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 a government fee. It can be paid on settlement day or possibly up to two weeks prior to settlement, and the amount changes depending on the property price and any possible government schemes. This varies between states and territories.
The breakdown of Government fees will generally include Transfer Stamp Duty, Mortgage Registration, Mortgage De-registration and Land Transfer Registration.
We will provide an initial estimate, but it will be confirmed by your conveyancer prior to settlement.
A conveyancer will assist with the legalities of purchasing a property and is responsible for the transfer of the title into your name. Fees and disbursements will vary between firms.
A conveyancer can also review contracts of sale ahead of you making an offer and look for any possible red flags that may impact you (The firm may have a fee for this service, or have a limit on how many contracts they will review for you).
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 or unit, the body corporate/strata insures the building.
Lender application fees
There may be lender establishment fees, annual fees in advance, lender solicitor fees, valuation fees etc. This varies greatly between lenders and even between loans with the same lender.
You may want to order a building inspection, pest inspection, and/or a strata report to give yourself more information on the property you are interested in. Each of these may have their own fee.
If you would like to make an offer on a property, its possible to make the offer “subject to [insert type of inspection]”. These reports can allow you peace of mind that, if anything comes up that you think might cause issues in the future, you can use this to backout of the purchase.
If you are bidding at auction all inspections will need to take place prior to the auction, with no guarantee you will be successful.
Proportion of Rates/utilities
Most annual property costs like rates, land tax, water etc may need to be split between you and the vendor of the property.
Your conveyancer will detail these expenses a few days before settlement.