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Home Buyers – the REAL cost of buying a home

Hello home buyers,

Whether you are a first home buyer or just a home buyer, this will be relevant for you.

There is no doubt that there are a lot of extra costs that come with buying a home on top of the purchase price.

It is something extremely important to consider and your mortgage broker will usually factor this into your borrowing amount but we want to just highlight what those costs could look like.

This is an example:

Purchase Price – $670,000

Plus Adjustments (rates, water etc.) – $600

Legal Costs (conveyancer) – $900

Bank Solicitor – $450

Registration fees – $1,900

Stamp Duty – $16,200 (PLEASE NOTE this is the stamp duty of a First Home Buyer with the concession applied, otherwise the stamp duty for a home buyer would be $35,200)

Settlement fees – $130

TOTAL money paid for the purchase will then equal $690,180 (for NON First Home Buyers it would be 709,180)

We hope that this outline shows you the costs you will have to pay when purchasing a home. This isn’t to scare you off the idea of buying a home at all, it is just to try minimise the element of surprise for you!

*Please note this is just an example, there can easily be more fees and adjustments depending on the property

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Phoebe Blamey

Author Phoebe Blamey

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