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Come with ME on your home buying journey.
Buying a home.
Come with ME on your home buying journey.
Learn the ins and outs of buying a home with ME.
Whether you’re a first home buyer, buying an investment property, or thinking of building a home, we have practical tips for your home buying journey.
Home buying basics you’ll learn:
- First time home buyer tips
- What are the costs of buying a house?
- Types of home loans
- Negative gearing explained.
ME’s practical tips home buying.
ME’s practical tips home buying.
Our short videos help explain all your home buying questions (even the silly ones) so you can throw your hand up at the next auction, no stress.
The cost of buying or building a house.
From stamp duty to valuation fees, there are many costs of buying or building a house you might not know about. Find out what fees and costs you can expect when its time to buy your new home.
Contact a ME Mobile Banker
The cost of buying or building a house.
From stamp duty to valuation fees, there are many costs of buying or building a house you might not know about. Find out what fees and costs you can expect when its time to buy your new home.
Contact a ME Mobile Banker
Keep reading on the cost of buying a house:
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Beat your competition at auction.
Successful bidding calls for some additional work behind the scenes, which means knowing what you’re up against.
Learn ways to win at auction.
Do I need a solicitor or conveyancer to buy a house?
Find out the difference between a conveyancer and solicitor and if you need one.
Learn the difference.
Some tools to help you get one step closer to buying a home.
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Don’t stress over crunching all the numbers, leave that to ME.
Content on all things home buying from ME to you with House Mate.
House Mate is ME's free monthly article and content series covering home buying, refinancing and relocating.
Always personalised with tips and tricks to help you get ahead.
Sign up for House Mate.
Learn more on home buying with The Feed.
What are the steps to buying a house?
The home buying process can be long and daunting. However, the typical home buying journey may go something like:
1. Making a budget
2. Creating a shortlist of what you want in a home
3. Determine your borrowing limit
4. Obtain approval in principle
5. Begin house hunting
6. Make an offer or attend an auction
7. Once your offer is accepted, exchange contracts
8. Wait out the cooling-off period
9. Settlement
10. Enjoy your new home
For a deeper look into each of these steps, see our article on how the
home-buying process works.
How much does it cost to build a house?
The most recent ABS (Australian Bureau of Statistics)
study in 2020 revealed that the average cost to build a house in Australia was $320,238 in 2018-19. However, this can change from individual to individual depending on a number of factors. These factors include, but are not limited to:
- The size of the home
- Timeframes
- Complexity of the design
- Cost of the land
What are the fees when buying a house?
Besides the amount you borrow on your home loan or mortgage, there are several additional costs when buying a house, which can include:
- Stamp duty
- Lenders’ Mortgage Insurance (LMI) if you are borrowing more than 80% of the value of your home
- Legal or conveyancing fees
- Pest, building or strata reports
- Loan application fees
What is a home loan?
A home loan, otherwise known as a mortgage, is a type of loan designed for customers to borrow large amounts required for the purchase of a property. This loan is usually to be paid off over 20 or more years.
View costs when buying transcript
Welcome to managing money with ME.
Get stuck into: Costs when buying
Let's get started with finance 101. We're looking at working out what you need to buy a home.
Take some time to pause and read.
Our hot tip is to take notes throughout each topic to really take in the info that best applies to you.
Work out the true value of a property, and take a good note of this handy tip to help you get ahead.
Now let's break down the deposit, and the factors that affect it. Remember to pause and read, there's a great tip at the end.
Let's talk LVR. When you pause to read, have a go at working it out for yourself.
Now onto Lenders Mortgage Insurance, also known as LMI. This one is all about lenders and valuation, pause to take this in.
Stamp duty unfortunately applies to some purchases. Hit the pause button to understand why. Take note of this super handy hint.
It's worth looking into what government concessions might be available to you. Read the helpful tips that could help save you money.
Being prepared for fees makes life easier. Check these tips out. Brokers can really help navigate the process. A quick low down on interest, read up all about it.
Here's what to look for in property inspections. One thing to look out for is rising damp.
And here's what to look out for when it comes to timber stumps.
Make sure you check those ceilings! And lastly, make sure you get a pest inspection.
Now let's jump into a case study. Make sure you read and take notes.
The key takeaway here, is to always inspect for no regrets.
That's ME done!