Getting started
What is Know Your Fees?
Know Your Fees lists all the potential upfront costs of buying your first home, from the start of the buying process to one month of living in your new home. It provides an estimate which helps you to make an informed decision and prevent any unnecessary stress or hardship.
How to use this site?
- Default ticks and values are provided, but it's recommended to review them and change what you want. If unsure, leave the default
- Do not reload the page until you are finished as you will lose your changes
- First complete the 'Some info needed' and 'Savings' sections
- Then review the fees in the other sections. Values are calculated where possible, otherwise an approximate value is provided
- Only sections and fees that are ticked will be included in the calculated total. You can also click most items to see additional information about them
- It's better to overestimate costs than to underestimate.
- Lastly see the 'Cost summary' to see a breakdown of the total upfront cost
Who is this site made for?
This site will be useful for any Australian buying a home. There are some costs however that depend on the buyer, the state and the property. If they aren't correct for your situation, you can simply untick them and calculate them yourself. These fees include:
- Savings - First home owner's grant
- Government - Transfer duty
- Government - Title transfer
- Government - Duty on lender's mortgage insurance premium
When calculating the above fees it is assumed that buyers are:
- Australian citizens or permanent residents
- Buying in Queensland
- Individuals or couples
- First time buyers
- Buying a house and land, townhouse or apartment
- Buying new or second hand when calculating government fees, and buying new when calculating the first home owner's grant.
- Owner-occupiers (people who will live in their new home as their principal place of residence)
- Are over 18 years old
- Have no guarantor or securities to use for the loan
Some info needed
Banks generally do not allow a loan amount that is more than 95% of the property value. Please change the property value or loan amount. If not the following may be incorrect;
- Bank lender's mortgage insurance premium
- Government duty on lender's mortgage insurance premium
As a result the total upfront cost will also be incorrect.
Savings
Description:
If you are currently renting and paid a bond amount at the start of your tenancy, you will get this bond money back at the end of your tenancy if you leave the premises in good condition. The bond amount is usually 4 weeks of rent.
Description:
This is the amount you have saved for your home deposit, which is usually required to be a minimum of 5% of the property value that you want to buy. This is because banks will generally not loan more than 95% of the property value.
Description:
The First Home Owner's Grant is a government scheme which provides a sum of money to first home buyers. Eligibility can vary from state to state, but it is generally given to people who buy or build a new home, a substantially renovated home, or an off-the-plan home.
Assumptions made for calculations:
- Australian citizens or permanent residents
- Buying in Queensland
- Individuals or couples
- First time buyers
- Buying a house and land, townhouse or apartment
- Buying new or second hand when calculating government fees, and buying new when calculating the first home owner's grant.
- Owner-occupiers (people who will live in their new home as their principal place of residence)
- Are over 18 years old
- Have no guarantor or securities to use for the loan
Description:
This refers to any other money you may have or are expecting to receive from some other source and will put towards the costs of buying your home. If it doesn't apply then simply untick this item.
Government
Description:
Transfer duty is a government tax on dutiable transactions. Transfer duty applies whenever you sell, buy or transfer property.
Likelihood of being charged:
Certain
Exemption or subsidy available:
Yes. This has already been applied in the calculated value, see below for assumptions made.
Other names:
- Stamp duty
Assumptions made for calculations:
- Australian citizens or permanent residents
- Buying in Queensland
- Individuals or couples
- First time buyers
- Buying a house and land, townhouse or apartment
- Buying new or second hand when calculating government fees, and buying new when calculating the first home owner's grant.
- Owner-occupiers (people who will live in their new home as their principal place of residence)
- Are over 18 years old
- Have no guarantor or securities to use for the loan
Description:
When purchasing property you must transfer the 'title' of the land from the seller to you, the buyer. Any transfer of land must be registered with the Titles Registry in order to take effect. You will be charged a fee when you lodge the form to request this transfer.
Likelihood of being charged:
Certain
Exemption or subsidy available:
No
Other names:
- Title transfer lodgement
Assumptions made for calculations:
- Australian citizens or permanent residents
- Buying in Queensland
- Individuals or couples
- First time buyers
- Buying a house and land, townhouse or apartment
- Buying new or second hand when calculating government fees, and buying new when calculating the first home owner's grant.
