Do your home loan home work and save money
Added on by Etairos Accounting
The real cost of buying a house can be substantially greater than the actual sale price of the property. In addition to your deposit, there are considerable expenses associated with buying a home and it’s essential that you know what these are to avoid any last-minute surprises.
Some of the costs involved, like stamp duty, depend on the amount you’re borrowing and the purchase price of the property. If you're a first home buyer in Queensland, and the purchase price is less than $500,000.00, you shouldn't have to pay stamp duty at all. In other cases stamp duty costs can be as much as $15,000.00 and more. An Etairos Home Loan specialist can help you estimate these costs with their stamp duty calculator.
Home loan application fees
Many lenders charge a home loan application or establishment fee on new home loans business. For some lenders this can be as much as $1000. But don't worry, in some circumstances these can be negotiated while at other times there are home loans available that have no application fees at all. It's important to talk to your Etairos home loan consultant about what is best for you and get the balance right between fees, interest rate and features: a home loan with low upfront fees may have higher ongoing interest rates, or may not have all the features you need.
Valuation fees & lenders’ legal fees
Your lender will most likely to require the property you are buying to be valued by a registered valuer. This helps to protect the bank and ensures you are buying the property for what it is worth. Valuers typically charge banks around $300 and it is usually incorporated into the total loan application fee. Most lenders also charge a separate fee for their legal costs. These are costs the banks are changed by solicitors and lawyers to settle your loan for them. These costs can add up to $600 to your home loan expenses and are normally taken from the proceeds of the loan at at settlement.
Call an Etairos Home Loan Specialist now on 1300 55 22 30 to discuss your lending needs
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