When you are working out the finances of buying a home ready to apply for a loan, don’t forget to include those other costs that you will need to pay. These may be considered hidden costs because if you’ve never had anything to do with buying real estate you may not realise they even exist. It can come as a shock to know that you have to account for many thousands of dollars more than the price of the house. What are these hidden costs?
Stamp duty is one of the biggest costs and even where discounts apply it still accounts for some thousands of dollars. There are two types; duty for the transfer of the property and duty for the registration of your mortgage. The amount of the former depends on the price of the property and what state or territory it is in.