how much costs in purchasing a $1m house?

Hi all, just want some info about the cost of purchasing property in VIC.

Say, if I am buying a $1m house, how much deposit plus other costs do I need to prepare?

I am thinking 20% + stamp duty ($60k) + legal costs ($1.5k) + bank costs ($1k)
so basically, $260k?

and ... 60k for stamp duty?? am I right?

 

Stamp Duty: $55,000
land transfer registration: $2,433
Mortgage registration: $112.60

If you want to avoid paying LMI 20% deposit definitely, otherwise you could technically go less and pay the higher fees. Likewise if you alternatively work in certain professions the LMI fee can be waived up to 90% (doctors, certain lawyers, accountants etc).

Bank costs should be less than $1k, but could very well be dependent on lender and it's always good to have a little bit of fat in the calcs.

 

Also may want to include the building and pest inspection, and a depreciation report if you are going to rent it out.

 

Assuming you want to part with a 20% deposit - then yes, sounds about right.

You could get it done with less of a contribution - you just need to decide whether you're willing to pay the LMI.

Cheers

Jamie

 

There's probably about $1000 in B&P and Depreciation schedule.

 

Legal costs for conveyancing should be no more than $1,200.

Stamp duty and the transfer of land (another compulsory government charge) fees apply, as well as fees to register your mortgage.