All Topics / Help Needed! / Upfront Costs

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  • Profile photo of ScottyTavScottyTav
    Member
    @scottytav
    Join Date: 2003
    Post Count: 18
    October 23, 2005 - 2:38 am

    Hi guys, If I was to buy a house investment house for $180,000 what would I realistically need to ge into it? It would be my first purchase and I would want to do it interest only. What are the legal fees, agents etc…

    How much deposit is usually required?

    Thanks!

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    October 23, 2005 - 4:16 am

    Hi Scott,

    Costs total about 5%-6% of your purchase price and cover solicitors fees, mortgage stamp duty, stamp duty, valuation fees, title searches etc

    For a deposit you need to allow up to 20% of the purchase price.

    This can be reduced to as low as 5% (depending upon property locations and your situation) in which case you will need to cover some Lenders Mortgage Costs.

    Derek
    [email protected]
    http://www.pis.theinvestorsclub.com.au
    0409 882 958

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