{"id":48,"date":"2021-11-22T20:21:32","date_gmt":"2021-11-22T10:21:32","guid":{"rendered":"https:\/\/www.capefinance.com.au\/?p=48"},"modified":"2022-03-28T15:33:04","modified_gmt":"2022-03-28T05:33:04","slug":"how-much-does-it-cost-to-purchase-property","status":"publish","type":"post","link":"https:\/\/www.capefinance.com.au\/how-much-does-it-cost-to-purchase-property\/","title":{"rendered":"How much does it cost to purchase property"},"content":{"rendered":"\n<p>As if keeping track of the property market wasn\u2019t a full-time job in itself! When you buy a property, it\u2019s more than just the advertised price you\u2019ll need to factor into your plans.<\/p>\n\n\n\n<p><strong>Home loan application fees<\/strong><\/p>\n\n\n\n<p>There\u2019s no such thing as a free lunch, and many lenders charge you a fee for the privilege of applying for a home loan.<\/p>\n\n\n\n<p>Part of their rationale is presumably to cover the costs of processing your application, as well as it acting as a deterrent from applying with multiple lenders (which would impact your credit rating). An application fee covers:<\/p>\n\n\n\n<ul><li>Credit checks<\/li><li>Title checks<\/li><li>Contracts<\/li><li>Settlement (conveyancing fees are another expense, which we\u2019ll cover later)<\/li><\/ul>\n\n\n\n<p><strong>But wait, there\u2019s more!<\/strong><\/p>\n\n\n\n<ul><li><strong>Establishment fees<\/strong>\u00a0\u2013 This is a fee for setting up the mortgage (not to be confused with the application fee).<\/li><li><strong>Property valuation\u00a0<\/strong>\u2013 The lender will assign a property valuer to assess how much your property is really worth.<\/li><li><strong>Mortgage registration<\/strong>\u00a0\u2013 Your mortgage deed must be registered with the government.<\/li><li><strong>Lenders mortgage insurance\u00a0<\/strong>\u2013 If you\u2019re applying for a loan without at least a 20% deposit, you may have to pay for an insurance that protects the lender on the off chance you stop making repayments.<\/li><li><strong>Stamp Duty\u00a0<\/strong>\u2013 Most State Governments charge stamp duty, however good news is in an attempt to stimulate the economy, many states are reducing or waiving stamp duty altogether.<\/li><\/ul>\n\n\n\n<p><strong>\u2026And there\u2019s still more!<\/strong><\/p>\n\n\n\n<ul><li><strong>Building inspector&nbsp;<\/strong>\u2013 If you don\u2019t check whether your prospective purchase is structurally sound and safe from termites, then good luck to you!<\/li><li><strong>Registration of transfer<\/strong>&nbsp;\u2013 You\u2019ll need to register your ownership at the Land Titles Office.<\/li><li><strong>Conveyancing<\/strong>&nbsp;\u2013 You\u2019ll need to engage a conveyancer to handle the transfer of ownership of the property on your behalf.<\/li><li><strong>Home insurance<\/strong>&nbsp;\u2013 Now that you\u2019re a homeowner you\u2019ll need to insure the property (not just your contents, like when you were renting). In fact, the lender will likely insist on it.<\/li><li><strong>Utility costs&nbsp;<\/strong>\u2013 There may be fees to setup your electricity, gas and internet connection.<\/li><li><strong>Life and income protection insurance&nbsp;<\/strong>\u2013 Now that you\u2019ve committed to a home loan, it\u2019s worth considering how you or your family would continue repayments if something were to happen.<\/li><li><strong>Council Rates<\/strong>\u2013 Your local council will charge you rates to cover roads, rubbish and other maintenance costs.<\/li><li><strong>Body corporate fees<\/strong>&nbsp;\u2013 If your property is on strata title, you may need to pay body corporate fees. These can be pretty substantial, depending on the features of the communal space and the age of the property.<\/li><\/ul>\n\n\n\n<p>If you want help applying for finance, get in touch today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As if keeping track of the property market wasn\u2019t a full-time job in itself! When you buy a property, it\u2019s more than just the advertised price you\u2019ll need to factor into your plans. Home loan application fees There\u2019s no such thing as a free lunch, and many lenders charge you a fee for the privilege [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":49,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.capefinance.com.au\/wp-json\/wp\/v2\/posts\/48"}],"collection":[{"href":"https:\/\/www.capefinance.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.capefinance.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.capefinance.com.au\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.capefinance.com.au\/wp-json\/wp\/v2\/comments?post=48"}],"version-history":[{"count":2,"href":"https:\/\/www.capefinance.com.au\/wp-json\/wp\/v2\/posts\/48\/revisions"}],"predecessor-version":[{"id":234,"href":"https:\/\/www.capefinance.com.au\/wp-json\/wp\/v2\/posts\/48\/revisions\/234"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.capefinance.com.au\/wp-json\/wp\/v2\/media\/49"}],"wp:attachment":[{"href":"https:\/\/www.capefinance.com.au\/wp-json\/wp\/v2\/media?parent=48"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.capefinance.com.au\/wp-json\/wp\/v2\/categories?post=48"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.capefinance.com.au\/wp-json\/wp\/v2\/tags?post=48"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}