What other costs are associated with taking out a mortgage?

Wednesday 09 December, 2020

When purchasing a home, it’s important to note that there are other associated fees and expenses that you will incur on top of the agreed purchase price.

Below is a brief summary of added expenses you need to consider:

  • Stamp duty (50% off at the moment)
  • Property valuation
  • Legal/Solicitor fees
  • Registration transfer
  • Loan establishment
  • Mortgage insurance (if applicable)

There are many grants available at the moment, such as 50% off your stamp duty or the First Home Owners Grant that certainly help aid these extra costs.

Another thing to consider are the ongoing costs once you’re settled. Depending on your living situation and the property itself, these charges will differ, but it’s important to consider the below when budgeting:

  • Council rates
  • Water rates
  • Land tax
  • Body corporate fees (if applicable)
  • Home and contents insurance
  • Maintenance costs

At Finance Brokers Tasmania, we are strong believers in your loan working for you, not you working for your loan. That’s why we take all of these expenses into consideration when assisting you on your financial journey.

We’re certainly not trying to scare you, simply preparing you to comfortably take that next step on your financial journey.

If you’re looking for honest, reliable service and expert advice, give us a call and let’s chat about how we can help you, not just for now, but for your future.

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