Purchasing Costs Calculator

If I buy a property, what purchase costs should I be aware of and budget for?

Costs Associated with Buying Property Calculator

How much does it cost to buy a home?

What are the costs involved?

Use this Purchasing Costs Calculator to find the answers you need to make a good buying decision.

What Costs Come With Purchasing A Property?

Buying a property means you should know you’re going to spend as much as 5% of the contract price on charges, duties, and fees. If you’re purchasing the property for $500,000, you can expect as much as $25,000 worth of costs you’ll have to pay as you complete the transaction.

So what fees are associated with buying a property? The following are the primary government fees you should expect to pay as you purchase a home:

  • Registration Fees. Your registration fees cover the registering of your lender’s mortgage on your property’s title. This is a fee put in place by the government, and you might find yourself paying a fee to remove the vendor’s mortgage from the property. If the vendor does have a mortgage on the property and you do have to take their mortgage off of it, the vendor will give that cost back to you at settlement.
  • Transfer Fee. When you register your name on the title of the property and take off the vendor’s name, the government charges a transfer fee you’ll need to pay.
  • Purchase Stamp Duty. This is a tax the state government levies on property purchases. First home buyers may be exempt from this.

As you input your details into our Purchasing Costs Calculator, you’ll find how much you can expect to pay in government fees. Please reach out to our mortgage experts for any questions you may have.

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