There are a number of costs associated with buying property that you need to be aware of.
Stamp Duty
Stamp Duty is a term used to describe the duty paid on a Contract of Sale. It is a state tax on conveyance or transfer of property calculated on the total value of the property (including chattels). Stamp Duty costs vary from state to state.
Stamp Duty in Victoria is now set at $2560 plus 6% of any value over $115,000.
For more information on Stamp Duty please contact the State Revenue Office.
Conveyancing
Fees for solicitors and conveyancers vary from State to State, and depend on the time and work that they have to carry out for your purchase.
The fees should include checking the contract, carrying out searches, and generally making sure that the transaction goes smoothly.
As a rough indication, you can expect initial costs of between $250-350 with additional factors such as disbursements on titles and settlement fee’s bringing the total conveyancing fee to around $450-600.
Registration of Mortgage
This is a government fee payable for the transfer of title. It is a set fee of $75.00.
For more information please contact the Land Titles Office.
Discharge of Mortgage
A discharge of mortgage is prepared and obtained from the lender when the loan is repaid. The discharge of mortgage will free the land affected by the mortgage.
A lodgment fee of $75 applies.
For more information please contact the Land Titles Office.
Loan Application Fee
A loan application fee is paid to a lender for processing a loan. Prices can vary from $0 to $750.00 depending on the offer available.