Eamon Lowe Gold Coast - Upfront Costs While Buying a Home in Australia

 Probably the biggest purchase of somebody’s life is buying a home. And when you save money for a home, it takes a lot of time and effort for a big investment like this. If you want to put your savings down on a place, there are certain upfront costs you should be aware of to keep everything in budget. One of the widely known property developers in Australia, Eamon Lowe Gold Coast has explained all the upfront and ongoing costs you may come across. 

Eamon Lowe Gold Coast - Upfront Costs While Buying a Home in Australia



Upfront Costs

Purchase price – As the name suggests, this is the entire cost of the property which remains as it is if you are willing to pay outright. Otherwise, your purchase price would be 10% to 20% of the total costs, which you need as a minimum deposit to take out a home loan. 

Loan application fee 

 This is a one-time payment that you make to your lender when the loan begins. It varies for different providers and covers certain things including, but not limited to, property appraisals, credit checks, service charges, and admin fees.

Lender’s mortgage insurance – 

If you are making a deposit of less than 20% of the total cost, you may have to pay for the lender’s mortgage insurance. This is a one-time payment your lender requires for protection in case of repayment failure. 

Government fees - 

The land or property transfer tax named stamp duty is applicable to all Australian states and territories. Different state governments have different stamp duty and it entirely depends on where are you purchasing your home.
 
Legal and conveyancing fees – 

The real estate conveyancer or solicitor charges this for preparing necessary documents and conducting the settlement process. 

Building, pest, and strata inspections – 

Keeping yourself safe from structural concerns requires you to pay for these services. Strata report keeps you safe from potential financial problems.

Moving costs –

This will be the cost of moving into your new home which can depend on whether you have hired a moving company for the move or have rented a truck.
Location: Gold Coast QLD, Australia

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