- Owner-occupiers (people who will live in their new home as their principal place of residence)
- Are over 18 years old
- Have no guarantor or securities to use for the loan
Description:
When you take out a mortgage on a home, you must register your mortgage with the Titles Registry. You will be charged a fee when you lodge the form to register your mortgage.
Likelihood of being charged:
Certain
Exemption or subsidy available:
No
Other names:
- Mortgage registration
Assumptions made for calculations:
- Australian citizens or permanent residents
- Buying in Queensland
- Individuals or couples
- First time buyers
- Buying a house and land, townhouse or apartment
- Buying new or second hand when calculating government fees, and buying new when calculating the first home owner's grant.
- Owner-occupiers (people who will live in their new home as their principal place of residence)
- Are over 18 years old
- Have no guarantor or securities to use for the loan
Description:
Lender's mortgage insurance (LMI) is insurance which protects your bank in case you don't pay your mortgage repayments. You don't have to pay for LMI if you have a deposit of 20% or more of the property value, or you have a guarantor. In addition to the LMI premium, the government charges insurance duty (tax) which is a percentage of the LMI premium.
Likelihood of being charged:
Certain. If you have to pay for lender's mortgage insurance.
Exemption or subsidy available:
No
Other names:
- Insurance duty
Assumptions made for calculations:
- Australian citizens or permanent residents
- Buying in Queensland
- Individuals or couples
- First time buyers
- Buying a house and land, townhouse or apartment
- Buying new or second hand when calculating government fees, and buying new when calculating the first home owner's grant.
- Owner-occupiers (people who will live in their new home as their principal place of residence)
- Are over 18 years old
- Have no guarantor or securities to use for the loan
Description:
This is a fee charged by your local council when the ownership of the property is transferred to you. The fee is usually included on your first rates bill, which you will receive at the end of the quarter.
Likelihood of being charged:
Certain
Exemption or subsidy available:
Yes. First home buyers who live in their new home can apply for exemption and avoid paying this fee.
Assumptions made for calculations:
- Australian citizens or permanent residents
- Buying in Queensland, in Brisbane City Council
- Individuals or couples
- First time buyers
- Buying a house and land, townhouse or apartment
- Buying new or second hand when calculating government fees, and buying new when calculating the first home owner's grant.
- Owner-occupiers (people who will live in their new home as their principal place of residence)
- Are over 18 years old
- Have no guarantor or securities to use for the loan
Description:
Council rates are a form of property tax and the amount you are charged depends on various factors, such as the type of property. Rates are charged every quarter (3 months) of the year, starting from the start of the year. If you move into your newly purchased home close to the end of a quarter, then you will receive a bill soon after. You are only charged council rates for the time from when you became the legal owner of the property.
Likelihood of being charged:
Certain
Exemption or subsidy available:
Yes. There can be some remissions (discounts) offered for certain people and properties, but none have been incorporated in the estimate provided.
Estimate used:
Know Your Fees lists costs you may encounter from the start of the buying process to one month of living in your new home. The estimate provided assumes you move in one month before the quarter ends, and is therefore a third of an average rates bill.
Description:
Water and sewerage charges are a form of property tax and the amount you are charged depends on various factors, such as the type of property. Water and sewerage are charged every quarter (3 months) of the year, starting from the start of the year. If you move into your newly purchased home close to the end of a quarter, then you will receive a bill soon after. You are only charged water and sewerage for the time from when you became the legal owner of the property.
Likelihood of being charged:
Certain
Exemption or subsidy available:
Yes. There can be some remissions (discounts) offered for certain people and properties, but none have been incorporated in the estimate provided.
Estimate used:
Know Your Fees lists costs you may encounter from the start of the buying process to one month of living in your new home. The estimate provided assumes you move in one month before the quarter ends, and is therefore a third of an average water and sewerage bill.
Description:
If the seller has a mortgage on the property that you are purchasing from them then their bank who lent them the money, with that property as security, signs a document to release the property from their mortgage. This 'Release of mortgage' form must be registered with the Titles Registry for the mortgage to be released. You will be charged a fee when you lodge this form.
Likelihood of being charged:
Potentially. Usually the seller is responsible for lodging this form and paying the fee. However this may not always be the case.
