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What will my upfront costs be?

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Frequently Asked Questions

Generally, a conveyancer costs anywhere from $500 to $3000. A conveyancer’s cost varies based on their rate as well as the value of the property you are buying. Generally, more expensive properties have higher conveyancer costs. If you want to work out how much you could be paying, use eChoice’s Buying Costs Calculator to estimate your conveyancer costs or contact your conveyancer directly for an accurate estimate.
When buying a home, there are many upfront costs to consider. The first of these are Government Fees – including your Mortgage Registration Fee, Stamp Duty and Transfer Fee. Then there are typically Lender Establishment Fees, valuation, settlement fee and lenders mortgage insurance (LMI) if you borrow more that 80% of the property value. Finally, there are the 'other costs' such as conveyancing costs (ranges from $500 to $3000, usually higher based on your property value), moving Fees (anywhere from $0 to $500), and pest inspection ($200 to $500).
Stamp duty is a form of tax that the buyer of a home must pay to the government. It varies based on the value of your home, the state you are buying in, and also whether you are a first home buyer or not. This is because first home buyers may be exempt from – or have reduced – stamp duty. Stamp duty can often cost upwards of $20,000 so before you buy a home, it could be a useful to get an estimate of your stamp duty costs using the eChoice Stamp Duty Calculator
Usually, you only have to worry about Lenders Mortgage Insurance (LMI) if your deposit is less than 20% of the value of your new home. LMI is a one-off payment that is designed to protect the Lender in the event that you are unable to meet your home loan repayments. LMI providers have their own underwriting policies and each proposal is required to meet their approval requirements.
There are some hidden ongoing costs associated with owning a home that many new buyers are unaware of. Owning a home is a big responsibility, and it is recommended that home owners take out home and contents Insurance. New home owners should also be aware of strata fees, council rates and utility fees (gas, water, electricity, etc.). If you are paying off a home loan, there are also account fees which cover the ongoing administration costs associated with your home loan, however most accounts don’t have these fees.

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