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 territory. A website for guidance to the approximate stamp duty cost in your relevant state is www.stampdutycalculator.com.au

These are also known as establishment or application fees and will vary depending on the lender and the loan product chosen. Some lenders don’t charge application fees.

Conveyancing is the process of which a property’s ownership is transferred from the current owner (the vendor) to the buyer. Either a conveyancer or solicitor will review your Contract of Sale and ensure appropriate checks are conducted on the property with local government agencies.

There are often a number of government charges associated with settlement (mortgage registration fee, transfer duty, land titles duty etc). There may also be other fees such as bank cheque fees and search service fees. Your solicitor/conveyancer will go through these fees with you before settlement.

It is always recommended that prior to purchasing a property, you hire professionals to inspect the property for structural defects, concerns, pest infestations or anything that could potentially cause damage to your property. Costs will vary between contractors.

The lender will order the valuation on the security provided and this could take up to 3-4 days to complete – depending on if the valuer can obtain easy access to the security property. If there is an application fee on the loan the cost of the valuation may be included in this fee. However some Lenders charge separately. Ask your mortgage professional if you need to pay a valuation or not.

LMI is only necessary if you have less than 20% deposit or insufficient equity in an existing property. LMI protects Lenders against a loss should a borrower default on their home loan.