You have to budget for quite a few costs before the buying process is completed. These include
- A loan application fee of approximately $400 (could be more or even a little less), but this may be added to your loan if necessary with the lender’s approval.
- Cost of a registered valuers (approximately between $500 -$600) report on the property you wish to purchase.
- A building inspection report (between $400 – $750+GST).
- A LIM report (approximately $300).
- Your solicitor’s fee (between $800 – $1000+GST).
- Cost of moving
Additional costs will depend on whether you have been advised by your solicitor or accountant to incorporate a registered company or form a family trust. Your solicitor or accountant will be your best professional guide in these matters.
- Budget for mortgage repayments.
- Budget for Local Council rates.
- Budget for water rates.
- Budget for home insurance (this is mandatory upon taking out a mortgage) while home contents insurance is optional but recommended. Budget for body corp when and where required.
- Budget for home maintenance & repairs
- Budget for personal insurance – consider life insurance, income protection insurance, health insurance, mortgage protection insurance, trauma and total/permanent disability insurance and redundancy insurance
At Mortgage Mantra we have over 10 years experience in helping kiwis get into their first home. We can advise you on the associated costs, budgeting and organisation of each of these hidden costs to ensure the whole process is as smooth and stress free as possible.
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