Next Home Buyers






What are the costs involved when buying a property?

When it comes to purchasing a property, it’s important to consider all the fees and costs involved. Below is a list of the usual expenses you should budget for to avoid any surprises:

Stamp Duty: This is the biggest expense and varies depending on the state or territory you’re buying in, as well as the property’s value. You may also need to pay stamp duty on your mortgage. Use our Stamp Duty Calculator to find out the total cost.

Legal and Conveyancing Fees: These fees typically range from $1,000 to $1,500 and cover legal procedures for purchasing the property, including title searches.

Building Inspection: Before purchasing the property, it’s crucial to have it inspected by a qualified expert, such as a structural engineer. This inspection can cost up to $1,000, depending on the property’s size, and is arranged by your conveyancer.

Pest Inspection: Another inspection to be carried out before purchase to ensure the property is free from pests, such as white ants. This inspection can cost up to $500, depending on the property’s size, and is usually arranged by your real estate agent or conveyancer.

Lender Costs: Most lenders charge establishment fees to cover their own valuation and administration costs, which can range from $600 to $800.

Moving Costs: Don’t forget to include the cost of hiring a removalist if you plan to use one.

Mortgage Insurance Costs: If you borrow more than 80% of the property’s purchase price, you’ll need to pay Lender Mortgage Insurance. You may also choose to take out Mortgage Protection Insurance. If you buy a strata title, regular strata fees are payable.

Ongoing Costs: You’ll need to consider council and water rates, as well as regular loan repayments. It’s also important to have building and contents insurance with sufficient coverage.

By considering all these expenses, you can make a more informed decision about the property you want to purchase. If you have any questions or need further advice, our team is here to help.

Welcome to Puzzle Box Finance, your trusted mortgage broker in Penrith, NSW! If you’re considering upsizing or downsizing your home, you’ve come to the right place. We understand that moving to a new home can be a big decision, and we’re here to guide you through the process and help you make the best decision for your unique situation.

Upsizing Your Home

Are you feeling cramped in your current home? Maybe you’re expecting a new addition to your family, or you simply want more space to spread out. Whatever the reason, upsizing your home can be an exciting adventure. However, it’s important to make sure you’re financially ready for the move.

One of the biggest factors to consider when upsizing your home is the cost. A larger home typically comes with a larger price tag, so you’ll need to make sure you can afford the mortgage payments. At Puzzle Box Finance, we can help you assess your current financial situation and determine how much you can afford to spend on a new home.

Another thing to keep in mind is the additional expenses that come with a larger home. You’ll likely have higher utility bills, more maintenance costs, and potentially higher property taxes. We can help you factor these costs into your budget so you can make an informed decision about whether upsizing is the right choice for you.

If you do decide to move forward with upsizing your home, we can help you find the right mortgage to fit your needs. We work with a variety of lenders and can help you compare rates and terms to find the best option for you.

Downsizing Your Home

On the other hand, maybe you’re feeling like your current home is too much for you to handle. Perhaps your children have moved out, or you simply want to simplify your life. In this case, downsizing your home might be the right move for you.

Downsizing can be a great way to reduce your expenses and free up some extra cash. You’ll likely have a smaller mortgage payment, lower utility bills, and less maintenance costs. Plus, you may be able to sell your current home for a profit and use the extra money to pad your retirement savings or invest in other areas of your life.

However, it’s important to keep in mind that downsizing isn’t always the right choice for everyone. You’ll need to consider your lifestyle and future plans to determine if a smaller home is the right fit. For example, if you plan to host large gatherings or have frequent overnight guests, a smaller home might not be practical.

At Puzzle Box Finance, we can help you evaluate your current financial situation and determine whether downsizing is the right choice for you. We can also help you find the right mortgage for your new home, so you can take advantage of the lower payments and start enjoying your new, simpler lifestyle.

Contact Puzzle Box Finance Today

Whether you’re upsizing or downsizing your home, the team at Puzzle Box Finance is here to help. We have years of experience helping clients in Penrith and throughout the greater Sydney area find the right mortgage to fit their unique needs.

Our team is dedicated to providing personalized service and helping you navigate the complex world of mortgages. We can answer all of your questions and provide you with the guidance you need to make the best decision for your financial future.

So why wait? Contact us today to schedule a consultation and learn how we can help you with your upsizing or downsizing journey.