Exemption or subsidy available:
No
Other names:
- Release of mortgage
- Discharge of mortgage
Assumptions made for calculations:
- Australian citizens or permanent residents
- Buying in Queensland
- Individuals or couples
- First time buyers
- Buying a house and land, townhouse or apartment
- Buying new or second hand when calculating government fees, and buying new when calculating the first home owner's grant.
- Owner-occupiers (people who will live in their new home as their principal place of residence)
- Are over 18 years old
- Have no guarantor or securities to use for the loan
Description:
If the property has a pool or spa the seller needs to provide either a 'pool safety certificate' or a 'notice of no pool safety certificate'. If you buy a property with no pool safety certificate you have a set amount of time to get one, and there is a small fee involved in doing so.
Likelihood of being charged:
Potentially. See the description above.
Exemption or subsidy available:
No
Assumptions made for calculations:
- Australian citizens or permanent residents
- Buying in Queensland
- Individuals or couples
- First time buyers
- Buying a house and land, townhouse or apartment
- Buying new or second hand when calculating government fees, and buying new when calculating the first home owner's grant.
- Owner-occupiers (people who will live in their new home as their principal place of residence)
- Are over 18 years old
- Have no guarantor or securities to use for the loan
Description:
An 'inspection of records' search provides information on a property and is usually conducted during the selling period, generally before the settlement of a property transfer. This information is usually required if a property is changing ownership. Both the purchaser and the seller require the inspection of records document to show the current financial position. The document will help you understand any issues relevant to the property, for example, if the property floods. The 12 day turnaround option is the standard option.
Likelihood of being charged:
Certain. If you are not charged this fee directly, it may be included in the bill from your solicitor/conveyancer.
Exemption or subsidy available:
No
Assumptions made for calculations:
- Australian citizens or permanent residents
- Buying in Queensland
- Individuals or couples
- First time buyers
- Buying a house and land, townhouse or apartment
- Buying new or second hand when calculating government fees, and buying new when calculating the first home owner's grant.
- Owner-occupiers (people who will live in their new home as their principal place of residence)
- Are over 18 years old
- Have no guarantor or securities to use for the loan
Description:
An 'inspection of records' search provides information on a property and is usually conducted during the selling period, generally before the settlement of a property transfer. This information is usually required if a property is changing ownership. Both the purchaser and the seller require the inspection of records document to show the current financial position. The document will help you understand any issues relevant to the property, for example, if the property floods. The 3 day turnaround option is the fast option.
Likelihood of being charged:
Certain. If you are not charged this fee directly, it may be included in the bill from your solicitor/conveyancer.
Exemption or subsidy available:
No
Assumptions made for calculations:
- Australian citizens or permanent residents
- Buying in Queensland
- Individuals or couples
- First time buyers
- Buying a house and land, townhouse or apartment
- Buying new or second hand when calculating government fees, and buying new when calculating the first home owner's grant.
- Owner-occupiers (people who will live in their new home as their principal place of residence)
- Are over 18 years old
- Have no guarantor or securities to use for the loan
Bank
Description:
Banks generally do not loan more than 95% of the property value, therefore you are required to save a deposit of at least 5% of the property value.
Likelihood of being charged:
Certain.
Exemption or subsidy available:
Yes. If eligible you may be able to make use of the first home owner's grant, but it may not be enough on its own.
Description:
This fee is charged by banks for attending settlement. However some banks charge this fee regardless of whether they attend settlement or not.
Likelihood of being charged:
Likely
Can roll fee into home loan?
Usually, yes. But not if it means you'll exceed a loan-to-value ratio (LVR) of 95%.
Other names:
- Attendance fee
Description:
You pay back your home loan to the bank over many years in weekly, fortnightly or monthly repayments.
Likelihood of being charged:
Certain.
Other names:
- Mortgage repayments
Description:
The home loan application fee is a fee charged by banks to cover the costs the bank incurs in establishing your loan and is payable at the date of settlement or funding.
Likelihood of being charged:
Certain.
Can roll fee into home loan?
Usually, yes. But not if it means you'll exceed a loan-to-value ratio (LVR) of 95%.
