Fees and Charges
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Duties are payable when real estate is transferred from one owner to another. They include Transfer Duty and the tax formerly known as Stamp Duty. The amount you pay depends on the cost of the house or land you have purchased.
It’s well worth remembering that laws in Western Australia do not require that credit contracts with a lender have a cooling off period. It means you can’t get out of a credit contract if you change your mind, so be sure you’ve read, understood and accepted the terms.
Other fees may include;
A loan establishment fee – a one-off fee imposed by the lending bank or financial institution to ‘set-up’ the loan.
Income protection insurance – a policy to help you pay your mortgage if you are unable to work through illness or retrenchment.
Valuation fees – apply to buying an established property where you need a valuation on the property from a licensed valuer. Other fees for professional service may include building inspections, lawyers and settlement agents.
Mortgage insurance – the lender may require you to pay this particularly if you are borrowing more than 80 percent of the value of the property. It is designed to protect the lender if you can’t repay the loan.
Home indemnity Insurance – this applies if you employ a builder and it is included in the building contract and taken out by the builder.