First-home buyers

‘Hidden’ $6k cost home buyers have to pay

PHOTO: First-home buyers Kim Nguyen and Arnie Brabbs said their search for a home is getting expensive because they keep missing out. Picture: Toby Zerna Source: News Limited

First-home buyers are being lumped with an extra $6300 in costs after already paying hefty deposits and stamp duty due to the soaring housing market, research shows.

Frustrated first-home buyers are being lumped with thousands in hidden purchasing costs after already stretching their budgets to land a foot on the property ladder, a new study has found.

While most first-time buyers anticipated they will be up for stamp duty and home lenders’ insurance — if they don’t have a huge deposit — online comparison site Finder.com.au revealed more than half of first-time purchasers paid an average of $6353 in unanticipated expenses.

The issue is first-time buyers are being repeatedly outbid for properties in the booming market, the research found.

It means they are paying for multiple building and inspections for properties they didn’t purchase, along with other unanticipated fees such as solicitor charges for reviewing contracts.

Finder home loans expert Sarah Megginson said first-home buyers were discovering unexpected fees and expenses could pile up quickly.

READ MORE VIA NEWS.COM.AU

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