Buying a Home - How much does it cost

[Adam from Vista Financial]

If you are looking to find out how much it will cost to purchase a property we have a Buying Costs Calculator available below which we think you might find very useful.

 

Stamp duty is calculated differently in different states and also there may be eligibility for grants including the First Home Owners Grant particularly if building rather than purchasing an existing property.

 

Please note that on top of these costs a deposit of around 5-10% of the purchase price will also be payable (depending on the lender). Also allow approximately $600 for Conveyancer fees and $2,000 - $2,500 for contingencies (based on a purchase price of around $400,000).

 

Lenders Mortgage Insurance typically applies when borrowing over 80% of the purchase price. The cost of this will vary from lender to lender and in some cases can be added to the loan amount.

 

Buying Costs Calculator

Edited March 22, 2016 by Adam from Vista Financial

[Adam from Vista Financial]

Please also note, the above in relation to requiring a 5-10% deposit (with LMI) applies to Permanant Residents, eligible Temporary Residents will require a 20% deposit typically, although it may be possible with 10% depending on circumstances. Please note also Foreign Investment Review Board conditions for Temporary Residents see here http://www.pomsinadelaide.com/forum/money-finance/47538-temporary-residents-pay-5-000-buy-home.html