Home Loan Rate – Australia

How much does buying a home cost?

First home buyers may receive concessions on stamp duty or mortgage duty, depending on the state that they are buying in. Please refer to our calculator & your state government for more information.

Second home buyers & property investors can expect to spend 4% to 5% of the purchase price on purchasing costs. Some state governments have stamp duty waivers for new buildings or special grants for construction projects. It certainly doesn’t hurt to talk to your state government to find out which benefits are available in your area.

What are the costs of purchasing a home?

The above calculator can work out which costs you are likely to incur, however it doesn’t explain what these expenses actually are or when you need to pay them!

• Transfer stamp duty: This is the largest cost of buying a property. It is a state government tax which is based on the purchase price or valuation if you are buying a property from a family member.
• Mortgage stamp duty: This is a state government tax based on the size of your mortgage. Most states have removed this tax.
• Registration charges: These are state government fees for registering the title in your name and for registering your banks mortgage on the title of your property.
• Conveyancing costs: You should allow $1,500 to $2,000 for the cost of conveyancing and the reports you will order when you purchase a property. This is not included in our calculator.
• Mortgage fees: These costs can vary significantly depending on the loan you are taking our and weather or not Lenders Mortgage Insurance is required. These fees are not taken into account by our calculator as in many cases they can be added on top of the loan amount. You can use the Home Loan Experts mortgage insurance calculator to find out the cost of LMI.

If you aren’t sure about the expenses that you will pay when you buy a property, then please refer to your mortgage broker and conveyancer for clarification. This calculator is a guide only.

More loan calculators

We have a range of home loan calculators available which can help you with the purchase of your home and your mortgage application. You can also find other calculators available online, or ask you mortgage broker for help with your figures as their software will have a funds to complete calculator included in it.