Other names:
- Establishment fee
- Up-front fee
- Start-up fee
- Set-up fee
Description:
A property valuation is carried out to assess the current market value of a property. It can be completed by an independent property valuer, but sometimes a bank or lender will not accept an independent property valuation and will require their own bank valuation to be done. In either case you will be charged for the valuation to be completed. Some banks may include this cost in the home loan application fee.
Likelihood of being charged:
Very likely
Can roll fee into home loan?
Not sure, assume no
Description:
Lender's mortgage insurance (LMI) is insurance which protects your bank in case you don't pay your mortgage repayments. You don't have to pay for LMI if you have a deposit of 20% or more of the property value, or you have a guarantor.
Likelihood of being charged:
Certain. If you haven't saved 20% or more of the property value, or you don't have a guarantor.
Can roll fee into home loan?
Yes. But not if it means you'll exceed a loan-to-value ratio (LVR) of 95%.
Assumptions made for calculations:
- Australian citizens or permanent residents
- Buying in Queensland
- Individuals or couples
- First time buyers
- Buying a house and land, townhouse or apartment
- Buying new or second hand when calculating government fees, and buying new when calculating the first home owner's grant.
- Owner-occupiers (people who will live in their new home as their principal place of residence)
- Are over 18 years old
- Have no guarantor or securities to use for the loan
Description:
Some banks charge this fee to cover any administration costs they incur in processing your lender's mortgage insurance for your home loan.
Likelihood of being charged:
Potentially.
Can roll fee into home loan?
Not sure, assume no
Other names:
- Lender's mortgage insurance processing fee
- Lender's mortgage insurance setup fee
Description:
Banks offer 'fixed rate' home loans whereby they lock in the current interest rate for your home loan. Locked-in interest rates are attractive to mortgage buyers who think interest rates may rise between the offer and settlement dates. You are charged this fee to lock the interest rate.
Likelihood of being charged:
Certain. If you get a fixed rate on your home loan.
Can roll fee into home loan?
Not sure, assume no
Other names:
- Rate-lock fee
- Rate commitment fee
Description:
Banks offer home loan packages, which usually includes a credit card and transaction account in addition to the home loan. A fee is then charged on an annual basis for having this package.
Likelihood of being charged:
Certain. If you get a home loan package.
Can roll fee into home loan?
Usually, yes. But not if it means you'll exceed a loan-to-value ratio (LVR) of 95%.
Other names:
- Annual fee
Description:
Banks may charge a fee to cover any legal costs that they incur during the process of establishing your home loan.
Likelihood of being charged:
Potentially
Can roll fee into home loan?
Not sure, assume no
Other names:
- Solicitor fee
Description:
Some banks charge a fee for preparing your home loan documents before the contract is approved.
Likelihood of being charged:
Potentially
Can roll fee into home loan?
Not sure, assume no
Other names:
- Documentation fee
Description:
A guarantor is a person who offers their own home as extra security for your loan. The guarantor isn't required to make any payments on your loan. But if you can no longer keep up your repayments, the lender will turn to the guarantor to make the repayments. Some banks charge a fee for having a guarantor.
Likelihood of being charged:
Potentially
Can roll fee into home loan?
Not sure, assume no
Other names:
- Alternative name
Description:
Adding a security for a loan means using some form of asset that you may own, to secure the loan. This security asset is intended to cover the loan amount in the event that you are unable to pay the loan back. Some banks charge a fee for each additional security you use for a loan if there is more than one.
Likelihood of being charged:
Potentially
Can roll fee into home loan?
Not sure, assume no
Other names:
- Security fee
Description:
Sometimes cheques are used at settlement to make payments. Some banks charge this fee for each cheque if you require more than two cheques to fund/settle the loan.
Likelihood of being charged:
Potentially
Can roll fee into home loan?
Not sure, assume no
Inspections
Description:
A building and pest inspection involves inspecting the building for physical damage and for pest damage to understand the home's condition before purchasing. Physical damage can include for example minor or major damage due to structural movement, water penetration, deterioration of building elements, faulty plumbing or electrical systems, etc. Pest damage refers to damage caused by pests such as termites eating at the wooden structure of the property. These inspections can also be performed seperately as a building inspection and a pest inspection.
