Consider these costs when purchasing a property

• Lenders Mortgage Insurance (LMI) – A one-off, non-refundable, non-transferrable premium that’s added to your home loans in Australia. When you don’t have a minimum 20% deposit, it is calculated based on the size of your deposit and how much you borrow. The more you contribute to the purchase price of your property, the lower the cost will be.
• State Taxes, Duties and Fees – Stamp Duty is a government fee which varies between states. Your 1st Street Mortgage Brokers can calculate this amount for you with a stamp duty calculator.
• Legal Representation Fees – A solicitor or conveyancer is required to manage the legal aspects of your property such as assessing the contract and carrying out property searches. This fee can range from $1,500 upwards.
• Building Inspection Report – An inspection of the building you intend to purchase will highlight whether there are any issues or potential issues with the building. This report generally costs up to $1,000. A building inspection report may not be required if you are purchasing a strata title unit.
• Strata Report – This is required prior to purchasing a strata title unit to ensure you are fully aware of any underlying issues relating to the unit/building you are looking to purchase. This can be arranged by your legal representative.
• Pest and Termite Inspections – This is a relatively inexpensive cost although a worthwhile purchase as it will make you aware of any current or previous pest related issues in the property.
• Insurance – Building, home, contents and mortgage protection insurance