Bhg
  • Shop
  • News
  • Food
  • DIY
  • Garden
  • Travel
  • Renovating
  • Decorating
  • Property
  • Health
  • TV
  • Podcasts
Bhg
  • Shop
  • News
  • Food
  • DIY
  • Garden
  • Travel
  • Renovating
  • Decorating
  • Property
  • Health
  • TV
  • Podcasts
Subscribe
Vegemite Villa
Watch 0:31

Vegemite Villa

{headline}

{headline}

3 ways to pay off your home loan faster

3 ways to pay off your home loan faster

How to know if a home isn’t worth the listed price

How to know if a home isn’t worth the listed price

Three things you should never do at an open house inspection

Three things you should never do at an open house inspection

The suburbs in Australia where it’s cheaper to buy than rent

The suburbs in Australia where it’s cheaper to buy than rent

{headline}

{headline}

The most affordable suburbs for first home buyers

The most affordable suburbs for first home buyers

How to find the right suburb for your ‘forever’ home

How to find the right suburb for your ‘forever’ home

How to avoid capital gains tax when selling a house

How to avoid capital gains tax when selling a house

{headline}

{headline}

4 signs that a property isn’t worth buying

4 signs that a property isn’t worth buying

4 pre-sale home updates that aren’t worth the money

4 pre-sale home updates that aren’t worth the money

Why ‘property staging’ can sell your home faster

Why ‘property staging’ can sell your home faster

Simple things you can do to increase the value of your home

Simple things you can do to increase the value of your home

How real estate ads are trying to trick you

How real estate ads are trying to trick you

5 things no one tells you about buying an investment property

5 things no one tells you about buying an investment property

 How to find and buy your dream home

How to find and buy your dream home

  1. Home
  2. Finance

The upfront costs that hit the hardest when buying a house

You’ll need more than a deposit. - by Laura Barry
  • 25 Jul 2018

When you’re saving towards a deposit for your first home or a new property it can very easy to forget about all the upfront costs that are associated with buying a house. When planning your budget for the purchase of property, make sure you take these additional costs into consideration.

Settlement Fees

You will need a lawyer or conveyancer to look over your contract of sale, check the title of your land, calculate rates and taxes and liaise with your lender at the time of settlement. These fees can cost anywhere from hundreds of dollars to thousands, and can depend on the provider you use, the services you use, and the complexity of the purchase situation.

Bank Fees

When you set up your home loan you may be required to pay establishment fees for the loan, ongoing fees for the loan, such as service or administration fees. If you’re buying a property with less than a 20 per cent deposit, your lender will also charge lenders mortgage insurance, which is usually rolled into your home loan.

Stamp Duty

Land transfer or stamp duty costs vary from state to state and depend upon the value of your property. As of July 2017, Victoria and NSW have waived stamp duty costs for first home buyers purchasing properties up to a certain amount and introduced stamp duty concessions for some other buyers. Stamp duty also varies depending on if the property is Owner Occupied, Investment or a First Home.

Inspections

Before you purchase a property it’s incredibly important to undertake pest and building inspections to ensure you know exactly what you are spending your money on, and what you’re getting yourself into in terms of maintenance. Costs are usually between $300–$600, but this is much cheaper than trying to fix an infestation or structural damage once you’ve already purchased the property

You might also like:

Most affordable suburbs for first home buyers

How to negotiate with a real estate agent 

Things you need to know before applying for a home loan

  • Finance
  • Better Life
Laura Barry
Laura Barry
Laura Barry is a writer, bookworm and interior design enthusiast with a love for reporting on all things homes, travel and lifestyle. When not tapping away at her keyboard, Laura can be found making endless cups of tea or perusing the shelves of Sydney’s many bookstores.

Gift 6 months for free-Plus a Free $50 voucher*

Subscribe to Better Homes and Gardens.

Subscribe Now
Gift 6 months for free

Gift 6 months for free-Plus a Free $50 voucher*

Subscribe to Better Homes and Gardens.

Subscribe Now
Gift 6 months for free

Recommended to you

Vegemite Villa
Watch 0:31

Vegemite Villa

{headline}

{headline}

3 ways to pay off your home loan faster

3 ways to pay off your home loan faster

How to know if a home isn’t worth the listed price

How to know if a home isn’t worth the listed price

Three things you should never do at an open house inspection

Three things you should never do at an open house inspection

The suburbs in Australia where it’s cheaper to buy than rent

The suburbs in Australia where it’s cheaper to buy than rent

{headline}

{headline}

The most affordable suburbs for first home buyers

The most affordable suburbs for first home buyers

How to find the right suburb for your ‘forever’ home

How to find the right suburb for your ‘forever’ home

How to avoid capital gains tax when selling a house

How to avoid capital gains tax when selling a house

{headline}

{headline}

4 signs that a property isn’t worth buying

4 signs that a property isn’t worth buying

4 pre-sale home updates that aren’t worth the money

4 pre-sale home updates that aren’t worth the money

Why ‘property staging’ can sell your home faster

Why ‘property staging’ can sell your home faster

Simple things you can do to increase the value of your home

Simple things you can do to increase the value of your home

How real estate ads are trying to trick you

How real estate ads are trying to trick you

5 things no one tells you about buying an investment property

5 things no one tells you about buying an investment property

 How to find and buy your dream home

How to find and buy your dream home

Bhg
  • About Us
  • Subscribe Today
  • Contact Us
  • Pacific Magazines
  • Partners
  • Terms and Conditions
  • Privacy Policy
  • Privacy Statement
Bhg Magazine Subscribe
  • About Us
  • Subscribe Today
  • Contact Us
  • Pacific Magazines
  • Partners
  • Terms and Conditions
  • Privacy Policy
  • Privacy Statement

Brands

  • All Recipes
  • BHG Shop
  • Girlfriend
  • Home Beautiful
  • New Idea
  • New Idea Food
  • Practical Parenting

Pacific Network

  • marie claire
  • Instyle
  • Beauty Crew
  • Who
  • Women's Health
  • Men’s Health
  • That’s Life
  • Perth Now
  • The West Australian
  • 7travel
  • 7Plus
  • Airtasker
  • 7NEWS
  • SocietyOne
© 2019 Pacific Magazines
Get more from Better Homes and Gardens

Magazine Subscription Offer

Gift 6 months for free-Plus a Free $50 voucher*

Shop This Offer
Gift 6 months for free