Home Buying Costs

Costs Of Owning Your Own Home

There are some things you should know about home ownership. Let’s clear a few things up. Speak with your local home loan expert from My LMI Group today.

Understanding Stamp Duty

Stamp duty is a one-off, state-based tax. It is calculated based on the price you pay for your home and varies according to the state or territory where you buy.

First home buyers may be eligible for the First Home Owner Grant and stamp duty savings in some states. Look at My LMI Group’s stamp duty calculator to see how much you will pay on your first home.

Some lenders will allow first-home buyers to borrow money to cover the cost of stamp duty. If this sounds like you, talk to your local My LMI Group broker about how these loans work and whether they are right for you.

Solicitor & Conveyancing Fees

When buying your first home, you will need to have the property transferred into your name. The process is known as ‘conveyancing,’ and requires legal expertise.

Before signing a contract of sale, you might want to use a solicitor or conveyancer to review it for you — paying for this professional service can be worth the expense.

Property transfer costs can vary, making it a good idea to shop around for the best value and enquire about fees before choosing a conveyancing firm or solicitor.

Building & Pest Inspections

To avoid buying a home with problems such as building defects and pest infestations, arrange for a professional pest and building inspection to be conducted before purchase.  To find a service near you, search for “pest and building inspections”; seek reviews and contact a couple of providers to compare prices.

Home Loan Protection Insurance

Mortgage protection insurance is important for young homeowners, who may be struggling to make regular loan repayments. This type of insurance protects your ability to pay off your home loan if you get sick or lose your job.