06/08/2024
You’ve worked hard, saved your deposit, and are ready to make an offer. But have you considered the other costs associated with purchasing a home? These costs can be quite significant, and without proper planning and consideration, they could affect your purchase. Here are some key expenses to keep in mind:
STAMP DUTY- In simple terms, stamp duty is a tax paid when purchasing a house. The amount varies depending on the state or territory, the property’s price, and occasionally, exemptions may apply, especially for First Home Buyers. For example, if you buy a property in Queensland for $900,000.00 to live in, you can expect to pay approximately $26,350.00 in Stamp Duty.
CONVEYANCING-These are fees for the legal work involved in transferring property ownership. The costs will vary depending on the company you choose to work with.
TRANSFER AND REGISTRATION FEES- These fees are charged alongside Stamp Duty and go towards registering the new ownership of the property. Using the above scenario of the $900,000.00 home purchase in Queensland above, you can expect to pay $231.98 in registration fees and $3,368.30 for the transfer.
BUILDING AND PEST- Not always applicable for certain property types, but if you are purchasing a standalone house, an assessor will check for structural issues and pests. Again the cost will be dependent on the company you choose to work with.
Lastly, on the date of settlement, you will need to pay any outstanding rates and water charges on the property. This is a pro-rata amount, which your conveyancer will advise.
Understanding these costs upfront ensures there are no hidden surprises at settlement. Want to know what this could look like for you? Give me a call at the number below or visit our website at tmbrokers.com.au to use our handy calculators.
Eric
0432054471
