Ray White Mountain Creek Buyers Guide 2018 2018 | 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.
firsthome.gov.au
buyer's guide