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Property Selling Cost Calculator

The cost of selling a property isn’t cheap, especially with the unexpected expenses that go along with it. That’s why we’ve created our handy Property Selling Cost Calculator.

This calculator is a great tool to make sure you’ve covered all the costs of selling a property. It provides a total estimated property selling cost based on a summary of inputted costs and fees, helping you figure out the real cost of selling your property.

Breakdown of Each Costs

    1. Real Estate Agent Costs

The costs associated with utilising a real estate agent in Australia are not uniform, and are instead dependent on a number of factors, including the location of the property, the property’s type, and the scope of the agent’s services. Real estate agents in Australia often levy charges under the following categories:

      • Commission – this typically ranges from 1% to 3% of the property’s sale price, and may be subject to negotiation based on the property’s value and the level of service required.
      • Marketing expenses – this can vary depending on the agent and may cover property styling, photography, floor plans, online advertising, and signage.
      • Administration fees – this may be charged by agents to cover costs associated with managing the sale of the property, such as legal fees, conveyancing fees, and paperwork.
    1. Lender Fees

In the event of selling a property that has an outstanding mortgage, it’s imperative to discharge or pay off the mortgage in full during the settlement process. As part of this process, it’s essential to be aware that certain lenders may impose a discharge or exit fee for early repayment of the mortgage. The amount of this fee typically varies from a few hundred to several thousand dollars, depending on the specific lender and the type of mortgage involved

However, it’s worth noting that discharge or exit fees aren’t applicable to all lenders, and some may even waive the fee if you’re selling the property to buy another one and maintain your association with them. It’s always advisable to do thorough research and communicate with your lender to determine whether any charges apply and if there are any opportunities to avoid them.

    1. Other Fees

Some of the costs associated with selling a property in Australia aside from the two above include:

    • Gov. mortgage discharge fee
    • Solicitor / Conveyancing fees
    • Removalist costs
    • Settling costs / Outstanding bills

Tips On How To Sell Your Property Faster

If you’re in the process of selling your property, there are many difficult factors to take into consideration. From maximising your sale price to ensuring a quick sale, and minimising your costs, it can be overwhelming to navigate the selling process. To help you out, we’ve compiled our top tips to assist you in selling your property.

    1. Declutter Your Home

Firstly, it’s essential to de-clutter your home. The removal of unnecessary clutter can greatly increase the appeal of your property, making your spaces appear larger and giving your home that coveted showroom visual.

    1. Redo the Paint Work

Another effective way to spruce up your property is by painting. While hiring a professional may be costly, DIY-ing a fresh coat of paint can be a minimal cost and still provide a much-needed refresh to each room.

    1. Start with the Minimal Target Price

When putting your property on the market, it’s important to consider the minimal price you’re willing to accept. Many sellers tend to focus solely on their desired highest price, without calculating their realistic minimum sale price.

This is especially crucial if you have a specific sale price in mind to provide a sufficient deposit for your next home. If you need help working out your minimum sale price, consider speaking with your Excellence Finance Mortgage Broker.

Need Professional Advice?

Do you need assistance in understanding the common costs of selling a property? Speak with an Excellence Finance mortgage broker today to help navigate the difficult process of selling your property.

Disclaimer: Please note that the provided calculations are estimates only and do not take into account all fees and charges. Borrowers should consider discussing their individual situation with a qualified Excellence Finance Mortgage Broker Australian Credit Licensee or Authorised Credit Representative, as interest rates and other costs may change over time, affecting the total cost of the loan.

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