Conveyancing is a necessary process of buying property to aid in the settlement and transfer, ensuring the purchaser meets all legal obligations and that their rights and interests are protected.
In addition to your conveyancer's fees, there are a number of adjustments and disbursements associated with your transfer. These charges are generally beyond the conveyancer's control and paid on your behalf to the relevant party.
The following list was created for 2022 and may not be applicable in the future, so it's important to seek accurate costs from your conveyancer.
The biggest upfront cost for a purchaser is stamp duty, which varies by state. On a $500,000 property, stamp duty in SA is approximately $21,330.00. Estimate your stamp duty using the Revenue SA Stamp Duty Calculator.
There will also be a number of fees and charges payable to the Government of South Australia.
As a purchaser, this includes a Land Services SA Lodgement fee and Transaction fee. On a $500,000 property, these fees are approximately $4,315.00 and $15.00 respectively. Estimate your fees using this calculator, or check out the official document for a detailed breakdown.
The Property Exchange of Australia (PEXA) is the electronic conveyancing platform used in South Australia. PEXA charges $117.92 for a single title transfer. See PEXA's full pricing guide here.
It is generally a term of the Contract that you pay to the Vendor your share of utilities that may be paid for beyond the settlement date. These are commonly known as "Adjustments" and will vary depending on the location of the property.
There are a number of grants available when buying property. The following list was created for 2022 and may not be applicable in the future. So, it's important to discuss grants with your conveyancer and/or lender.
The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible buyers purchase their first home sooner.
First home buyers with less than 20% deposit are usually required to pay lenders mortgage insurance, calculated as a percentage of the total amount borrowed.
Under this scheme, part of an eligible first home buyer’s home loan (from a participating lender) will be guaranteed by the National Housing Finance and Investment Corporation (NHFIC). This guarantee goes up to a maximum of 15%, meaning you can purchase your first home with as little as a 5% deposit on the property value. Discuss your eligibility with your conveyancer or lender, or visit the official page.
The New Home Guarantee is an Australian Government scheme to help first home buyers purchase or build a new home with a smaller deposit and without needing to pay Lender's Mortgage Insurance. This scheme allows eligible buyers to get into the property market with a 5% deposit.
There are requirements of both the purchaser and the property being purchased. Discuss these with your conveyancer or lender, or reference the official page.
The Family Home Guarantee is an Australian Government initiative to support eligible single parents with purchasing a family home. From 1 July 2021, 10,000 Family Home Guarantees will be made over four financial years to eligible single parents with at least one dependant.
Under this scheme, the NHFIC will guarantee up to 18% of the value of the property if the borrower has a 2% deposit. This is a great opportunity for those eligible, as the deposits needed for buyers using the First Home Loan Deposit Scheme and the New Home Guarantee are 5%.
To be eligible for the Family Home Guarantee scheme, there are certain criteria that need to be met. Discuss this with your conveyancer or lender, or check out the official page.
If you have any questions, our team is available by phone and email 7-days a week:
(08) 8310 0296contact@epworthconveyancing.com.auRoom 503/33 Pirie Street, Adelaide, SA 5000
