What costs are there when selling?

J

Jom

Hey guys

I'm looking to sell my PPOR, so that I can use the funds towards a deposit on my next PPOR.

I am just wondering what costs are involved in the changover? My understanding is:

Selling:

Exit fees from loan (mine is fixed)
Conveyencer/Solicitor fees
Agent fees
CGT if it were not a PPOR

Buying:
Stamp duty
Mortgage insurance
Conveyencing/Solicitor fees
Building inspection
Rates/body corp/water service difference

What have I missed?

Thanks in advance :)
 
Jom

Don't forget pest inspection and inspection of body corporate records (if applicable) when buying.

Cheers
LynnH
 
What about bank fees for taking out the new loan. My banks have an additional fee for everything.

Cheers,

Bazza
 
Get a ProPak - you get a discount of at least .7% on your interest rate, fee-free credit card and a whole stack of other benefits - and it saves you waaay more that the annual ProPak fee.

Cheers
LynnH
 
Add in the do-up cost to bring your property to presentable & saleable standards.

For example:-

Repair & maintenance:

Replacing non-working appliances. Repainting. Bin hire. Repairing damaged fencing, light fittings, light bulbs. Wall cleaning. Filling cracks, leaks, water marks.

Presentation:

Buying new cushions, towels, rugs, flowers, bed spreads, pillows. Storage hiring for unpresentable stuff. New garden plants, flowers, wood chips. Furniture hire.

The list goes on... :)
 
LynnH said:
Get a ProPak - you get a discount of at least .7% on your interest rate, fee-free credit card and a whole stack of other benefits - and it saves you waaay more that the annual ProPak fee.

Cheers
LynnH
Click to expand...

Propak? What is this? I haven't heard of it...
 
Jom

It's a Professional Package. All the Big 4 banks and some of the others offer them. The benefits vary a little, but generally the fees are around $350-400 pa and for this you get:

* minimum of 0.7% discount (on the interest rate) on loans totalling more than $250K
* fee-free credit card (usually Gold)
* fee-free savings account
* a range of discounts on things like personal loans, insurance, etc
* sometimes things like commission-free travellers cheques
* etc.

Check out the various bank websites for details of what is on offer from the individual banks. Some packages are better than others - depends on one's individual circumstances.

Cheers
LynnH
 
Last edited:
Sounds great... my only concern would be that you would need to use one of the big banks, and therefore likely be stuck with a hgier interest rate than if you went with a smaller bank (granted you would save 0.7%).

I will definately look into it though, thanks :)
 
What about vendor duty?
Can someone confirm owners of PPOR are up for 2.25% of sale price if they cannot show that they have used it as their principal palce of residence continuosly for 2 years?
 
dont use an agent and reduce your costs of sale

You can reduce a huge cost by selling the property yourself.
Give it a go.
I did that and will try and sell myself again if I sell another property.
Get 10 agents around to appraise the property and then you will get a good idea of the market value and how to sell it (i.e put up new lights or whatever the agents recommend).
Then give it a go selling it yourself. Just know your bottom price (similar to how you would with an agent except you dont have a 3rd party in the mix with their own agenda if you sell yourself.)
 
Kenster said:
Add in the do-up cost to bring your property to presentable & saleable standards.

For example:-

Repair & maintenance:

Replacing non-working appliances. Repainting. Bin hire. Repairing damaged fencing, light fittings, light bulbs. Wall cleaning. Filling cracks, leaks, water marks.
Click to expand...
Isn't it funny that we neglect a lot of these maintenance jobs until it's time to sell. I'm guilty of that, yet all of the IP's get maintenance done regularly :rolleyes:

Regards
Marty
 
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