There are other associated costs to buying a property which include:
- Building/pest fees (second-hand properties only)
- Legal fees
- Mortgage registration fee
- Loan application fee
- Settlement inspection fee
- Tax depreciation schedule (really useful as it will save you potentially thousands back in tax for new properties)
Real property example: 2bdm new apartment, Penrith, Sydney
Assumptions: Interest-only loan at 2.79%, LMI capitalised to loan and is an estimate
With the ability to come away over $8,000 ahead in your first year of property ownership it’s easy to see why investing in property in Australia is so appealing to many.
If you would like to explore what options are available to you, then please book in a free consultation with an experienced Ironfish strategist, and we can help you get started.