Costs Involved in Buying an Investment PropertyApart from the deposit required when purchasing an investment property, there are other expenses involved. These include: Stamp DutyThis is the most expensive cost and is based on the cost of the property you are purchasing. The rate varies from State to State and is paid to the State Revenue Office. Registration FeesOnce again, these are a State based fee and vary from State to State. They are payable to the Land Titles Office when you register documents that relate to the purchase of a property. Loan Mortgage InsuranceLoan Mortgage Insurance is payable if you are borrowing more than 80% or using a non-conforming loan. Mortgage Application Fee
This is a fee charged by lending institutions to cover the costs involved in processing a mortgage application, some Brokers are even asking for an additional fee to process your Mortgage. Conveyancing
Conveyancing costs will differ depending on whether you use a Solicitor or a Conveyancer; a Solicitor will cost more, sometimes up to and over $2000- all up including dispersements. Need some finance advice?
Buyers Advocates FeesBuyers advocates charge for their services either by way of a fixed fee or a percentage of the purchase price. To source & recommend a suitable investment property you should be prepared to pay your chosen advocate about 2% of the negotiated price. |
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