Buying a property involves more than just the purchase price. Here are some additional costs to be aware of:
-
Stamp Duty: A significant tax based on the property value.
-
Legal Fees: For conveyancing and other legal processes.
-
Inspection Fees: Building and pest inspections.
-
Loan Fees: Application, valuation, and settlement fees.
-
Insurance: Lender’s Mortgage Insurance (LMI) if your deposit is less than 20%.
- Buyers Agent: If you want to buy well – consider using a Buyers Agent (est. $15k)
Understanding these costs helps you budget accurately. Consult your mortgage broker for a comprehensive breakdown of expenses.
#buyinvestlive
