Home buying costs

You’ll need to pay a number of costs on top of the property price. A general rule is to allow an extra 5% on top of the home’s purchase price for additional buying costs.


Pre-purchase inspections

A pre-purchase pest and building inspection will show up any building defects, illegal work or pest issues that could be costly to fix further down the track.

If you’re buying an apartment, a strata search will provide information on any levies, insurance details, disputes, history of repairs and more.

Borrowing costs

Your lender may charge a number of upfront loan costs such as:

  • Loan application fee – allow for up to $700
  • Lender’s property valuation costs – these could set you back around $300
  • Lender Mortgage Insurance (LMI) – this one-off payment applies unless you can put down a deposit of 20% or more

Government charges

Property transfer stamp duty is a state government tax payable by the buyer and is calculated on the price paid for the property. As it is a duty for transferring the title of a property, it will be imposed whether or not the purchase is financed with a mortgage. See stamp duty calculator for more details.

You could also face a number of other government charges including a property transfer fee, mortgage stamp duty and a mortgage registration fee. Government charges vary between states.


Home and contents insurance
A must-have that protects you financially if your home or belongings are damaged by fire, storm and in some cases, flood, or you experience loss through burglary.

Mortgage protection insurance
Takes care of part, or all, of your mortgage payments if you get injured, become too ill to work, or even die.

Income protection insurance
It pays up to 75% of your income if you are ill or injured and unable to work. The premiums are usually tax deductible, however tax is payable on benefit payments.


Legal fees

These vary between providers, but property conveyancing fees typically cost around 2% of the price of the property.

Moving in costs

When you’re ready to move into your new home you’ll need to pay a number of costs. These include furniture removal, utility connections – gas & electricity, telephone, council and water rates and postal redirection. Allow for strata fees if you buy an apartment.


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360 Degree Finance Services (ACN 634 234 709)
Suite 28, 50-56 Sanders Street, Upper Mount Gravatt QLD 4122
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