The REI Quicontract service ended on 14 February 2023. Real estate agents should now instead utilise the new REI FastTrack Contract process available to them when creating sales agency agreements via REI FormsLive.

REI FastTrack Contract

Contact us!


The other costs to consider when buying a home

The other costs to consider when buying a home

Saving for a home deposit takes time, patience and a lot of hard work. Unfortunately, that’s not the only upfront cost you’ll encounter when buying a property.

Let’s say you’re looking to buy a home worth $700,000, you’ll need much more than a 10% deposit. Stamp duty will be your biggest upfront cost at around $30,000. Legal and conveyancing fees will set you back around $2,000 and you’ll be looking at a further $500 on inspections, as well as a couple of hundred on disbursements and adjustments on settlement for your rates. You may also be required to pay a certain amount in mortgage insurance, as well as insurance on your new home. Just like that, half of your $70,000 deposit has been eaten by up-front fees.

When buying it’s also important to consider the comfort factor of what you’re borrowing. With interest rates at a historic low, what is achievable now, may leave you under considerable mortgage stress later.

Don’t overstretch yourself, continue to be patient and the right property will come along.