Buyers Guide Buyers Guide - Page 11

How much does it cost to buy property? Deposit Other Costs How much are you willing to pay upfront to secure your home? The simple truth is that the more deposit you pay, the more likely you are to get a loan. Inspection fees are not compulsory, but it is a good idea to get a house inspection to uncover any likelihood of hidden costs you may have to pay once you’ve bought the property. The Australian Securities and Investments Commission recommends having a deposit of 20 per cent of the purchase price of your anticipated property. Some states will allow as little as 5 per cent for a deposit. Loan establishment fees, legal fees and stamp duty all vary from state to state, so check in with your local authority. Of course, it depends on your lender and their rules, as well as your financial situation. Tip First home buyer? Check to see if you’re eligible for the First Home Owner Grant in your state. buyer's guide