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HashChing is Australia’s first online marketplace allowing consumers to access great home loan deals without having to shop around. Completely FREE to consumers, HashChing connects you directly to verified mortgage brokers who can further negotiate a better rate from the lenders and save you time, hassle and money.

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What types of additional fees and costs might there be when buying a property?

There are a few fees and costs that you may need to budget for. Some of these include: 1. Lender Costs Lender costs vary and cover of costs for administration fees and upfront fees as well as the lender’s own valuation. These costs will generally be between $600 – $800. 2. Legal and Conveyancing fees Generally between $1000 – $1500 3. Mortgage Insurance Costs Lenders Mortgage Insurance is applied to loans that are more than 80% of the purchase price. 4. Building Inspection and Report This should be done before you purchase the property and should always be done by a qualified expert. The Contract of Sale should take into consideration the building inspection, giving you the option to withdraw the offer without any significant penalties. A building inspection and report will cost about $1000 depending on the size of your property. 5. Pest Inspection Again, this should be done before you purchase the property to make sure the property you are buying is problem-free when it comes to pests. The Contract of Sale should also take into consideration the Pest Inspection, giving you the opportunity to withdraw if pests are found to be a problem with your property, without incurring any major costs. A pest inspection will cost around $500 depending on the size of your property. 6. Stamp Duty Stamp duty rates are dependent on the value price of the property and are set by each state and territory. There may also be a stamp duty on the mortgage. 7. Ongoing Costs When applying for your home loan, it is a good idea to also start looking at Home and Contents insurance. Some lenders require a minimum sum insurance policy, which will cover the building should anything go wrong. However it is a generally advisable to insure for more than the minimum sum to cover the costs should you be required to rebuild. This also applies for contents insurance, ensuring you are covered if you need to replace your belongings should the unexpected happen. Once you have settled into your property, you will also need to budget for council and water costs along with your regular loan repayments.

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