Home Purchase Expenses Calculator

What are the costs of buying a home?

The expenses associated with buying a home are somewhat of a mystery to most Australians. There are government fees, legal fees, bank fees, searches, due diligence costs and several expenses that can vary depending on the nature of your purchase.

Below are a list of the most common expenses:

• Purchase stamp duty: This is a state government tax based on the purchase price of the property. Some states have exemptions for first home buyers or concessions if you buy a new property.
• Mortgage stamp duty: This is a state government tax based on the size of your loan. Most states have now abolished this tax.
• Registration fees: These are state government fees for registering the title in your name or for registering your bank’s mortgage on the title.
• Conveyancing costs: You should allow $1,500 for the cost of conveyancing and the searches associated with a property purchase. This is not taken into account by our calculator.
• Loan costs: These costs can vary significantly depending on the loan you are taking our and weather or not Lenders Mortgage Insurance is required.
• Other expenses: Will you need to pay for a removalist? Are there any repairs required? Do you have funds to pay for any adjustments to council rates or water rates?

If you aren’t sure about the expenses that you will pay when you buy a property, then please refer to your mortgage broker and conveyancer for clarification. This calculator is a guide only.

Learn more with our loan calculators

You can visit our loan calculators page for a range of unique calculators that can assist you with the purchase of your home and your loan application.