Sorry another newbie question.
I calculated that I have just enough for a deposit on a $300k house but what other expenses do I consider? I already know of stamp duty, mortgage registration fees, transfer fee and I worked out with an online calculator that costs around $10,066 for QLD. But what about other fees council fees, agent's fees etc and roughly how much does this cost? Another thing I really want to know is, if I don't have enough to pay for all other expenses can I use the mortgage to pay for this?
Mortgage Insurance is another cost if LVR is >80%
Solicitor Fees or conveyancor feeG’day Soohoo,
Other expenses include any building inspection fees, a balancing of council rates payments and termite inspection as well as duckster’s mention of mortgage insurance.
Unfortunately, you can’t use your mortgage to pay for this. The max your loan can be is usually 95% of the property value so you can’t borrow 95% and then ask for a bit more to cover fees. If you’re a First Home Owner the grant will more than cover most fees except for Mortgage Insurance which is the only exception to this rule – some banks will allow you to “capitalise” the mortgage insurance onto the loan amount.
Hope that helps!
Matt.
I am impressed that you are thinking like an investor on your first property. I like that you do not want to use your own money.
Yes, you can borrow 100% + costs when you are creative. There are always ways…
jshooo
Will this purchase be an owner occupied property or investment ?
Richard Taylor | Australia's leading private lender
jshooo
Will this purchase be an owner occupied property or investment ?
Richard Taylor | Australia's leading private lender
Hi Richard,
This is for an investment.
Sorry I should also add, because this is my first property and the fact that I'm looking at 90% LVR..
You must be logged in to reply to this topic. If you don't have an account, you can register here.
