Don’t get caught not counting the true cost

First home buyers in particular are often unaware of just how much the true cost of home ownership is.

They think all you need is a deposit to get you over the line, but there are many extra costs associated with a property, including legal fees, stamp duty, lender's mortgage insurance (if required), and of course paying the removalists.

These extras can end up being the equivalent of 5 to 7 percent of the actual purchase price.

Get it right

The best way to avoid coming up short when you buy a property is to do the sums and make sure you account for every out-of-pocket expense you incur.

Often lenders have online calculators that will not only tell you what your repayments will be each month but also estimate your buying costs.

This is an excellent place to start and will give you an idea of how much you'll truly need upfront.

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Jason Gwerder
Thursday, 18 August 2022

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