Costs when buying a home
It's not just a deposit you’ll need to save for when planning to buy a home. Find out more about these other costs.
There are a number of upfront costs when buying a home, such as:
- transfer duty or stamp duty, which is based on the value of your home
- Lenders' Mortgage Insurance (LMI) if you’re borrowing more than 80% of your home’s purchase price
- pest, building, or strata reports
- legal or conveyancing fees
- mortgage registration fees
- land tax and registration of title
- loan application fees, including independent valuers' fees.
Be aware that you may have to pay some of these upfront costs multiple times (e.g., building reports or legal fees) if you offer or place bids on more than one home.
Ongoing costs of buying and owning a home can include:
- council rates
- connecting and paying for utilities like water
- strata levies, if applicable
These costs will affect the money you have available to make your mortgage repayments and pay for everyday expenses.
It’s worth adding these costs into your budget so you can calculate how much you’ll need to save to buy and manage a home.