When purchasing a property there are some additional costs all buyers should be aware of.

 

Once your offer has been accepted, by the seller, there are some added cost involved before settlement.

 

Please note that Thomas Mortgage Brokers does work with some experts in each field and happy to refer you on to the best.

 

Scenario to Consider:

Purchasing Property      $700,000

Deposit                             $ 70,000 (10%)

Funding Required           $630,000

Legal Fees                       $1,200 - $2,000

Stamp Duty                     $20,000 (estimate QLD, incl Gov Charges)

Pest & Building               $300 - $500

Lender Fee                      $Nil - $1000

Rates & Others               $500 - $700 (if needed)

 

Legal Fees

• Property Purchasing Appox. $1,200 - $2,000 (depending on the nature and location of the purchase)

• Note that purchasing under a company or trust ownership, will involve a higher cost, but always good to get a quick estimate first from the Conveyancer first.

• Conveyancers are required as they can assist with the settlement requirements

 

Stamp Duty

• Stamp duty vary from State to State. You can get an idea of stamp duty my clicking the stamp duty calculator below.

• Transfer and Registration Fees are government charges to the bank for the purchase of the property

• Some States offer First Home Owner Grants/Building Grants. Best to speak with one of our representatives to get a better understanding of the Grants that are available.

 

Lenders Mortgage Insurance (LMI)

• LMI is a premium you pay to insure the lender for you lending more than 80% of the market value of the property.

• LMI is not always an upfront charge to pay, it is added to the loan amount, over the term of the loan.

• For Example; Purchase $500,000, Deposit $50,000 (10%), Funding Amt at Settlement $450,000 (90%), Bank Loan $450,000 + LMI over the term.

• For estimated LMI figures, please contact your TMB Broker.

 

Pest & Building Inspection

• Approx. $300 - $400

• This needs to be done, as some properties have some defects that only a trained eye can report.

 

Bank Fees

• Approx. $Nil - $1,000

• Known as an Application Fee. Most lenders provide a ‘Packaged Deal’ with the loan, that is a yearly fee.

• Your TMB Broker will disclose any bank charges involved.

 

Council, Water Rates & Others:

• Approx. $500 - $700

• When purchasing a property, you are required to pay the seller the remaining yearly or quarterly rates already paid on the property. The same goes with Body Corporate fees as they are paid in advance. This cost will be calculated from the date you own the property.