Property Buying Costs Calculator
The costs associated with buying a property in Australia can vary depending on several factors, including the state or territory where the property is located and the purchase price. Here are some common costs to consider:
Deposit: Typically, you’ll need to pay a deposit when purchasing a property, which is usually a percentage of the purchase price. The deposit amount can vary but is often around 10% of the purchase price.
Stamp Duty: Stamp duty is a state or territory tax imposed on property transactions. The amount of stamp duty varies depending on the state or territory, the value of the property, and whether you are a first-time buyer or not. Stamp duty can be a significant cost and is usually payable at the time of settlement.
Legal and Conveyancing Fees: Engaging a solicitor or conveyancer is important to handle the legal aspects of the property purchase, such as reviewing contracts and conducting property searches. The fees for these services can vary, so it’s advisable to obtain quotes from different professionals.
Lender Fees: If you require a home loan or mortgage to finance your property purchase, the lender may charge various fees, such as loan application fees, valuation fees, and settlement fees. These fees can vary between lenders, so it’s worth comparing different options.
Building and Pest Inspections: It’s common to arrange a building and pest inspection before purchasing a property to identify any issues or potential problems. The cost of these inspections can vary based on the size and location of the property.
Mortgage Insurance: If you have a deposit of less than 20% of the property’s value, you may be required to pay lender’s mortgage insurance (LMI). LMI protects the lender in case you default on the loan. The cost of LMI depends on the loan amount and the loan-to-value ratio (LVR).
Property Valuation: Some lenders may require a property valuation to determine the market value of the property. The cost of the valuation is typically borne by the buyer and can vary.
Moving Costs: Once you have purchased the property, you will need to consider the costs associated with moving, such as hiring a moving company or renting a moving truck.
It’s important to note that these costs are general guidelines and may vary depending on your specific circumstances and the location of the property. It’s recommended to consult with professionals, such as property strategists, buyers agent, real estate agents, solicitors, and lenders, to obtain accurate information and estimates for your property purchase in Australia.
This calculator is only to be used as a guideline. For detailed analysis and advice, always seek professional specialists.
To use this calculator, fill in all the yellow boxes. You can override the existing entries.
For current property values and growth rates, contact us.