Cost Associated With A Property Purchase

Mortgages must be registered with the title office in whichever state the property is located. For this, a lawyer is involved in all purchase transaction unless the buyer decides to self-conveyance (Unless you are a property law expert, we strongly suggest that legal professional be engaged)

Lawyers (and/or conveyancers) generally charge the following for this service:

•   For purchases: $1100 to $1,500

•   For refinances with change in title details (change in one party etc): $1,100 to $1,500. When there are no changes, only statutory cost are incurred and a conveyancer is not commonly engaged

The above fees are estimates and can vary. Always get exact quotes for your conveyancing need from at least 3 different service providers. Request that the quotes include estimates of miscellaneous fees (disbursement cost) that may be payable.

All State and Territory Governments charge stamp duty on purchase of a property, the duty is calculated based on the purchase price and is tiered at different price point. For First Home Buyers, most states apply a waiver up to a certain price point, after which, duty payable becomes the same as for any existing home owner.

Aside from stamp duty payable on purchase, governments and/ or lenders also charge the following fees with purchases and refinances;

• Title search and lodgement fees

• Government enquiry fees, such as charges by the water provider and local council for the provision of details of outstanding rates and orders and requisitions

• Title transfer and registration fees. No concessions and exemptions are available for first home buyers unlike stamp duty on purchase

• Loan establishment fees (for buyers) or discharge fees (for sellers)

• Mortgage insurance (for buyers), if you are borrowing a large percentage of the property’s value

• Costs associate with verification of your identity

• Rates and taxes for the period you will own the property.