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What are the upfront costs involved in buying a home?

No one said saving for a home was going to be easy.

As well as the biggest deposit you can possibly manage (at least 10% and preferably 20%), there are a number of other upfront expenses you’ll have to save for when buying your home. These include;

  • Stamp duty – ranges from zero up to many thousands of dollars, depending on where you are. If you’re a first home buyer, you may be entitled to an exemption, so check the government website in your state or territory.
  • Transfer fee - a state government fee for property title transfers which also varies by state. It could be hundreds or thousands of dollars, so check your government website for details.
  • Mortgage registration fee – another government fee covering mortgage registrations, but usually only in the low hundreds, depending on which state you’re in.
  • Legal fees - covers the cost of a licensed conveyancer reviewing your contract and title and drafting the settlement documents. This can cost anywhere from a few hundred to a few thousand, depending on complexity.
  • Mortgage application fee – a fee charged by your bank to set up your mortgage. Some banks offer reduced-fee deals, so shop around.
  • Lenders Mortgage Insurance – usually only required if your deposit is less than 20%, it can cost you between 1 and 3% of the loan amount.
  • Inspection fee – you’ll need a building inspection to check for termites and structural issues. This could set you back anywhere from $200 to $500.
  • Other costs - building insurance costs around $1000 a year for home insurance and $500 for contents, utility connections can be in the hundreds of dollars and removalist fees can be anywhere from $500 to $3,500.

Altogether, you could be looking at $30,000 on top of your deposit, so make sure you budget these amounts into your savings plan so you don’t have any nasty surprises come settlement time.

If you’d like a more detailed breakdown of the costs, take a look at our Home Loan Guide.

You can get more information about the fees associated with a Tiimely Home home loan here.

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Legal things about our rates
Our home loans are subject to credit criteria and eligibility requirements. Home loan interest rates are for new customers only and can change. Our comparison rates are based on a $150,000 loan amount over a 25 year term. They factor in fees associated with applying for the loan; ongoing fees and fees associated with leaving the loan. Our fixed loans roll to a variable principal and interest rate at the end of the fixed term. If the interest only period is not specified, the comparison rate is calculated on a one year period.

WARNING: The comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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