What fees are charged when I buy a property? Laura Sillano, Pod Financial
Mon 10:00am 17 Sep 2018Podcast Audio
Disclaimer: Please always remember, the advice shared in this chat is of a general nature only. For advice that relates specifically to you or situation, please get in touch with a trained, skilled and appropriately qualified mortgage professional (like Laura!).
There are a few different fees to consider when you purchase a home. Just remember, the ones listed here are in excess of your required deposit and should definitely be accounted for before you purchase your next home. Laura shares the fees you need to know about:
Stamp Duty
Stamp Duty is a government-implemented charge and doesn't really discriminate between first home buyers or otherwise. They do differ state to state but because they are overseen by the government, they cannot be renegotiated. For first time homebuyers, there may be concessions available as incentives or as cashbacks. It is important to have a chat with your mortgage broker today to learn what applies to you.
Transfer Fees
Transferring ownership involves some administrative processes in the back end. Changing titles, searching for them all cost money. Ask your lender to break these transfer fees down for you.
Mortgage Registration Fees
Registering your interest in a property (ownership) also requires administrative processes in between your bank or lender, and the government.
Professional Services
Adding to this equation are the lawyers or conveyancers involved, and depending on your arrangement, an accountant to help advise you with your purchase. Unlike the government-related charges, professional services are in your control so it's important to shop around and compare offerings.
Moving Costs
Another external cost is the one that relates to moving. Relocation removalists or storage costs are experienced here.
Lender Fees
Just remember that your lender will also take a slice of the price so chat with them about certain deals or concessions that might be available. Your lender will do their best to bring it down, depending on the home lending product you choose.
For more information about the fees involved, or to simply discuss your borrowing capacity, chat with Laura Sillano of Pod Financial today.
Meet our resident experts
Robert King
Accountant
Robert is a fully qualified Chartered Accountant, Registered Tax Agent & Xero Guru. He spends his time helping clients through all stages of the business cycle from setting up a business through to its eventual sale.
Laura Sillano
Mortgage Lending
Laura is a Residential Mortgage Broker with over 11 years experience. She is passionate about educating her clients about their options, and provides mortgage lending advice that is grounded by life experience.
Helen Baker
Financial Planning
Helen Baker, founder of On Your Own Two Feet, is an experienced financial adviser and firmly believes in the benefits of having a strong team of professionals to underpin your financial foundations.
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