All Topics / General Property / First Home – Crunching down the numbers

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  • Profile photo of ildeganildegan
    Member
    @ildegan
    Join Date: 2007
    Post Count: 6
    April 14, 2009 - 8:41 am

    Hello everyone,

    I would really appreciate it someone out there could give me some kind of guidance on the costs of buying my first home.. I know that it is difficult to have an exact answer to each fee below, but it would be great if I could have an idea, assuming that I will have to pay all these fees when buying my first home.

    Lender Fees

    • Loan Application Fees
    • Loan Establishment Fees
    • Service Fees
    • Valuation Fees
    • Legal Fees (mortgage-related)
    • Account Transaction Fees
    • Exit Fees (or Deferred Establishment Fees)

    Legal Fees

    • Do I really need a solicitor/conveyancer?
    • How much do they cost?
    • The difference bet. solicitor/conveyancer?

    Other info,
    *I know LMI is up to 3% depending on my deposit.
    *No stamp duty, being a first home owner
    *Buying in VIC

    Thanks a lot for your help.
    NS

    Profile photo of ajaydee73ajaydee73
    Participant
    @ajaydee73
    Join Date: 2009
    Post Count: 36
    April 15, 2009 - 1:09 pm

    For an investment as big as a house you'd be crazy to not consult a solicitor for the contract. I wouldn't concentrate so much on the fees as the price you're paying for the house. That is far more material. Don't forget to think how you'll cope if interest rates go back to 7.5%. Or how you'll feel when house prices come back to their normal level relative to the average income.

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