Likelihood of being charged:
Certain. This inspection is very important and should not be skipped.
Description:
If the property has a pool or spa the seller needs to provide either a 'pool safety certificate' or a 'notice of no pool safety certificate'. If you buy a property with no pool safety certificate you have a set amount of time to get one. A Swimming Pool Inspection is performed to determine whether a pool or spa complies with safety standards and if it does comply a Pool Safety Certificate is issued.
Likelihood of being charged:
Certain. If you buy a property with a pool or spa and the seller doesn't provide a Pool Safety Certificate.
Other names:
- Spa inspection
Assumptions made for estimates:
- Australian citizens or permanent residents
- Buying in Queensland
- Individuals or couples
- First time buyers
- Buying a house and land, townhouse or apartment
- Buying new or second hand when calculating government fees, and buying new when calculating the first home owner's grant.
- Owner-occupiers (people who will live in their new home as their principal place of residence)
- Are over 18 years old
- Have no guarantor or securities to use for the loan
Description:
A Smoke Alarm Inspection is performed to ensure all smoke alarms within the property are compliant with legislation. New homes are generally required to meet legislation upon completion, and other homes generally have a longer time before compliance is required. Check the rules of your state to clarify. Regardless, having a compliant smoke alarm system will ensure maximum fire safety.
Likelihood of being charged:
Optional
Other names:
- Fire alarms inspection
Assumptions made for estimates:
- Australian citizens or permanent residents
- Buying in Queensland
- Individuals or couples
- First time buyers
- Buying a house and land, townhouse or apartment
- Buying new or second hand when calculating government fees, and buying new when calculating the first home owner's grant.
- Owner-occupiers (people who will live in their new home as their principal place of residence)
- Are over 18 years old
- Have no guarantor or securities to use for the loan
Description:
An electrical inspection involves inspecting the electrical systems in the property. It can include inspecting the condition and configuration of the meter box, safety switches, electrical switchboard, earthing system, powerpoints, switches, lights, hot water system, oven, hotplates, and also suggesting power saving ideas.
Likelihood of being charged:
Optional
Description:
A plumbing inspection involves inspecting the plumbing systems in the property. It can include inspecting sewer pipes, stormwater pipes, gutters, downpipes, surface water drainage, ventilation systems, hot water heater and valves, water lines, taps, flip mixers and fixtures, vanities, toilet, cistern, sinks, tubs and also pressure testing the water supply.
Likelihood of being charged:
Optional
Description:
A gas inspection involves inspecting the gas systems in the property. It can include testing for CO emissions, gas leaks, safe operation, operational efficiency, correct installation and compliance, negative pressure testing and pressure testing gas lines and checking for leaks. A gas safety check will usually be performed on spaces heaters, wall furnaces, gas long fires, heating systems, pool heaters, hot water units, stoves, cook tops, and barbecues.
Likelihood of being charged:
Optional
Other names:
- Gas safety inspection
Conveyancing
Description:
A conveyancer is a specialist lawyer or solicitor who specialises in the legal aspects of buying and selling property. You generally engage a conveyancer to take care of some of the legal aspects of buying a home for you. Searches, postages and sundries refers to searching council records (see 'Inspection of records' fees in the Government section) relating to the property, posting or lodging documentation and other various miscellaneous tasks on your behalf.
Likelihood of being charged:
Certain. Unless you decide to do these conveyancing tasks yourself.
Other names:
- Miscellaneous conveyancing fee
- General conveyancing fee
Description:
A conveyancer is a specialist lawyer or solicitor who specialises in the legal aspects of buying and selling property. You generally engage a conveyancer to take care of some of the legal aspects of buying a home for you. Registration of title is where your conveyancer performs the Title Transfer Lodgement for you (see the 'Title Transfer' fee in the Government section).
Likelihood of being charged:
Certain. If you engage a conveyancer to perform this task for you.
Insurance
Description:
Home building insurance covers your home in the way that if your home is damaged, for example by fire, flood or storm, your insurance would cover the cost to rebuild or repair your home. Home building insurance covers your home as well as other structures on your property such as garages, sheds, fences, and in-ground pools.
Likelihood of being charged:
Certain. Home building insurance is a must if you buy your own home.
