12/09/2025
The True Costs Behind Buying Your First Home: What Most Buyers Forget
When planning to buy your first home, the deposit is just the beginning. Many buyers overlook the additional costs that can quickly add up and affect your budget. These include stamp duty fees (which may be waived or reduced for first home buyers depending on your state), legal and conveyancing fees, building and pest inspections, loan application charges, and moving expenses.
It's important to build a buffer of around 5-7% of the purchase price to comfortably cover these costs and avoid surprises. For example, for a $600,000 property, you might want to set aside an extra $30,000-$42,000 on top of your deposit.
Planning ahead ensures smoother transactions and peace of mind. Some buyers also benefit from government grants, schemes, and Lenders Mortgage Insurance waivers that can help reduce upfront expenses.
If you want a detailed, personalised breakdown of the buying costs for your situation, send me a message. Getting your budget right today will make your journey to homeownership much easier tomorrow.
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