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.
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.
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.
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.
Number four, lenders mortgage insurance which the bank will require you to pay if you don’t have enough within your deposit.
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.