Purchase price – the price you will pay for the property itself. This will be paid in two instalments: (1) the deposit (usually 10% of the purchase price) is paid when you sign the contract; and (2) the rest is paid at settlement, usually 6 weeks after you sign the contract.
Adjustments – the seller and buyer split the costs of owning the property such as council rates, water rates and body corporate fees, so they only pay for the time they own the property.
Legal fees and costs – your conveyancer will charge you: (1) professional fees for the legal work they do for you, and (2) reimbursement of the unavoidable third party costs they need to incur on your behalf (i.e. searches, settlement certificates, land titles fees, etc.).
Transfer/stamp duty – this is the tax you need to pay the state government on the purchase of your property. The tax rates are different depending on the state/territory where the property is located (you should visit the website of that state/territory’s revenue office and use their free calculators for the most accurate estimate).
Due diligence inspections – inspections of the property by trained experts to check for any deal-breaking red flags, such as building, pest and strata inspections.
Settlement costs – the costs of the actual settlement, including land titles registration fees (for your priority notice/caveat, transfer, and any mortgage) and electronic settlement fees (charged by the online settlement platform).
Insurance – depending on the type of property you buy, you will need appropriate insurance.
Moving costs – if you will be moving into the property, the cost of moving house.