What costs are involved in buying a Property?

How much deposit do I need?
When buying a home, the size of your deposit makes a big difference - the more you've saved, the less you'll need to borrow and in turn the less the costs that you may have to pay.

Many lenders require at least 10% of the property purchase price as a deposit and to avoid having to pay Mortgage Insurance, borrowers usually need to have a deposit of 20%.

As we speak there are still a handful of Banks whom allow you to borrow 95% of the purchase price, meaning a 5% may be enough in some circumstances.

What are the Additional Costs I must budget for?
As well as your deposit, you will need to budget for some or all of the following costs:

· Government Fees including Stamp Duty on the property purchase plus Transfer and Registration of Title,

· Lenders fees which MAY include Mortgage Registration, Loan Establishment Fee, Settlement attendance fee, Mortgage Insurance, Rate Lock or Additional Security fee

· Legal fees/conveyancing, pre-purchase inspections including building or pest reports, rates and property taxes (adjusted at settlement), building and contents insurance

A very rough rule of thumb is that costs equal approx 5% of the purchase price, however we strongly suggest that you contact us on (03) 9827 9930 and we will provide you with a more accurate estimate of all costs.