Borrowers guide to buying your first home

Understanding the costs

The process can be confusing and overwhelming at times, but when you understand the basic process, you'll be much more prepared. 

Some of the other costs would include the following:

STAMP DUTY
This is a government cost that is usually the biggest expense outside the purchase price of the property. Stamp duty varies between the states and territories.
For guidance on the approximate stamp duty cost in your relevant state go to https://www.stampdutycalculator.com.au/

LOAN SET UP COSTS
This includes establishment fees and will vary depending on the lender and the loan product chosen. It is important to note that you may also require Lender's Mortgage Insurance (LMI) depending on your deposit size.

CONVEYANCING COSTS
Conveyancing is the process by which a property's ownership is transferred from the current owner (the vendor) to the buyer. A conveyancer is a legal representative that specialises in this eld. Either a conveyancer or solicitor will review your Contract of Sale and ensure appropriate checks are conducted on the property with local government agencies and other authorities.

GETTING A DEPOSIT TOGETHER
There are many options available in relation to how much you will need to come up with as a deposit. Depending on your situation it could vary from 5% to 20%. Sitting down with your trusted mortgage professional will ensure you know which options are available to you.

We hope the above information will make your journey to owning your own home an enjoyable one!

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