
How to pay your mortgage off faster
A home is a significant purchase, and the biggest debt that most people will take on in their lifetime. The average home loan term is...
Read MoreBy using Rateseeker, you agree to our Cookie Policy.
AgreeBe prepared by finding out the other costs separate to your home deposit.
There are more costs to account for when purchasing a home than just the price of the property itself. Rateseeker’s calculator is an easy-to-use tool to help you estimate the total costs of buying a home. Aside from the deposit, you also need to consider the government registration fees, lender’s fees and other buying and moving costs associated with a home purchase.
Whether you’re a first-time home buyer or looking for an investment home, the Property Buying Cost Calculator helps you determine how much you need to save when you buy a house. The calculator tallies the stamp duty costs, mortgage registration fee, transfer fee, loan application fees, legal fees, lender mortgage insurance, home insurance fee, conveyancing fee, strata fees, building and pest inspection, land taxes, and moving fees. If you are unsure, it’s okay to provide an estimate or leave it blank.
If you’re ready to buy a new home, our qualified mortgage specialists will remove all the guesswork from home loans so you can move into your dream home faster. You can also use our free and easy-to-use mortgage tools such as the home buying cost calculator so you can get a clearer picture of the estimated costs, your borrowing power, and other fees to consider when buying a new home.
After setting a budget for how much you want to spend on a new home, the Property Buying Cost Calculator helps you work out where you need to be financially before buying a house. To get the total cost of buying a property, use the calculator and add the estimated amount to your deposit amount. This will help you minimise surprise expenses when buying a home in Australia. You may also call our mortgage advisors to walk you through the full cost of buying a house, from major expenses to the smallest outgoing costs.
Whether you need an extra space for your growing family or looking for an investment home, Rateseeker can make your next purchase the best move yet. We take the time to understand your situation and find the right mortgage that fits your needs. Let us help you compare the best mortgage products you are eligible for, fill out our form below and an affiliated broker will get in touch within the next 24 hours.
Our property buying calculator is quite detailed but you are not required to complete all the fields as it depends on the type of property you are buying so your best guesstimate is ok.
Below is an example of buying a $500,000 investment house in NSW. Please note that this is an estimate only.
Government charges (Mandatory)
Lender fees
Other buying costs
Total property buying cost estimate = $21,929
Total deposit required if you are borrowing 80% of the purchase price is:
Deposit: 20% x $500,000: $100,000
Total property buying cost: $21,929
Total savings required: $100,000 + $21,929: $129,929
All the above cost is in addition to the deposit you have saved up for your property purchase.
Let’s use the above example to demonstrate this.
You have saved 20% deposit ($100,000) to purchase an established investment property.
Your total cost: $21,929
Amount available for deposit: ($100,000 – $21,929): $78,071
This means you no longer have 20% deposit after accounting for the cost and you will need to borrow more to make up the difference.
In this example, you will need to increase your loan amount from $400,000 to 421,929 which is 84% of the purchase price. Please note, borrowing more than 80% of the purchase price will trigger lenders mortgage insurance which is paid by the buyer.
Tell us a bit about yourself and we’ll show you which lenders match your unique situation.
No guess work – just expert advice.
We’re experienced in finding the right home loan for you. Connect with one of our mortgage specialist for personalised help.
We appreciate your time enquiring with us. We’ll get in touch within the next 24 hours!
A home is a significant purchase, and the biggest debt that most people will take on in their lifetime. The average home loan term is...
Read MoreIt is not uncommon to see family wanting to help other family members by either gifting money or by transferring real estate. This may sound...
Read MoreDespite the economic downturn triggered by COVID-19, housing affordability still remains a key challenge for many Australians. On the one hand, interest rates are at...
Read MoreAny calculations or estimated savings do not constitute an offer of credit or a credit quote and are only an estimate of what you may be able to achieve based on the accuracy of the information provided. It doesn’t take into account any product features or any applicable fees.
*2.19% Interest rate based on an Owners Occupied, Principal and Interest, 3 years fixed period, minimum loan size of $250,000, maximum LVR of 80%, over a 30 year term. Eligibility subject to servicing requirements, contact one of our specialised mortgage brokers for more information.
^3.27% Comparison rate based on a loan of $250,000 over a 30 year term. WARNING: The comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan.