First Home Owner – Confused about fees

Hello,

I’m a wannabe first homeowner. My partner and I have saved $20,000 since July this year, and we’re planning to buy an inner suburb Melbourne apartment, approx $420K.

I made some enquiries today with ANZ and CBA – they require minimum 10% deposit and also said that we’d need to save to cover related fees.

I’ve mapped out possible fees, as follows (according to rates offered by MECU, our credit union):

Real Estate Fees
Stamp duty on property $17,370.00
Transfer fee $1,153.00
Mortgage registration fee (govt charge) $98.00
Total $18,621.00

MECU Fees
Establishment fee $595.00
Mortage insurance (when loan > 80%) $9,500.00
Total $10,095.00

Other
Conveyancing $1,000.00
ArchiCentre Inspection $500.00
Relocation costs (I.e. movers, etc) $1,000.00
Total $2,500.00

Grand Total Fees $31,216.00

Rebates
First home owner grant (Commonwealth) $7,000.00
First homer owner bonus (Vic) $2,000.00
First home owner boost (Commonwealth) $0.00
Total $9,000.00

Following move:
Owners corporation fees $400.00
Rates
Utilitiies (plus connection fees)
Bond -$1,304.00 (i.e. returned from previous rental address)

Could readers kindly advise, am I able to use the first home owners grant and bonus to offset the stamp duty, or do I need to save up this whopping sum, in addition to 5 or 10% deposit? Further, are 95% loans (plus LMI, capitalised) still an option? I know 100% loans have vanished from the market.

Thank you, Alyssum