• CONVEYANCER OR SOLICITOR FEE

When buying a property, conveyancers and solicitors handle all of the legal requirements such as examining the sale agreement, conducting title investigations, and preparing paperwork requested by the lender for the closing of the transaction.

The costs associated with hiring a conveyancer or solicitor when buying a property in Australia will vary depending on the specific services provided and the location of the property.

These can include charges for drafting and reviewing contracts, searching and providing advice on title and other legal issues if any.

• PROPERTY INSPECTIONS RELATED EXPENSES

When buying a house, there are several types of property inspections that may be recommended or required, each with its own associated cost.

The 3 main inspections are Building, Pest and Strata inspections.

Building and pest inspection:

This inspection assesses the condition of the property, including the structure, roof, walls, floors, and any visible signs of pests or termites.

This could cost you anywhere from $300 to $600 depending on the property.

Strata inspection report (for apartments or townhouses):

This report provides information about the condition and management of the strata scheme, such as the condition of common property, insurance, and any outstanding repairs.

The inspection could range from $200 to $500(varies).

There could be other inspections too such as Electrical, Plumbing and Pool.

Click here to know more about all inspections.

• LOAN APPLICATION AND ESTABLISHMENT FEES

Application fee:

Lender may charge a fee to cover the cost of processing the loan application. It can vary but typically ranges from $0 to $600.

Most lenders don’t charge this fee but could vary from lender to lender. 

Establishment fee:

Lender may charge a fee to cover the cost of setting up the loan, such as underwriting, preparing loan documents and processing the loan application. It can vary but usually ranging from $200 to $1000.

Valuation fee:

Lender may charge a fee to cover the cost of an independent property valuation.

This makes it easier for the lender to decide how much money to give you and if you have enough for the down payment. It can vary but typically ranges from $200 to $500.

There could be other fees as well such as Credit Report fee, Title search and title insurance fee and Mortgage registration fee.

Click here to know about all these fees in more detail.

• RENOVATION RELATED EXPENSES

When you buy a house that needs repairs or you want to change how it looks to increase its value, it’s important to have an estimate how much it could cost you.

The renovations could be:

Cosmetic Work: 

Small changes include painting, replacing small things and fixing small holes in the walls.

Minor Work:

Regular changes include things like changing the kitchen, floors, changing wall structure around and installing an air conditioner.

Major Work:

Big changes include things that change the way the house looks and the structure of the house. The cost can vary a lot depending on the type of change.

• HOME AND CONTENTS INSURANCE

You might want to get Home and Content Insurance, or it could also be part of your home loan agreement (mostly home insurance).

This expense could vary depending on size, location, type of property.

Content insurance is not always necessary, but it is an option. This type of insurance covers the cost of your belongings in case they are damaged or stolen due to unexpected events like natural disasters or theft.

• STRATA FEES

When you buy an apartment or unit, you will be responsible for paying ongoing costs known as strata fees.

These fees cover the maintenance and management of the building and shared areas.

The specific cost will vary depending on the location and type of building in which your property is located.