BUYING COSTS

Costs associated with buying a residential property will involve some, if not all of the following items, depending on the State or Territory where the property is bought, and how the property is bought:

• stamp duty
• State tax imposed on documents or "instruments" that record contracts of sale and some loan applications. In each State and Territory, stamp duty is payable on the property purchased and in most cases must be paid prior to settlement
• stamp duty is payable on the amounts borrowed for mortgages in all States (excluding ACT and NT)
• conveyancing/solicitor’s fees
• comprise the legal fees for the time involved in the conveyancing and the disbursements, ie the cost of searches, enquiries etc in respect to the property
• land transfer registration fee
• mortgage registration fee
• mortgage discharge fee
• other fees, eg loan application/establishment, building inspection, pest inspection, removalists.