gtdave Posted December 15, 2013 Share Posted December 15, 2013 Im house-hunting in Perth at the moment and was wondering if anyone could advise on the cost of fees when buying a house? My broker says to allow approx, 7-8k but I dont know how he's come up with this figure and it seems a bit high. I know I will have to pay for termite and structural surveys which will cost $500-600 each. Ive no idea how much a conveyancing solicitor will cost but im guessing somewhere in the region of $2k-$3k. My lender is Keystart so I wont have to pay LMI. Does anyone know of any other costs? Link to comment Share on other sites More sharing options...
buzzy--bee Posted December 16, 2013 Share Posted December 16, 2013 Im house-hunting in Perth at the moment and was wondering if anyone could advise on the cost of fees when buying a house?My broker says to allow approx, 7-8k but I dont know how he's come up with this figure and it seems a bit high. I know I will have to pay for termite and structural surveys which will cost $500-600 each. Ive no idea how much a conveyancing solicitor will cost but im guessing somewhere in the region of $2k-$3k. My lender is Keystart so I wont have to pay LMI. Does anyone know of any other costs? Stamp duty is the big one. BB Link to comment Share on other sites More sharing options...
blobby1000 Posted December 16, 2013 Share Posted December 16, 2013 Yeah, in Victoria if you dont have a big deposit (I think 25%) you have to pay a compulsary mortgage insurance fee (its thousands of dollars) in case you default. I think this policy applies across Australia but Im not sure.....its not applicable if you have a decent deposit but would have cost us around $20k (they add it to the mortgage but thats hardly the point) Link to comment Share on other sites More sharing options...
Incata Posted December 16, 2013 Share Posted December 16, 2013 We paid approx $1700 in legal fees, plus stamp duty. There were also all the fees associated with the mortgage (which your bank will be able to advise you). The stamp duty is the killer but the amount depends on how much you are paying for the house and whether or not you are entitled to the First Homebuyers Grant or not. Conveyancers do tend to be negotiable as to their fees. Link to comment Share on other sites More sharing options...
gtdave Posted December 16, 2013 Author Share Posted December 16, 2013 I'm a First Time Buyer, so Stamp Duty won't be applicable. Also, I won't have to pay the lenders mortgage insurance as I'm going with Keystart who are government-backed. Still don't see where the Broker is ccoming up with $7-8k. Link to comment Share on other sites More sharing options...
Incata Posted December 16, 2013 Share Posted December 16, 2013 I'm a First Time Buyer, so Stamp Duty won't be applicable. Also, I won't have to pay the lenders mortgage insurance as I'm going with Keystart who are government-backed. Still don't see where the Broker is ccoming up with $7-8k. Stamp duty depends on the price of the house you buy, not whether or not you are a first time buyer. We were first time buyers in Australia but still had to pay stamp duty. Link to comment Share on other sites More sharing options...
blobby1000 Posted December 16, 2013 Share Posted December 16, 2013 I'm a First Time Buyer, so Stamp Duty won't be applicable. Also, I won't have to pay the lenders mortgage insurance as I'm going with Keystart who are government-backed. Still don't see where the Broker is ccoming up with $7-8k. The broker is probably trying to rip you off try another one and see how much that comes out at Link to comment Share on other sites More sharing options...
scattley Posted January 3, 2014 Share Posted January 3, 2014 Are you eligible for FHOG? What is the cost of the home you ar looking for? There is a limit to what free stamp duty you get depending in the home cost. The agent probably is thinking you are not eligible with is why the cost is soo high Link to comment Share on other sites More sharing options...
Que Sera Sera Posted January 3, 2014 Share Posted January 3, 2014 Ask them? Link to comment Share on other sites More sharing options...
nicolac34 Posted January 3, 2014 Share Posted January 3, 2014 If you buy under $500k then you wont have to pay stamp duty. I found the brokers always err on the side of caution when advising you how much you'll need for 'fees'. Ours said allow $5k, but we didn't need anywhere near that much. As a guide this is what we paid a year ago for a purchase price of $420k: Settlement Fee $950 Landgate registration transfer $250 Enquiry Fees $309.24 Then you also have to cover the water rates and council rates that may have already been paid by the previous owner, our settlement agent overestimated these as well, but we paid $306 for water and $506 for council rates (you have to pay up until the end of the year which is July). The only other thing we paid for was a pest inspection, this was $187. We also had a bit to put towards LMI, but as you've already stated you won't have this, then you need your deposit (obviously!) So all in we paid $2,508.24 in various fees and costs to settle. Link to comment Share on other sites More sharing options...
Guest Guest66881 Posted January 3, 2014 Share Posted January 3, 2014 http://www.livingin-australia.com/buying-a-house-in-australia/:wink: Link to comment Share on other sites More sharing options...
nicolac34 Posted January 3, 2014 Share Posted January 3, 2014 http://www.livingin-australia.com/buying-a-house-in-australia/:wink: It's out of date for WA, first time buyers now get $3k for established and $10k if buying a newbuild. Link to comment Share on other sites More sharing options...
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