Hi,
I come from a family of renter's so don't have anyone that really know what they're taking about. I got the basic cost for a house that is $450,000 is about $700 per week but that's about it.
What are the hidden costs? And average weekly amounts 2 adults and 2 children with a yearly of 100-120000?
Rates
Land tax
Water
Life insurance
Home and content insurance
Income protection
Thank you
4 Replies
Depending on the size of your deposit, you may need mortgage insurance.
One thing that I noticed wasn't on your list is stamp duty. This is something you pay when you purchase the house, and the cost varies state to state and is based on the value of the property. You should be able to find a guide for price on google. Or is that what you meant by land tax?
Rates, depends on house value and council. Ours is $450 a quarter. House value is around $400,000.
Water is around $200-$250 a quarter for 2 adults and 1 infant.
No life insurance so can't help there, but you should be able to do quotes online.
Home + content insurance is around $650 annually, but will vary depending on property and contents value.
No income protection so can't help there either, but again should be online.
I think the toughest part will be/is saving the deposit. We managed a deposit of $30k + a FHOG of $26k. We had a combined income of $100k and got a mortgage of $314k. We managed extra repayments, and have paid off $60k (no child at the time).
Good luck! :)
One thing that I noticed wasn't on your list is stamp duty. This is something you pay when you purchase the house, and the cost varies state to state and is based on the value of the property. You should be able to find a guide for price on google. Or is that what you meant by land tax?
Rates, depends on house value and council. Ours is $450 a quarter. House value is around $400,000.
Water is around $200-$250 a quarter for 2 adults and 1 infant.
No life insurance so can't help there, but you should be able to do quotes online.
Home + content insurance is around $650 annually, but will vary depending on property and contents value.
No income protection so can't help there either, but again should be online.
I think the toughest part will be/is saving the deposit. We managed a deposit of $30k + a FHOG of $26k. We had a combined income of $100k and got a mortgage of $314k. We managed extra repayments, and have paid off $60k (no child at the time).
Good luck! :)
Repairs to the house. Things like hot water systems going etc