Fixed rate loan break costs % On Sale settlement
Government title transfer fees $110 On Sale settlement
Conveyancing fees $600-$1000 Possibly upfront
Adjustments – rates/water/land tax $ On Sale settlement
No rental income if selling untenanted $ Upfront
Buying
Pre-purchase property inspections $300 each Before purchase
Government title transfer fees $216 On purchase settlement
Buyers Advocate fees set $ or % After contract signed
Lender Application fees $200 -$600 On purchase settlement
Deposit 10% negotiable When contract signed
Removalist costs $ Upfront
Bonds on connection of utilities $ Upfront
Lenders Mortgage Insurance $ Added onto the loan
Bridging
Interest payable on peak debt Monthly or on sale settlement