Property purchase costs
Financial fees vary greatly, depending on such matters as what percentage of the property value that you will be borrowing, the amount of the loan, the amount of the purchase and which bank you are borrowing funds from. If you speak to your local Mortgage Express representative you can quickly ascertain approximate costs for your particular circumstances.
Possible expenses you may incur are:
- Bank fees which may include:
- Lender application fees, valuation fees, legal and settlement fees
- Lender monthly account keeping fees (if applicable)
- Lender “Professional Package” annual fees (if applicable)
- Lender’s Mortgage Insurance (if applicable)
- Lender retention account fees (if applicable)
- Title transfer, Mortgage registration fees
- Registration of mortgage discharge (refunded by seller at settlement)
- Solicitor’s charges may include legal searches (please consult your solicitor)
- Stamp Duty on Purchase
- Home protection insurance
- Miscellaneous costs (Building / pest inspections, rates, removalists, etc.)
Completing the purchase
On settlement your solicitor will exchange with the seller’s solicitor:
- Transfer documentation
- Keys to the property
- Within a few days of settlement your solicitor or financier will register the necessary documentation and mortgage transfer with the Land Titles Registry.
- Possession of the property usually takes place on the settlement day although the seller and buyer can agree for these dates to be different.