17 Sep 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 email@example.com
Your full financial situation would need to be reviewed prior to acceptance of any offer or product.
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