Buying a new home is exciting, but it’s important to be prepared for all the costs involved — including closing costs, which can sometimes catch buyers off guard.
What are closing costs?
Closing costs are the fees and expenses associated with finalising your home purchase, covering various government and professional fees.
Common closing costs to expect in Australia:
- Stamp duty (transfer duty) — a state government tax based on the property value
- Loan application or establishment fees (subject to different lenders)
- Building and pest inspections
- Legal or conveyancing fees
- Mortgage registration and transfer fees
- Lenders mortgage insurance (if applicable)
- Prepaid costs such as council rates, water rates, and home insurance
Why budget for closing costs?
Knowing about these costs upfront helps you avoid surprises at settlement and ensures you have enough funds ready to complete your purchase smoothly.
If you want help estimating your closing costs or have any questions about the home buying process, just schedule an appointment via link below. I’m here to guide you every step of the way!