The days of no down payment or a minimal 5 percent payment for a home are gone. In today's housing market, Australian mortgage lenders want more from their borrowers. Banks are increasingly shying away from borrowers who offer no more than a 10 percent down payments. The current trend is a 15 to 20 percent down payment in order to secure a loan and gain favorable terms.
Without a 20 percent down payment, you will be required to purchase Lenders Mortgage Insurance. This can be done either by paying one lump sum at the time of the home purchase or by breaking it into monthly payments that are added to the mortgage payments. For a mortgage of about $350,000, a lump sum LMI cost is about $3,500. If you elect to finance the fee over the life of a 30-year loan, the cost will be more than $10,000.
Economists suggest saving for a down payment before you have found the home you want to purchase and even before you are ready to make a purchase. With current home prices, you will need at least $20,000 to $30,000 saved before the purchase.
Paying Home Purchase Fees
If you used a real estate agent, you may be responsible for an average 3% commission. You may also owe stamp duty on the property, which may be more than $20,000 depending on your state or territory and the price of the house. Seniors and first-time homebuyers can often have some or all of their stamp duty cost waived.
There are a number of other fees required for a real estate purchase, and these can total as much as 7 percent of your total purchase price. These include pest and building inspections, loan fees, insurance, council fees, pest or debris removal costs and attorney's fees for the transaction. A pest inspection will cost about $100 while the building inspection can range from $250 to $1,000 depending on the size of the house. The legal transfer of property ownership can cost as much as $800. The bank's one-time cost of the loan will be as much as $1,000. บ้าน มือสอง If the residential purchase is for an apartment building or other multiple dwelling, strata fees and extra inspections will be required requiring still more fees.
Saving for Home Purchasing Payments and Fees
Short-term savings such as certificates of deposit and high-interest savings accounts allow you to access the money when it's needed and build it without risk. Long-term investment such as stock portfolios may lose some of the money needed for the payments if not invested long term. Look into monthly savings plans with your bank and have a specific amount deposited directly into a savings account or other risk-free investment account each month.
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