Frequently Asked Questions
What costs are associated with buying a house?
There are many costs involved in buying a house – not just the deposit and loan repayments. While specific costs may vary within each state, some common costs you can expect to pay include:Â
➔ Stamp duty
➔ Lender’s Mortgage Insurance (LMI) for those with less than a 20 per cent deposit
➔ Transfer fee
➔ Title search fee
➔ Mortgage registration fee
What is LMI?
Lenders Mortgage Insurance is a one-off, non-refundable, non-transferrable premium that’s added to your home loan. It’s calculated based on the size of your deposit and how much you borrow. LMI protects the bank against any loss that they may incur if you are unable to repay your loan. It does not protect you.
What is stamp duty?
Put simply, stamp duty is the tax the government puts on certain transactions. It may also be referred to as ‘land transfer duty’ for property purchases. How much you will pay in stamp duty varies from state to state and depends on a number of factors, including if you’re a first home buyer, the location of your property, how much your property is valued at etc.
Why Choose Inovayt
Simple
Finding the right financing to match your needs and goals is never an easy task. Our team prides themselves on finding the right solution for each client, regardless of their personal situation.
Flexible
Our brokers work hand in hand with our clients, to ensure they receive the best possible outcome. We are available to chat face to face, online, or via phone, at a time that suits you.
Solutions-driven
Our focus is always about achieve the best possible outcomes for our clients. We will tackle any hurdles that may come up, to ensure that you are satisfied and have achieved your desired outcome.
