Upgrading Your Family Home
For families upgrading with a 20% deposit, it’s important to account for all purchase costs. On a $1.065 million property, stamp duty in Victoria is around $58,575, plus legal fees, lender fees, and settlement adjustments.
With buffers included, total upfront savings are typically around $281,000.
This leaves an 80% loan of approximately $852,000, helping avoid LMI and providing more flexibility with lending options.
