closing costs

Hi Doug

Your broker/banker should be able to whip up an answer for you in a couple of minutes.

The closing costs generally include stamp duty, legal and other smaller miscellaneous fees at settlement such as rates reimbursements, etc.

A lot will depend on the state that you're purchasing in, whether it's a PPOR or an IP and whether it's an established property or new.

If you want a general (simple) rule to work off – than use 5% of the purchase price (it's usually a bit less than this but it will give you an idea).

Cheers

Jamie

what is the difference in closing costs from A ppor / ip?

also my boss said that PPOR you don't have to pay stamp duty on it and that its only on IP that you do.

i think he doesn't know what he's talking about but thought i'd ask just to be safe.

and are their any discounts from buying an PPOR rather then a IP?

Elives, no you are right he has no idea what he is taking about.

Stamp duty is payable on all transactions.

In some States their is a concessionary amount depending on whether the purchase is for owner occupation or indeed your very first purchase but in the main makes no difference S/D will be payable on a PPOR outside these concessionary bands.

Cheers

Yours in Finance