Selling costs calculator
Estimate the cost of selling a property and what you would keep after the loan is paid out.
How it is worked out
Commission is either a percentage of the sale price or a flat fee, as the agent quotes it. If the quote excludes GST, 10% is added. The other costs are added as entered. The total comes off the sale price, then the loan payout, and what is left is the figure at the top.
A worked example
A home expected to sell for $950,000 with commission of 2.2% including GST ($20,900), $6,500 of marketing, $1,500 conveyancing, an $800 auctioneer and $3,500 of styling has selling costs of $33,200. With $420,000 still owing on the loan, the owner would walk away with $496,800.
Questions
Is marketing part of the commission?
Usually not. Most agencies charge marketing separately and in advance; some include it. Check the agency agreement.
What if I do not know the commission yet?
Ask for a free appraisal: the agents you choose can tell you their commission along with what they expect the home to sell for.
When is the commission paid?
At settlement, out of the sale proceeds, through your conveyancer or solicitor. Marketing is usually paid up front, whether or not the home sells; the agency agreement says when each cost falls due.
Is GST charged on commission?
Yes. An agency's fees attract GST of 10%, and a quoted rate may be including or excluding it; the agency agreement says which. The calculator takes either.
What does conveyancing cover?
Preparing the contract of sale and the disclosure documents your state requires, dealing with the buyer's conveyancer, and settling the sale, when the title passes and the money changes hands. A conveyancer or a solicitor can do it; each sets their own fee.