The hidden costs of buying a home [Infographic]

 Last updated: 8 May 2024 |  Estimated read time: 4 Minutes

Saving for a deposit and making monthly mortgage repayments are the big-ticket items that everyone knows about when it comes to buying a home. But there are a handful of other costs that you need to consider when deciding to get on the property ladder.

The following infographic outlines some of the other fees that may be payable when purchasing a property.

Administrative costs

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Legal Fees

You’ll need a solicitor or conveyancer to do the documentation for buying your property.


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Government fees and stamp duty

Government fees include a transfer registration fee and stamp duty. The amount depends on things like which state you live in and whether you’re a first-home buyer.

Check with your lender to know what other government fees are applicable to your home loan application. Use our stamp duty calculator to work out what you'll pay.

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Buyer’s agent fees

Fees vary with the services, but you’ll likely be charged a fixed fee or a percentage of purchase price. But you can negotiate this price as it is not set by law.1


Protection costs

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Risk Fee

You might be required to pay a risk fee, like LMI, if you are unable to put down a deposit of at least 20% of the property purchase price.2

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Home insurance

Home insurance covers the cost of loss or damage to your home. It’s also often bundled with a contents insurance policy that protects your possessions from loss or damage. Talk to your insurance provider to work out the right amount of cover.

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Income protection

Income protection insurance allows you to keep up with your payments for a certain period, in the event of loss of income, if you’re injured or ill.2

Another option is mortgage protection insurance that can cover your home loan repayments.



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Utilities and connections

You’ll need to put aside a certain amount of money to connect your water, electricity and gas, as well as things like a phone line and internet.

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(building and pest)

It pays to inspect the property before you buy - a qualified inspector can spot potential problems that you might have overlooked.

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Moving costs

The cost of moving house is something to think about. You can opt to do the heavy lifting with the help of friends and family, or pay for removal services.


Maintenance fees

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Council and water rates

Building and property owners pay council and water rates to the state government, so they vary depending on where you live. Think of these fees as your contribution to the upkeep of your neighbourhood.

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Strata fees

If you own a unit in an apartment block, you’ll need to pay strata fees, which go towards general management of the building and the complex’s common areas.

Strata fees can amount to a pretty significant sum, and vary depending on where you live and the type of building you live in.

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Renovation (if needed)

If needed, you’ll also need to factor in the cost of renovating your home before – or after - moving in. Make sure you weigh the cost of renovation against what you’re paying to buy the home.


Loan fees

Home loan fees

When you take on a home loan, you might be required to pay:

• A loan establishment fee.

• A valuation fee for the lender to assess the value of your home.

• A discharge fee, if you are exiting a prior home loan agreement.

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Mortgage repayments

You’ll need to make your mortgage payments at least once a month. The sum you’ll pay depends on your loan type, your lender, and the amount you borrow.

Use our Home Loan Repayment Calculator to determine how much your repayments might be.

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Loan administration fees

Many lenders charge a ‘service’ or administrative fee that accompanies each of your mortgage repayments.

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Want some more information on the costs involved when moving home? We understand that being fully informed is key. We've prepared a simple guide to help you uncover the hidden costs involved so you can plan your finances more effectively and hopefully avoid any unwelcome surprises down the track.


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