What are my upfront costs?

What are my upfront costs?

Upfront costs are the fees you need to pay before or during the settlement of your new property. The biggest portion of this will be the deposit, which is generally around 20% of the total purchase price. Another upfront cost is stamp duty.

How do you calculate LMI?

To calculate your LMI premium just multiply your LMI rate by your loan amount. For example $90,000 x 1.463% = $1,316.70. Then add the stamp duty on LMI that is applicable for the state that the property is in. For example, $1,316.70 + $118.50 (9% in NSW) = $1,435.20.

How much is LMI usually?

How much does LMI cost? As a very rough guide, LMI could cost over $10,000 on a home loan of $500,000 for which you’ve saved a $50,000 deposit. The actual cost of LMI usually depends on your LVR and amount of money you borrow. The cost can also vary depending on the lender.

How much is LMI in Vic?

Stamp duty on LMI is payable on the premium according to the state or territory in which the security property is located and then added to the premium: NSW: 9.0% of the premium. VIC: 10.0% of the premium.

How much money do I need to buy a 600k house?

What income is required for a 600k mortgage? To afford a house that costs $600,000 with a 20 percent down payment (equal to $120,000), you will need to earn just under $90,000 per year before tax. The monthly mortgage payment would be approximately $2,089 in this scenario.

How do you calculate purchase costs?

The calculation statement is multiplying Total, Quantity Purchased – Kgs by the Total, Price/Kg – LC. Of course, prices per Kg do not sum, so the value for Total, Purchase Cost – LC is incorrect.