It is important to be aware of any government taxes or home loan fees, e.g. Stamp Duty, Mortgage Registration and Transfer Fees, that may apply to your purchase as they can sometimes be quite large and can vary according to the purchase price of your new property and the amount you borrow.
- Stamp duty can be one of the biggest costs outside of the purchase price and varies by State
- GST may apply to the inspection and valuation of new properties. It may not be payable on bank charges and fees or when you buy an established property
- Some states and territories offer stamp duty reductions or exemptions on stamp duty for some first home buyers
Extra cost considerations