July 18, 2014
For a property purchase:
Stamp duty & transfer:
These are charged by the state government and will vary depending on your purchase price. Another government fee is the registration of your mortgage - this is a fixed cost, charged by the state government and is relatively small.
Loan application fee, loan settlement fee, lender's legal fee:
These fees are charged by the lenders and you may have to pay a combination of these, or just the one.
You will need to engage the services of a conveyancer or solicitor to legally transfer ownership of the property you are buying.
Lenders Mortgage Insurance:
LMI is a potential once off cost unless your deposit size is at least 20% of the property value, plus all of the purchasing and borrowing costs.
Ongoing loan fees:
Your loan may have a monthly or an annual fee depending on the loan product selected.
A refinance loan may involve an exit fee in the form of break costs if a fixed rate loan term is broken or a discharge fee charged by the outgoing lender.
Building / Pest Inspection:
You may require a building and/or pest inspection when purchasing a property which would incur a cost. These processes are optional (but usually recommended).