Buying Costs

Hi All,
I've had a look at the calculators available and ended up building my own. One of the challenges I've had (either in my own or others) is understanding exactly what the buying/closing costs are, here in SA.
I had a chat to my mortgage broker and he gave me dollar amounts for some items and an average of 5.5% of purchase cost as a rough guide. This limited me to only the particular deal I was talking to him about at the time. I asked him for more granular information but he didn't seem to understand, especially when I got into vendor financing, which of course he would be financially incentivised to not have an interest in.

So... can anyone help? Ideally I'd like the way they're truly calculated, such as the actual percentage if that's how it's calculated, or the fixed cost if that's how it's done. That way I can plug them into my spreadsheet for a completely dynamic experience. The sorts of expenses I'm looking for help with includes;
-LMI
- Stamp Duty (currently I use this but it would be good to know the formula so I can put it in my spreadsheet instead)
- Building inspection (I've budgeted $450 for now)
- Conveyancing fee (I've budgeted $450 for now)
- Loan setup (i.e. bank account setup. I've budgeted $600 for now)|
- Utilities connections
- Other government fees such as registration of title etc.
- Any other fees I'm likely to incur that I don't know about or have forgotten to include.

Greatly appreciate any help!!!

 

Stamp duty rates table: Stamp Duty on Transfer of Real Property (Land) - RevenueSA

I would bump up your building inspection fee to $550 (including qualified pest inspection)

I would bump up your conveyancing fee to $650 (my experience) + add buffer (perhaps $1000, depends) for any water / council / other costs you may be liable for).

 

Your broker should be able to provide this to you based on different purchase prices.

Don't forget about adjustments for rates, body corp etc. You may pay $650 in professional fees for the conveyancer (this would be very cheap and I would be wary of you get what you pay for), but there will be disbursements on top of that.

Genworth LMI calc I found online https://www.bettermm.com.au/docs/calcs/Genworth_Premium_Calculator.xlsm - but LMI varies depending on the lender, so use it as an estimate.

 

If you're looking at buying in SA remember we we have a lodgement fee here as well.

So on $350K house
Stamp duty is $13830
Lodgement fee is $2740

 

Thanks Simon. Yeah, he can, but that's not what I'm after. What I'm after is the formulae or percentages so I can put these into my spreadsheet so I can play with the figures to get the right deal.

Great, thank you.

 

Excellent, thank you.
After getting this, I did some searching and found this, which seems pretty straight forward. Thank you.
SA.GOV.AU - Land services information