So, How Much Does It Really Cost to Buy Your First Home?
If you're starting the home-buying journey, it’s easy to get fixated on the sale price. But the truth is, there are quite a few extra costs that can sneak up if you're not ready for them.
Some are essential, and others will depend on things like the type of home you're buying, where it's located, and how you're planning to set yourself up once you're in.
Here’s a breakdown to help you plan ahead - and hopefully avoid any budget blowouts along the way.
The Must-Haves
These are the costs that come with nearly every purchase:
Stamp duty - One of the biggest extras. The amount depends on your state and the purchase price. (First-home buyer concessions may apply!)
Building & pest inspections – Highly recommended, especially for older homes or rural properties.
Loan setup fees – These can include bank charges, application fees, and possibly lender’s mortgage insurance (LMI).
Legal and conveyancing fees – Covers your contract reviews, settlement handling, and title transfers.
Mortgage registration & transfer fees – Standard government fees to register your property and loan.
Council and water rates – Usually adjusted and included in your settlement figures.
Home insurance – Often needed before settlement to protect your new property.
Utility connections – Electricity, water, internet, and possibly gas (especially if you’re buying out of town).
Other Costs That Can Catch You Off Guard
These might not apply to everyone, but they’re worth knowing about:
Lender’s Mortgage Insurance (LMI) – Applies if you're borrowing more than 80% of the property’s value.
Extra legal checks – Things like title searches, flood mapping, or checking easements, especially in rural or fringe areas.
Moving costs – Whether it’s hiring a truck or buying your mates a carton, moving always costs something.
Strata or body corporate fees – If you're buying a unit, townhouse, or apartment.
Furniture & appliances – That new fridge, washer, or even a lawn mower all add up fast.
Ongoing maintenance – Think gutters, fencing, septic systems, or water tanks if you're buying acreage.
Travel costs – For regional buyers, property inspections might mean fuel, accommodation, or even flights.
Land tax – Only applies to investment properties, but still worth understanding if that’s part of your plan.
Whether you’re buying in town or out bush...
Having a full picture of the costs helps you budget properly and avoid nasty surprises. A little planning now can save you stress (and cash) later on.
This is a good one to save or send to a mate who’s just starting the journey.
And if you’ve been through the process recently - got any tips for new buyers? Let us know. Sometimes the best advice comes from people who’ve just done it themselves.