Costs when buying a home

It’s important to keep in mind, it’s not just a deposit you’ll need to save for when planning to buy a home.  

Upfront 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 such as, building reports or legal fees multiple times if you offer or place bids on more than 1 home. 

Ongoing costs

Ongoing costs of buying and owning a home can include:

  • council rates
  • connecting and paying for utilities like water
  • insurance
  • strata levies, if applicable
  • maintenance

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.