The purchase price is only part of what buying a home actually costs, and overlooking the extras is a common reason buyers find themselves financially stretched soon after settlement. Stamp duty, also known as transfer duty in Queensland, is usually the largest additional cost, and the amount varies depending on whether you qualify for a first home concession.
Conveyancing and legal fees, building and pest inspection costs, and loan application or valuation fees from your lender all add up before you even get the keys. Budgeting a clear allowance for these professional costs upfront avoids an unpleasant surprise in the final weeks before settlement.
Once you own the property, ongoing costs including council rates, water charges, home and contents insurance, and body corporate fees for units need to be factored into your household budget from day one, not treated as an afterthought. Many buyers underestimate how quickly these recurring costs accumulate across a year.
Moving costs, connection fees for utilities, and any immediate work the property needs, such as pest treatment, locks or minor repairs identified during inspection, should also be part of your total budget. Setting aside a contingency amount beyond the purchase price gives you breathing room for the unexpected.
Finally, if you are buying with a smaller deposit, lenders mortgage insurance may apply, which is a cost worth understanding clearly with your broker before you commit to a purchase price, since it can meaningfully change the total amount you need to have ready.
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