Description:
Home contents insurance covers your possessions that are in your home, in the way that if these possessions are damaged your insurance would cover the cost to repair or replace them.
Likelihood of being charged:
Optional
Utilities
Description:
Energy companies that supply electricity generally charge a connection fee when connecting electricity to a property.
Likelihood of being charged:
Certain
Description:
Energy companies that supply electricity generally charge a disconnection fee when disconnecting electricity at a property.
Likelihood of being charged:
Potentially
Description:
Internet service providers (ISP) generally charge a connection fee when connecting the internet to a property.
Likelihood of being charged:
Very likely
Exemption or subsidy available:
Yes. Some internet service providers waive this fee if you sign up on a long-term contract.
Description:
Internet service providers (ISP) generally charge a disconnection fee when disconnecting the internet at a property.
Likelihood of being charged:
Potentially. If currently on a long-term contract then you will generally be charged a disconnection fee and additional costs relating to how many months remain on your contract.
Estimate used:
The estimate provided is an approximate value assuming you are on a long-term contract. This fee can vary widely so check your contract to clarify.
Description:
Telecommunications companies generally charge a connection fee when connecting a telephone line to a property.
Likelihood of being charged:
Potentially
Description:
Telecommunications companies generally charge a disconnection fee when disconnecting telephone line at a property.
Likelihood of being charged:
Potentially. If currently on a long-term contract then you will generally be charged a disconnection fee and additional costs relating to how many months remain on your contract.
Estimate used:
The estimate provided is an approximate value assuming you are on a long-term contract. This fee can vary widely so check your contract to clarify.
Description:
Energy companies that supply gas generally charge a connection fee when connecting gas to a property.
Likelihood of being charged:
Potentially
Description:
Energy companies that supply gas generally charge a disconnection fee when disconnecting gas at a property.
Likelihood of being charged:
Potentially
Cleaning
Description:
It is a common requirement to have the carpets steam cleaned when vacating a rental property.
Likelihood of being charged:
Certain. If currently renting and it is listed as a requirement in your lease agreement.
Description:
It is a common requirement to have your rental property fumigated for pests at the end of a lease if you kept a pet at your property.
Likelihood of being charged:
Certain. If currently renting with a pet and it is listed as a requirement in your lease agreement.
Furnishing
Related
Description:
It is common to hire a removal truck when moving house as it can carry more items than a standard trailer or ute, and therefore requires less trips.
Likelihood of being charged:
Potentially. Depends on your chosen method of moving.
Estimate used:
The estimate provided is an average cost for hiring a removal truck (that can be driven by a person with a standard car license) for a day.
Description:
If a buyer's rental lease ends before they have found their new home to buy, they can put their belongings into storage and live with family or friends for a short period, to save them from having to commit to another rental lease.
Likelihood of being charged:
Certain. If you decide to put your belongings into storage.
Other names:
- Self storage
Estimate used:
The estimate provided is an approximate value for a 3m x 4.5m storage space for one month.
Description:
When moving from a small rental property, or from sharing a rental with others, you may find you don't own all of the appliances you require for your new home.
Likelihood of being charged:
Optional
Estimate used:
The estimate provided is an approximate value for one or two large appliances such as a washing machine or fridge. This figure can vary widely based on your requirements.
Description:
When moving from a small rental property, or from sharing a rental with others, you may find you don't own all of the furniture you require for your new home.
Likelihood of being charged:
Optional
Estimate used:
The estimate provided is an approximate value for one or two items of large furniture such as a dining set, lounge set or bed. This figure can vary widely based on your requirements.
Description:
If you are unable to do any removalist work due to physical limitations, a lack of people to help you or you just prefer not to, you can hire a removalist company to take care of moving for you.
Likelihood of being charged:
Potentially. Depends on your chosen method of moving.
Estimate used:
The Home Purchase Advisory Service of Australia states that the average cost of a removalist is between $550 to $3500. The estimate provided is near the middle of this range. The final cost can depend on the distance you are moving, how much furniture you are moving, and if you pack and load your own belongings or hire a full-service removalist.
