Closing Costs?

I understand closing cost to be all expenses over & above purchase price ie stamp duty, mortage stamps etc []quote]
A rather simple question, unfortunately one which I don’t quite understand 100%.
For those of you who have read steve’s book, he referes to closing costs as part of the initial cash needed to aquire a property: for example

Initial Cash needed to aquire the deal:
Deposit: lets say 10% $10,000
Closing Costs: $??????
Loan Establishment: $800 (as an estimate)
Initial Cash needed: $(obviously $10,800 plus closing costs:

Can someone define closing costs for me please!!
[/quote]

Hi there,

Closing costs are:

Stamp Duty on Purchase
Stamp Suty on Loan
Loan costs (application fee)
Legal Costs (Conveyancer plus searches)
Lenders Mortgage Insurance
Building and Pest Inspection

Anything else which you need to pay out of pocket to buy a house. NAB has a really good calculator which I have played about with and found helpful:

http://www.national.com.au/Personal_Finance/Calculators/hlspcc/hlspcc.php

Hope this helps.

Victoria
[email protected]

Reason can answer questions, but imagination has to ask them. — Ralph Gerard