Fees and charges
Our service won’t cost you a cent but there are some other costs you need to factor in when buying property.
Fees and charges vary from lender to lender and state to state but here are some of the common ones for you to consider in your budget. To find out which costs apply to you, call us on 13 5626.
Stamp duty charges are paid to the government when you buy a property. There are a few different types of stamp duty and they can vary from state to state.
Property Transfer Stamp Duty
Transfer stamp duty is payable to your state government when you buy your property. It covers the transfer of title of the property from one person to another.
The rate of duty you pay varies depending on the state or territory you’re buying in – some charge a set fee while others are on a sliding scale.
Mortgage Registration Fee
The mortgage registration fee is paid when a mortgage is established or discharged (paid out) against a property. The Land Titles office in each state or territory collects the fee for registering the lenders mortgage on the title record for the property.
Mortgage Stamp Duty
In some states a mortgage stamp duty is charged on the amount of money you borrow to purchase property. Mortgage stamp duty is payable to your State Government upon settlement, if it applies to you.
Lenders Mortgage Insurance (LMI)
If you want to borrow a high percentage of a property’s value (generally over 80%) or your income is not consistent or you’re self-employed, you might need Lenders Mortgage Insurance.
Stamp Duty Concessions
You might be eligible for stamp duty concessions. Stamp duty concessions are available to first home buyers and sometimes if the property is where you intend to live.
Stamp duty concessions vary in each state and your eligibility depends on a number of factors. For accurate information contact your Loan Market mortgage broker to find out if you’re eligible for stamp duty concessions.