Getting Mortgage Ready
What costs can you expect to pop up?
So, firstly, we’re going to try and spend money once an offer’s been accepted. Because, we don’t want to spend money without knowing the house is yours right?
1. Building inspection: $650+. Depends on location, size of house & how in depth the inspection is.
2. Registered Valuation: $750 - $1,200+. Really case by case, and you might actually not need one. If you have less than a 20% deposit, chances are you will.
3. LIM report (Council file): $300+. The vendor may supply one, otherwise it’s over to you to order it from the local council website.
4. Legal fees: $2,500+. Keep in mind, these aren’t owed until settlement day. We’re likely going to get you a cashback from the bank to help cover this. Most banks are offering $5,000 to First Home Buyers. So, you don’t really have to budget for this upfront.