All Topics / Help Needed! / Closing costs

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  • Profile photo of MaraaMaraa
    Member
    @maraa
    Join Date: 2006
    Post Count: 3
    December 6, 2006 - 4:58 am

    Hi all ,i’m new here. Just a little unsure what is included in the closing costs, and how much would they ammount to on a 100k
    property.

    Thanks for your help.
    Maraa

    Profile photo of MaraaMaraa
    Member
    @maraa
    Join Date: 2006
    Post Count: 3
    December 6, 2006 - 5:07 am

    And another question, can u claim any of the closing costs on tax at the end of the financial year?

    Thanks

    Profile photo of L.A AussieL.A Aussie
    Member
    @l.a-aussie
    Join Date: 2006
    Post Count: 1,488
    December 6, 2006 - 5:11 am

    Hi Maraa,
    welcome to the forum.
    Closing costs will vary slightly from state to state, but as a guide, you should allow about 5-6% on top of the purchase price to cover everything. That should apply to pretty much any figure you choose.
    If you factor this figure into your number crunching it makes it easier to work out the viability of a prospective purchase.
    The main portion of these costs will be stamp duty – you can use the stamp duty calculator on the realestate.com.au website, or their is a website called stampoutstampduty.com.au as well. There are others, but can’t recall where or what name off the top of my head.
    There will also be legal fees and some bank fees, and adjustments on rates etc, but that is all part of your 6% figure.
    I always like to over-estimate expenses (outgoings) and under-estimate income (rent), and then you get no ‘surprises’.

    Cheers,
    Marc.
    [email protected]

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