Where Your Money Goes When You Buy A Property
There are many things to consider when you buy a property - and when it comes to savings, you’ll need to think beyond the cost of the house you want to purchase. There are a number of other expenses associated with this type of purchase - and getting the facts and figures straight from the beginning can help you plan a more accurate budget.
To avoid unexpected fees cropping up, the best thing you can do is talk to a mortgage broker about putting together a comprehensive budget, which goes through every single cost you may incur.
This way you will be prepared and can make your plans, safe in the knowledge that you won’t get any surprises further down the track.
One common cost you will come across is stamp duty. This is a government charge which is paid as part of the property purchase price.
Stamp duty varies from state to state, but needs to be paid before the settlement of your house is completed. Depending on where you live, the type of property you are purchasing and whether you are a first-time buyer or an investor, you may be eligible for some stamp duty concessions.
Your mortgage broker can personally discuss how each cost may apply to your situation - as well as any concessions or grants you may be eligible for.
For more detailed information on your situation, talk to a Loan Market mortgage broker today.