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The Deposit. Generally 10% of the purchase price. Although as little as 5% may be accepted by some mortgage funding companies. Mortgage interest rates are usually cheaper if your deposit is 20% or more.
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Application Fee. This will vary depending on which lending institution your mortgage is placed with. It can be anything up to 1% of the loan amount, however most lenders now don't charge an application fee. At Gary Wise Mortgage & Insurance Consultants, "The Mortgage Gurus" we don't charge you anything if we successfully arrange a mortgage for you.
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Valuation Fee. A Registered Valuer's Report may be required. A residential report should cost between $400 - $500. This is payable to the valuation firm.
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Solicitor's Fee. This can vary significantly depending upon who you choose and how complex the house purchase is. On average it's likely to be $800 - $1200. If you don't already have a solicitor, The Mortgage Gurus have a relationship with a number of solicitors we would be happy to put you in contact with.
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Your solicitor will be responsible for checking the sale and purchase agreements and arranging a valuation for you. They will also organise a LIM report if you feel this is necessary.
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Lim Report. This is a detailed survey of the property. If you are at all concerned about the construction, the engineering, etc. a LIM report will check things out for you. It costs approximately $135.00.
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Removal Costs. Once you've found the right house you'll soon be ready to move in. Depending on how far you have to go, you may need a professional company to help with the move. Most good companies offer free quotes.
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Insurance Costs. There are a number of things which will need to be insured:
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Your furniture in transit and/or storage if you are using a removal firm.
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The house you have brought.
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The contents of your house.
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The mortgage. Called Mortgage Protection Insurance, this ensures your loan is repaid should you die or are disabled whilst you have a mortgage.
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The Mortgage Gurus are specialists in insurance and can help you with any of your insurance requirements.
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Rates. The person you've brought the house from may well have paid rates in advance. Where this is the case you'll have to pay a proportion of these. Your solicitor will organise this for you.
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