Additional costs involved when purchasing a house

When buying a house there are some costs which buyers are aware of and some hidden costs that may come as a surprise.

The list below will help you prepare for your journey.

• Stamp Duty on the purchase of the property which can vary from state to state.

• Transfer fees and registration fees.

• Pest and building inspection fees.

• Conveyancing fees.

• Lenders mortgage insurance when borrowing more than 80%, which can be capitalised in the loan amount.

• Building insurance.

• Contents insurance.

• Mortgage protection insurance.

• Bank fees related to your mortgage.

• Other costs; such as moving costs, council rates, strata fees and any renovations and upgrades.

So when budgeting for a property always take these additional costs into account and make sure you have a buffer for them.

For any additional information call us on 0487 344 352 for a no obligation, free consultation.

Disclaimer: The Information is general in nature and does not take into account your particular investment objectives or financial situation. It does not constitute, and should not be relied on as, financial or investment advice or recommendations (expressed or implied) and is not an invitation to take up securities or other financial products or services. No decision should be made on the basis of the information without first seeking expert financial advice. Your full financial needs and requirements would need to be assessed prior to any offer or acceptance of a loan product. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.