Buying a new home? Here are some costs you need to allow for….

Buying a new home? Here are some costs you need to allow for….

Buying a home is an exciting time but there are a lot of factors to consider, in particular there are a few ‘hidden’ costs that buyers should be aware of:

Stamp duty – apart from your deposit, this is your largest cost up front. The more expensive your home, the more stamp duty you’ll pay. However, there are some exemptions for first-time buyers.
Conveyancing and legal fees – these fees are for a licensed conveyancer to review your contract, perform checks on the title, and draft the settlement documents
Pest and building inspections – this is your pre-purchase research, particularly for older homes
Mortgage registration and transfer fees – This is a fee levied by the state governments to cover the cost of transferring the title
Loan application or establishment fee – these are the fees your lender charges to set up your Home Loan
Lenders Mortgage Insurance (LMI) – the smaller your deposit, the more insurance you pay. However, this insurance does allow buyers to buy with as little as 5% deposit
Council and utility rates – connecting gas, electricity and telecommunications
Building and contents insurance – compulsory if you have a Home Loan

It would be a good idea to do a thorough cost analysis before purchasing a home. Pulp Finance can help take the stress out of buying a house by not charging any fees in the loan process!

Contact Pulp Finance on 1300 506 998 or

Your full financial situation would need to be reviewed prior to acceptance of any offer or product.

Credit Representative 508672 is authorised under Australian Credit Licence 389328

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