hello everybody [
]im new to the forum and would like to ask the following question. please let me know if it has previously been asked and if you could, point me in the right direction of where i can source the answer.
what makes up the 5% “closing cost” when purchasing a house/property?
does this include the power, electricity, water??? connection bills? or, would the renter pay for these? i have never purchase a house before so i am unsure exactly what costs are associated with it.
stamp duty comprises how much percent? am i able to calculate this acurately before buying the house?
what about conveyancy and legal costs?
what about all the smaller costs (im sure there are many)?
is there GST or other taxes payable?
has any one got a detailed list of what is involved and how they were calculated? or, is it safer to allocate 5% to all these items? if so, is anyone able to give me the complete set of typical items that are included?
i am trying to do some research and would appreciate any help you have to offer. thanks in advance.
mike [
]You are looking at the following.
Building and Pest inspections $400 – 500
Stamp Duty
Borrowing Costs
Legal FeesIf you give me a state and a price of the property I could put figures in for these.
All utilities are the tenants responsibility.
Cheers
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
hi Simon [
]thanks for the quick response. i am looking at south australia. property asking price $240,000 (2 bedroom unit). is there anyway i am able to work it out fairly acurately for say a $100,000, $150,000, $200,000, $250,000 ect?
thanks, mike.
Check out your office of state revenue equivalent for the stamp duty formula.
Borrowing costs will be dependent on your loan size versus the purchase cost. LMI is the killer here.
Legal fees are usually $1500 – 2000 here in NSW – but it does vary a great deal between states.
Sorry I’m actually not all that accurate. Call a conveyancer and ask what the legal fees are there. Email me the loan details and your deposit and I will calc the borrowing costs for you.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Mike,
Download free software from http://www.ez-rent.com
you can get some idea from that software.Cheers
[]For SA.
http://www.revenuesa.sa.gov.au/stamps/sdreal.htmlWhere value of the property conveyed Amount of Duty
Does not exceed $12,000 $1.00 for every $100 or part of $100
Exceeds $12,000 but not $30,000 $120 plus $2.00 for every $100 or part of $100 over $12,000
Exceeds $30,000 but not $50,000 $480 plus $3.00 for every $100 or part of $100 over $30,000
Exceeds $50,000 but not $100,000 $1,080 plus $3.50 for every $100 or part of $100 over $50,000
Exceeds $100,000 but not $200,000 $2,830 plus $4.00 for every $100 or part of $100 over $100,000
Exceeds $200,000 but not $250,000 $6,830 plus $4.25 for every $100 or part of $100 over $200,000
Exceeds $250,000 but not $300,000 $8,955 plus $4.75 for every $100 or part of $100 over $250,000
Exceeds $300,000 but not $500,000 $11,330 plus $5.00 for every $100 or part of $100 over $300,000
Exceeds $500,000 $21,330 plus $5.50 for every $100 or part of $100 over $500,000Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
G’day Guys…
Bloody hell Simon…that scale of costs is so difficult to go thru …It must have been designed by a Public Servant on overtime.
cheers
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]Yep Bill….
That’s SA for ya….
And no indication or our state govt dropping SD rates…they’re making a bloody fortune now!!!
Yeah, Mr Rann, why not be fair to us? Maybe you should spend more time working on a fairer system than getting in front of the TV cameras…
My 2 cents worth!
David Paxton
“You Only Live Twice”
]
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