Are you a first home purchaser? If so check to see what grants are available in your state. Im in N S W and we have exemptions for stamp duty and the like.

Also you will only need mortgage insurance if you borrow more than 80% of the value of the house.

You will need home and contents insurance and this can be paid monthly depending who you are insured with. Im with Allianz and have an amount deducted from my account.

Not sure what searches are required in Vic but I would allow about $1500 to $2000 for legals and pest & building & survey costs.

Your bank may also require a valuation which could be anywhere from $300 - $500.

I think you should go in and see your bank. They will advise you on what grants you qualify for and how much you can borrow. Then go from there.

Good luck!!!


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