Page 11 - Smartline eBook - First home buyer

Legal fees (at settlement)
You should always have a lawyer or licensed conveyancer review the contract for sale. They will also check the title of your land, calculate rates and taxes, and liaise with your lender. Solicitors’ or conveyancers’ fees can run from
the hundreds to the thousands, depending on whom you choose to use and the complexity of your purchase.
Bank fees (at or around settlement)
Bank fees will vary depending on your loan but may include:
• establishment fees, also known as start-up, set-up or upfront fees
• ongoing fees, sometimes referred to as service or administration fees
• fees for changes to your mortgage, such as early exit fees, refinancing fees or fees for making changes to a fixed-rate mortgage
• Lenders Mortgage Insurance (LMI) may be payable if you’re buying with less than 20% deposit. In many cases this cost will be rolled into your monthly home loan repayments so you don’t have to pay the full amount upfront. What is LMI?
Moving costs (around settlement)
These range from paying for removalists to setting up a new internet connection or energy provider.
You can check out the moving home checklist to help take the stress out of the moving process.
Stamp duty (at settlement or soon after)
Stamp duty, sometimes known as land transfer duty, differs between states and territories and is calculated based on a percentage of your property’s value. Most state and territory governments provide stamp duty concessions to first home buyers and sometimes waive the need to pay stamp duty altogether. While stamp duty is one of the largest costs associated with buying property, other government fees and charges may also apply to your purchase. You can use our Stamp Duty Calculator to get an estimate for your location.
Do I qualify for a stamp duty exemption or concession?
Use our Stamp Duty Calculator (5 mins) to estimate what you might need to pay and what grants you may be eligible for.
For more details on stamp duty exemptions or concessions, visit the government website in your state or territory:
New South Wales Victoria Queensland
Western Australia South Australia Tasmania
Australian Capital Territory
Northern Territory
First home buyer guide 11