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 admin@pulpfinance.com.au

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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