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.
Stamp duty is payable to the government and comprises of several components. It is payable on settlement day, or in some states up to 2 weeks prior to settlement.
The breakdown of Government fees differs from state to state, but generally will include Transfer Stamp Duty, Mortgage Registration, Mortgage De-registration and Land Transfer Registration. I will provide an initial estimate, but it will be confirmed by your conveyancer prior to settlement.
When you buy a property, you should employ a professional conveyancer or solicitor to complete the land transfer and attend on your behalf on settlement day. Average fees and disbursements will vary depending on who you engage, and what state the property is in.
Moving costs to consider include, furniture removalists, moving insurance, bonds for utility providers, overlap of costs if you need access to your old place and new home for a period of time.
Building or Contents insurance
Lenders require that your new property has building insurance in place prior to settlement. If it is a house, you will need to organise it, but if it is an apartment, the body corporate insures the building.
Lender application fees
There may be lender establishment fees, annual fees in advance, lender solicitors fees, valuation fees etc. This varies greatly between lenders and even between loans with the same lender.
Building inspection, pest inspection and strata reports
Before you sign on the dotted line, it is important that you know what you are buying and are aware of any defects that may cost you in the long run. An upfront investment will be worth your while.
Proportion of Rates/etc at settlement
Most annual property costs, like rates, land tax and water, will need to be apportioned between you and the vendor of the property. Your conveyancer will detail these expenses a few days before settlement.