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How much does it cost?
Costs can depend on where the property you are purchasing is located due to different State laws and stamp duties. How much deposit you have to put towards the purchase will increase due to Lenders Mortgage Insurance premiums if you need to borrow more than 80% of the purchase price.

You should also consider the ongoing costs of home ownership like Council Rates, repairs and maintenance, home insurance, life insurance (to cover your debt), etc. (where applicable) and also have these funds available before getting the loan.
As an example, purchasing a property for $250,000 in NSW could have the following costs:
PURCHASE PRICE: $250,000 20% Deposit: $50,000.00
Stamp Duty (NSW): $7,240.00
Registration Fees (NSW): $276.00
Legal Fees (approx): $2,000.00
Up front Bank Fees (ave): $600.00
TOTAL COST TO YOU: $60,116.00
If you qualify for a First Home Owners Grant, you can use this money towards your contribution.
If you have less than 20% deposit and can borrow more, you will have to pay a Lenders Mortgage Insurance (LMI) premium. This would change the example above to the following figures if you only have 10% deposit:
PURCHASE PRICE: $250,000 10% Deposit: $25,000.00
Stamp Duty (NSW): $7,240.00
Registration Fees (NSW): $276.00
Legal Fees (approx): $2,000.00
Up front Bank Fees (ave): $600.00
LMI Premium: $2,295.00
TOTAL COST TO YOU: $37,411.00
NB. All costs quoted are examples only and may change from time to time and not reflect your individual circumstances. There may be other costs associated with purchasing a home that may not be listed.