Construction
Description:
A safety switch detects certain faults in electrical devices and shuts off power through those electrical circuits when they occur. They are a crucial safety measure and are required by law. You can have more than one safety switch if you choose for additional protection. In Queensland if a house is sold without a safety switch for the power point circuits, the buyer is required to install one within 3 months of transferring the property into their name. Requirements may vary for other states.
Likelihood of being charged:
Certain. If you purchase a property that does not have a safety switch for the power point circuits.
Description:
Garden landscaping refers to creating a desired garden space. It can include sculpting the land with machinery, adding or removing soil, stones and mulch, laying turf (grass), planting various plants, construction of water features and walls etc.
Likelihood of being charged:
Optional
Estimate used:
The estimate provided is an approximate figure for leveling the land of an average suburban house block, adding some top soil and laying turf. This cost can vary greatly based on the size of the block and your garden goals.
Council approval:
When considering to make changes to your home, be sure to check with your local council as to whether any council approval is required. This can affect the time and cost of your project.
Description:
The driveway is the concrete surface connecting the road to your garage or carport.
Likelihood of being charged:
Optional
Estimate used:
The estimate provided is an approximate figure for an average suburban house.
Council approval:
When considering to make changes to your home, be sure to check with your local council as to whether any council approval is required. This can affect the time and cost of your project.
Description:
Fencing refers to the constructed wall or barrier surrounding the perimeter of your block. It's a good way to maintain your privacy from neighbours, prevent trespassers from entering your property and is also important in containing pets. It is common for neighbours to share the cost of a fence.
Likelihood of being charged:
Optional
Estimate used:
The estimate provided is an approximate figure for a wooden fence on an average suburban block.
Council approval:
When considering to make changes to your home, be sure to check with your local council as to whether any council approval is required. This can affect the time and cost of your project.
Description:
Pathways at the front of your house for example are generally from the driveway to your front door or from your front door to your letterbox. Pathways at the rear of your house for example can be from the back patio to your shed or clothes line. You may also have pathways down the side of your house.
Likelihood of being charged:
Optional
Estimate used:
The estimate provided is an average figure for what people spend on pathways on an average suburban block.
Council approval:
When considering to make changes to your home, be sure to check with your local council as to whether any council approval is required. This can affect the time and cost of your project.
Description:
Renovation is the process of improving a broken, damaged or outdated part of your home.
Likelihood of being charged:
Optional
Estimate used:
The estimate provided is a general figure for renovating a single room. The final cost can vary greatly depending on your goals, expertise etc.
Council approval:
When considering to make changes to your home, be sure to check with your local council as to whether any council approval is required. This can affect the time and cost of your project.
Body
Corporate
Description:
Body corporate is a legal entity made up of owners of subdivided lots (such as apartments or townhouses). For example a body corporate for an apartment complex would be made up of owners of apartments in that complex. It is the body corporate's responsibility to carry out various tasks relating to the complex such as maintaining, managing and controlling common property on behalf of owners (such as gardens, facilities, pools, carparks etc.) Owner's must pay a levy on a yearly basis to body corporate in order to provide them with the funds to carry out their role. Body corporate can apply to duplexes, residential unit blocks, townhouse complexes and high rise accommodation buildings.
Likelihood of being charged:
Certain. If you purchase a home that is part of a complex or group of lots, as described above.
Other names:
- Body corporate fee
- Body corporate contribution
Estimate used:
The estimate provided is an average body corporate levy for South East QLD. Many can be much higher.
Cost summary
Description:
The loan to value ratio is a commonly used measure of how much you want to borrow from the bank compared to the value of the property that you want to buy. It is expressed as a percentage and is calculated by simply taking the loan amount, dividing by the property value, and multiplying by 100. For example if you want to buy a $100,000 property, and you want to borrow $95,000, then your loan to value ratio is 95%. Banks generally do not loan more than 95% of the property value.
Description:
Banks generally allow some of their upfront fees to be added to the home loan and paid off over time. However, as banks generally do not allow a buyer to borrow more than 95% of the property value (95% LVR, or loan-to-value ratio), you will only be able roll in fees until you hit the 95% LVR. If there are some fees still outstanding and you are at your 95% LVR limit, you will need to pay them upfront.
Bank fees usually rolled into loan:
- Loan settlement fee
- Loan application fee
- Lender's mortgage insurance premium
- Annual package fee
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