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Do you know the hidden costs of buying a home?

Do you know the hidden costs of buying a home?

Do you know the hidden costs of buying a home? When buying a property the contract price isn’t all you are going to pay. On top of the price, there are some hidden costs that you’ll need to be aware of. Then you make your budget accordingly, especially for those who are first-home buyers.

When it comes to property purchase, it is important to know all the hidden costs of buying a home. To ensure that you have got enough money in your account to settle the property smoothly without any delay in the whole process.

Stamp Duty

First and foremost, we have to mention the stamp duty. Stamp duty is the government tax you need to pay on the property transaction, which also known as  “land transfer duty“. How stamp duty applies to your property purchase is based on your particular case. It varies depending on where you live, what property type and value you are buying. Whether you are a first home buyer, whether you’re buying for owner-occupied or investment, and so on.

Generally, you need to pay stamp duty within 30 days of settlement, and it’s unlikely you can defer this payment.

It’s important to understand the stamp duty exemption and concession to check if you are eligible to entitle those benefits. For example, if you are a first home buyer in Victoria and the property value is under $600,000, you won’t pay any stamp duty.

You can try our stamp duty calculator from Credit Hub website and find out how much you need to pay roughly or talk to us to discuss your scenario.

Conveyancing & Legal fees

We highly recommend contacting and hiring a conveyancer to do all the work for you from start to finish. Your conveyancer will give you in-depth legal advice of ownership, formulating the legal documentation.

The fee can range from $500 to upward of $3,000, depending on the level of service you require. Normally, a solicitor charges more than a conveyancer. For those first home buyers, have your contract reviewed prior is significantly recommended based on my experiences as a conveyancer.

Credit Hub offers conveyancing in Point Cook so don’t hesitate to contact us so we can help you!

Building & Pest inspection costs

As we have discussed in our previous blog, building and pest inspections can safeguard property buyers from those fault-ridden properties by revealing the hidden or latent defects in the property, especially crucial when it comes to old properties.

I’ve seen a lot of people who didn’t do these inspections in the first place and ended up with costly issues later. Even if no major issues are identified, you can further negotiate in regard to the purchasing price with some minor problems identified. I would definitely say the money should be spent anyway and it’s well spent.

Mortgage registration fee

The mortgage registration fee is charged by state and territory governments to register the security for a home loan, which is often overlooked by property buyers due to the fact that it’s a minor cost ($116.80 in Victoria). The fee is payable when establishing or discharging a home loan.

Title Transfer fee

A transfer registration fee is charged by the governments for transferring the title of the property from the previous owner to your name.

From 1 July 2018, the transfer registration fee in Victoria is $96.10 + $2.34 for every whole $1000 portion of the Purchase Price with a Maximum fee of $3,606. For example, if you purchase a property at the price of $500,000, you need to pay $1,266.1 for the transfer registration.

Loan Application Fee

A loan application fee is a once-off fee for a potential borrower. The fee is used for setting up a home loan, also known as the loan establishment fee. Loan application fees may be required for all types of loans and are payable when you submit a loan application.

The fees are approximately $600, which can be lower or higher depending on the loan and lender. However, sometimes, lenders will waive a loan application fee for you in some circumstances.

Apart from the above-mentioned costs, please also keep in mind that, you will need to pay mortgage insurance if the loan-to-value ratio (LVR) * is above 80%. You can talk to our Mortgage Broker for more information.

* LVR is the percentage of the total value of the property or asset that you’ve borrowed. 

 

Disclaimer:

The information presented by staff or employees of Credit Hub and its associated companies is provided for general informational purposes only. We do not guarantee the accuracy, completeness, or timeliness of the data or views presented. Audience members should conduct their own research and verify any information before relying on it. Credit Hub and its associated companies are not liable for any errors or omissions, or for any actions taken based on the information presented.

Mortgage Broker in Point Cook

Credit Hub Australia
About the role

Join our dynamic team at Credit Hub Australia as a Finance/Mortgage Broker in our conveniently located Point Cook office, close to the freeway and train station, with free parking available.

In this role, you will be responsible for providing personalised mortgage solutions to our valued clients and also managing your colleagues by co-ordinating the allocation of files and general day to day running of the broker team. With a focus on delivering exceptional customer service, you will guide clients through the entire mortgage process, from initial application to final approval.

“Position is for Mortgage broker on commission/contract basis.”

What you'll be doing
  • You will develop and expand network with our help.
  • Sales, cold calling, and networking come naturally to you. You thrive on engaging with prospective clients to understand their unique financial needs and goals.

  • You will act on leads and existing database as provided and generate sales and ongoing relations.

  • Actively participate in team meetings and contribute to the overall success of the business

What we're looking for
  • You are an existing broker with proven experience in Mortgage Broking or lending abilities, or in a similar financial services role looking to take your career further with a successful Mortgage house.

  • In-depth knowledge of the Australian mortgage market, including products, policies, and regulatory requirements.

  • Excellent communication and interpersonal skills, with the ability to build lasting relationships and earn client trust.

  • A strong commitment to delivering outstanding customer service and consistently exceeding client expectations.

  • Self-motivated and capable of working independently, while also thriving in a collaborative team environment.

  • Relevant industry qualifications, such as a Certificate IV in Finance and Mortgage Broking.

  • Ability to manage multiple tasks, stay organized, and work reliably without supervision.

  • A results-driven mindset with a strong sales focus, coupled with exceptional work ethic, time management, and multitasking abilities.

What we offer

At Credit Hub Australia, we are committed to providing our team with a supportive and rewarding work environment. Some of the key benefits of joining our team include:

  • Competitive remuneration and performance-based bonuses
  • Ongoing training and professional development opportunities
  • Flexible work arrangements and a positive work-life balance
About us

Credit Hub Australia is a leading provider of mortgage and finance solutions, with a strong presence in the Point Cook in the Western Suburb of Melbourne and surrounding areas. Our mission is to empower our clients to achieve their financial goals by delivering personalised, expert advice and exceptional customer service. We are a dynamic and growing team, driven by a passion for helping our clients and making a positive impact on our local community. We are with Finsure as an agrregator Group. 

If you’re ready to take the next step in your career as a Mortgage Broker, apply now to join our team at Credit Hub Australia.

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