Price of the property:
Stamp Duty: this is a State Government tax based on the purchase price of the property and is usually paid prior to settlement. First home buyers may be exempt from Stamp Duty or entitled to a rebate or concession such as the First Home Owners Grant http://www.osr.nsw.gov.au/grants

•Building and pest inspections: these should be completed when you are ready to buy.

•Registration fees: these are paid to the Land Titles Office in your state or territory when you submit any documentation relating to your property.

•GST: this tax may apply to the inspection and valuation of new properties. It’s not payable on bank charges and fees or when you buy an established property.

•Lenders’ Mortgage Insurance or Low Deposit Premium: this one-off charge is applied to your loan if you borrow more than 80% of the value of the property.

•Insurance: there are various forms of insurance you will need as a homeowner, including protection against theft, storm, fire, flood, damage and contents.

•Your solicitor or conveyancer should be able to provide you with an itemised quote which will include the transfer of title, property and title searches and contract reviews.

•Removalist costs.

•Utilities: make sure you budget for the connection, cancellation or transfer of electricity, water, gas, Pay TV, and broadband from your rental to your new home.

•Council rates and strata fees and taxes.

•Remember, some costs will vary depending on your state or territory, so talk to one of our financial advisors who can support you through the process.

•Make an appointment online or email broker@prohomeloans.com.au