General information only, not financial, credit, legal or tax advice. Costs vary by state, property and lender, so check current figures with your own professionals before you commit.
Most people put everything into saving the deposit. Then the contract arrives, and so do all the other costs.
None of them are secret, but they're spread across different people (the government, your lender, your conveyancer, your inspector, your removalist), so it's easy to miss a few. Here's the list I'd work through before I set a budget, with rough guide figures and the questions I'd ask about each one.
1. Stamp duty (transfer duty)
For most buyers, this is the biggest cost after the deposit. It's a state or territory tax based on the purchase price, and it can run from nothing to tens of thousands of dollars.
Every state has different rules, and most offer first home buyer exemptions or concessions up to certain price limits. Those limits change, so don't rely on a figure you read a year ago.
What I'd check: Use your state or territory revenue office's free stamp duty calculator, and confirm whether you qualify for a concession before you set your price range. A small difference in price can sometimes mean a big difference in duty.
2. Government registration fees
Separate to stamp duty, your state charges fees to register the transfer of the property into your name, and to register your lender's mortgage on the title.
In some states these are a set fee of a couple of hundred dollars each. In others, the transfer fee goes up with the purchase price. For example, in NSW each one costs about $170 under the 2026–27 fees.
What I'd check: Ask your conveyancer to include these in their cost estimate, so they're not a surprise on the settlement statement.
3. Conveyancing or legal fees
A conveyancer or solicitor reviews the contract, does the searches, handles the transfer and gets you to settlement. As a rough guide, expect somewhere around $700 to $2,500, plus search and settlement fees on top.
What I'd check: Get a written quote that lists everything, including searches and disbursements. Ask whether the fee covers reviewing more than one contract if your first offer falls through, and how quickly they can turn a contract around.
4. Inspections and reports
A building and pest inspection is usually a few hundred dollars, more for bigger or older homes. It can be the best money you spend if it picks up a problem before you're locked in.
Buying a unit or townhouse? Add a strata (or body corporate) report, which shows the building's finances, upcoming works and any disputes. This is where special levies tend to show up.
What I'd check: Book inspections before you exchange, or make your offer subject to them. Read the full report, not just the summary, and ask the inspector what they'd want fixed first.
5. Lender fees
Some lenders charge application or establishment fees, often somewhere around $150 to $1,000. Some charge for the valuation, and some have ongoing package or account fees.
What I'd check: Ask your broker or lender for an itemised list of every fee, upfront and ongoing. Compare the total cost, not just the interest rate.
6. Lenders mortgage insurance (LMI)
If your deposit is under 20%, many lenders charge LMI. It protects the lender, not you, and it can cost thousands, or tens of thousands, of dollars. It's often added to the loan rather than paid upfront, which means you pay interest on it too.
Eligible first home buyers may be able to avoid it with a smaller deposit through the government's 5% Deposit Scheme (the First Home Guarantee). I've explained how that works in The First Home Guarantee Explained.
What I'd check: Ask for the actual LMI figure for your deposit and loan size, and compare it with waiting longer or using a government scheme. There's no one right answer, it depends on your situation, so this is one to work through with a licensed broker.
7. Insurance
Your lender will want building insurance in place by settlement. In some states the risk passes to you earlier than settlement, so you may need cover sooner. Contents insurance is separate, and worth sorting before you move in.
What I'd check: Ask your conveyancer when the property becomes your risk. Get a building insurance quote before you buy, especially in areas prone to floods or bushfires, where premiums can be much higher.
8. Settlement adjustments
At settlement, council rates, water rates and strata levies are split between you and the seller. If the seller has already paid ahead, you reimburse them for your share. It's usually not huge, but it's real money due on the day.
What I'd check: Ask your conveyancer for an estimate of the adjustments a week or two before settlement, so the final figure isn't a shock.
9. Moving and setting up
Removalists can cost anywhere from a few hundred to a few thousand dollars, depending on how much you have and how far you're going. Then there's connecting electricity, gas and internet, cleaning, changing the locks, and the small things you only notice once you're in, like missing blinds or a broken tap.
What I'd check: Get at least three moving quotes. Leave room in your budget for the first month, because there's almost always something.
Your quick checklist
Stamp duty, or confirmation of your concession
Transfer and mortgage registration fees
Conveyancing or legal fees, plus searches
Building and pest inspection
Strata or body corporate report (units and townhouses)
Lender application, valuation and package fees
Lenders mortgage insurance, if your deposit is under 20%
Building insurance from the right date, plus contents
Settlement adjustments for rates and levies
Removalists, connections, cleaning and first-month fixes
A buffer for surprises
Before you set your budget
The deposit gets you in the door. These costs decide whether you arrive with some breathing room or start on empty. I'd write each one down with a real quote next to it, then ask: what could I be missing, and what would this actually cost?
If you want a step-by-step view of the whole process, start with the free Buying a Home in 9 Steps guide. For your next inspection, grab the free Open Home Checklist. And if you'd like someone to look over your numbers and questions with you, that's what our home buyer coaching is for.
Disclaimer: This article is general information and education only. It isn't financial, credit, legal or tax advice, and it doesn't take your personal circumstances into account. Figures are rough guides as at November 2026 and will vary by state, property, lender and provider. Always check current costs and get advice from licensed professionals, such as a mortgage broker, conveyancer or solicitor, and financial adviser, before making any decisions. Living Invested is not a credit provider or financial adviser.
