Costs Involved in Buying a Property in Australia
                     Costs Involved in  
Buying a 
Property  in 
Australia
Oh! what fun to buy a property/home in Australia. Isn’t it? But ever wondered about the 
overall cost of buying a  home in Hampton Park, Lynbrook, or nearby suburbs.
Well, if you do not know, let me tell you about all the costs that are involved while you buy 
a home (there are  some hidden costs too).
As a general rule, besides10% deposit, you are required to pay off the planned project. At 
the same time, you  should also expect to pay roughly 5% of the purchase price for other 
expenses associated with buying a  property. (Figures are not for any specific suburb or any 
city in Australia)
When buying a home in Australia, it is always suggested to hire a local real estate agent. For 
instance, if you are  looking to buy a home in Hampton Park, it is advised to hire real estate
 agent of Hampton Park itself. Same  goes for other suburbs like Lynbrook, Lyndhurst, and 
Cranbourne.
The right real estate agent will keep the home buying process smooth and transparent to 
you.
There is a lot that goes in buying a home. Apart from the final amount, there are various 
hidden costs that pop  up during the home buying process. So, let us see what are the type 
of costs involved. The below described  costs are not subject to any one suburb, but are 
generalized costs that are involved while buying a home in  Australia.
Government Fee
Mortgage Registration Fee
If you are buying a property in Australia on a  
borrowed money, it means you will have to  
take out the mortgage. The government  would 
require you to formally get it  registered so 
that it can be viewed by a simple  title search. 
This process prevents you from  selling your 
home without paying back the  loan amount.
Transfer Registration Fee
This fee covers the cost of transferring the  
title of your property. This fee is paid at the 
 time when you have to transfer the name  
from the previous owner into your own. This 
 fee is based on the consideration or value 
that  is assessed by the Office of State 
Revenue.
Landgate Title Searches
Your conveyancer will be required to get  
searches of the property through Landgate.  
Each search costs $29.37 including GST.  
Sometimes, you may require just one search  
and other times you may need several. So, it is  
very important to be aware of any  
encumbrances that may burden your land.
Stamp Duty
This is the tax you pay on the property/ home 
you are  purchasing. The stamp duty tax 
changes based on the  state you are purchasing 
the property in. Also, it  varies depending on 
the property type (first purchase,  or 
investment property). You can calculate stamp  
duty through online tools but if you have a local 
real  estate agent with you, then you do not 
have to worry  about anything.
Enquiry Fees
This is the fee you pay when your conveyancer (a 
specialist  lawyer who specializes in the legal 
aspects of selling and  buying the property) 
advises the water, shire, land tax. If the  
applicable strata company of the change of 
ownership at the  property, the above said 
departments charge a fee which is  called enquiry 
fees.
In return for the fee paid, you will not only update 
the  ownership with the government departments 
but also your  conveyancer will receive rate 
information and general  information they have 
about the property saved on their  database.
Rates and Taxes
The taxes and the rates will depend on the time 
of year you  settle. The time will decide how 
much you need to pay for  your portion of water, 
shire, and if applicable, strata levies.  Once the 
information is available, an adjustment of rates  
and taxes is done at the time of settlement.
Identity Verification Fee
This is done primarily to reduce the risk of fraud. 
By  verification you get to know if the real 
estate agent has an  authority to buy or sell the 
nominated property or not.
It is required by all buyers in Western 
Australia to have  their ID verified prior to 
settlement.
The identity verification service fee is $49.00 
and payable  to Australia Post.
Property Costs
Conveyancing Fee/Legal Advice
If you hire a conveyancer or a property lawyer, you will be well-informed on your buying decision. 
Also, it is guaranteed  that your purchasing process will be stress-free and successful.
Title Insurance
When you buy a property, there are a lot of inherent risks that may cause you loss or even affect 
your ownership.
Financing Fees
Do not get confused, there are many other once-off financing fees that you will have to pay.
Property Valuation
This is essential to get a good price over your property when you are selling. A property valuation 
from a professional  will give you a good idea of the market price. Also, they will tell you at which 
amount you should settle for on the home  that you are interested in.
Moving Costs
This cost is something that many people often overlook while budgeting for their actual move into 
their new home.
Ongoing Property Costs
Once you buy a property and move in, make sure to always be wary of the ongoing fees that you 
may have to pay. These  can include, home and contents insurance, utility connection for water, 
internet, gas, strata/body corporate fees (only if  applicable), cleaning/garden maintenance, water 
and shire rates.For any queries related to real estate, buying, selling,  or even renting a property in 
Hampton Park, Cranbourne, Lynbrook, or nearby suburbs, contact the team of best real  estate ag
ents.
Get In Touch
PO Box 137 Lynbrook Victoria
0425843786
[email protected]
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