The deposit is only part of the picture. There are a few other costs that catch buyers off guard if you are not prepared.
Stamp duty is usually the biggest one. It varies by state and property value, and can add up quickly. Some first home buyers may qualify for concessions or exemptions depending on the purchase.
Lenders Mortgage Insurance may apply if your deposit is under 20 percent. This can be added to the loan, but it still impacts your overall position.
Legal and conveyancing fees cover the contracts and transfer of ownership. These are essential to make sure everything is done correctly.
Building and pest inspections are often recommended. They help you avoid surprises after settlement and give you more confidence in the property.
Loan setup costs can include application or settlement fees depending on the lender and loan structure.
There are also ongoing costs to plan for. Council rates, insurance, and maintenance all come into play once you own the property.
Buying a home is more than just saving a deposit. Knowing the full cost upfront puts you in a much stronger position.
