Transcript
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You’ll be surprised to know what other costs are involved in buying a house. Here are four extra payments you need to keep in mind.
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Number one, stamp duty or annual tax. These are two different tax types that are paid to the government when land title is transferred from one name to another.
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Number two, conveyancing fees. These will go towards the services of a solicitor or conveying who can help you draft and complete all the legal documents needed to finalise the property sale. Same way you may opt not to work with a mortgage broker, hiring a solicitor is not required but recommended.
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Number three, pest and building inspection. Before purchasing a house, you must hire a qualified inspector to conduct a pest and building inspection. The building inspection report will detail the property’s condition.
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Number four, lenders mortgage insurance which the bank will require you to pay if you don’t have enough within your deposit.
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Outside of these four I’ve just listed, you’ll also need to consider council and water rates, insurance, moving services fee, loan application fees, lender admin fees.
