Work out the costs involved

Government charges

Stamp duty on transfer of property

This is a fee charged by each state government.

Use our stamp duty calculator to determine the costs

Registration of mortgage fee 
This fee is waived for members applying for My First Home Loan

This is a fee to register your mortgage papers with the Land and Properties Information office.  Teachers Credit Union will organise this.

Use our stamp duty calculator to determine the costs

Title Search fee
This fee is waived for members applying for My First Home Loan

This is the fee for ensuring that the person selling the property is actually the person who owns the property. The title search also holds information regarding the encumbrances and/or caveats. Teachers Credit Union will organise this.

$20
per search

Production of Certificate of Title

Required when title details change and they need to be registered through the Land and Properties Information office. Teachers Credit Union will organise this.

$75

Application/Establishment fee

This fee is paid to Teachers Credit Union to cover the time spent in reviewing your loan application and preparing the loan documents.

$150

Valuation fee

• We pay for one standard valuation fee for My First Home Loan and Edvest members
• There maybe a fee for each property that will be used as security

This fee is charged to have a professional valuer visit the property to determine the value.

From $250

Legal fees

As required

At cost

Lenders Mortgage Insurance 

As required

At cost

Settlement Fee
This fee is waived for members applying for My First Home Loan

Where a credit union representative is required for exchange of documents at purchase, sale or refinance of property.

$150

Telegraphic Transfer

For settlements outside the Sydney metropolitan area

$20
per transfer

Your conveyancing fees (legals)

You will need to engage a professional to handle the legal aspects of the purchase and the mortgage on your behalf.  These may include:

• running appropriate searches on the property
• transferring the title of ownership and/or
• organising inspections.

You should get a couple of quotes and make sure they allow for disbursements e.g. phone calls, photocopying, postage etc

Approx $1000-$2000

Building inspection

Your conveyancer/solicitor may organise this for you, if not you will need to organise this yourself. This gives you the opportunity to get professional advice as to the condition of the property you’re about to purchase. You should receive both a pest and building report outlining the current condition of the property, and any issues that you should be aware of.

Approx $500-$1,000

Pest inspection

Your conveyancer/solicitor may organise this for you, if not you will need to organise this yourself. This gives you the opportunity to get professional advice as to the condition of the property you’re about to purchase. You should receive both a pest and building report outlining the current condition of the property, and any issues that you should be aware of.

Approx $300-$600

Council rates, water rates and strata levies

When purchasing a property you are required to reimburse the seller the prorata costs of any paid service. Generally your solicitor/ conveyancer will work out how much this will be – but you will need to put money aside to cover these costs.

Approx $1,000

Body corporate search

If your property has a body corporate it may be worth while to do a search which may uncover any ongoing structural problems with the buildings, information about strata levies etc.

Approx $250-$350

A condition of our home loans is that there is building insurance policy maintained for the property.  This usually needs to be organised before we can settle the loan. If it is a strata title property we require a certificate of currency which can be provided by the body corporate.

you will need to organise some quotes (see Allianz)

We recommend that you take out insurance to cover your contents – this covers things like – carpets, light fittings as well as your furniture

you will need to organise some quotes (see Allianz)

Reconnection costs for electricity, gas, water and telephone

If you are moving into the property there may be costs to connect or transfer these services in your name

Allow for approx $100 for each service.  May be more if a bond is required.

Removalist costs

These will vary depending on whether you do it yourself, you use a removalist, how far you are going and how much you are taking with you.

Allow $700 - $4,000