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2019-11-20 Building & Buying
Author: Satterley

Costs of buying land for the first time

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The financial process for buying your first piece of land over an established property, may appear complicated. However, just like all things real estate, with a bit of background research and a good plan, you can sail through without the headache - even more so if you seek professional advice, which we couldn’t recommend more!

Today, let’s cast aside any worries you have about planning your finances and get stuck into the need-to-knows. First we’ll discuss the costs of buying land for your first home, then we’ll move into how to reduce some of those with government concessions.

Costs of buying land for the first time

1. Loan application fee Every home loan has its fees, and one of the first ones you’ll encounter is the loan application fee, also known as a home loan establishment fee.

2. Lenders mortgage insurance If you’re borrowing with a loan-to-value ratio of greater than 80 per cent, also known as having a deposit of 19 per cent or less, the lender may charge lenders mortgage insurance (LMI). This is another one-off payment, and varies based on the size of your loan and how much you offer as a deposit. Curious to know how much your LMI might be?

3. Stamp duty Stamp duty is a tax charged by your local state government. It may also be called transfer duty or general duty.


In our handy downloadable guide, we’ll discuss all the remaining costs of buying land for your first home, then we’ll move into how to reduce some of those with government concessions. Click above and begin your journey now!

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