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First Home Buyers
4 min read
The costs first home buyers forget
The deposit is the number everyone tracks. It is not the only cash you need on settlement day.
Saving the deposit is the visible milestone. The costs around it are easy to underestimate.
Government duties
Rates, thresholds and concessions differ by state and territory and change from time to time. Check the current figures with the relevant revenue office.
Conveyancing and inspections
Legal or conveyancing fees, building and pest inspections, and strata report fees where applicable.
Lender fees
Application, valuation and settlement fees vary between lenders and products.
Lenders mortgage insurance
Where the deposit is below a lender's threshold, LMI may apply. It protects the lender, not you, and is usually a one-off cost that can sometimes be capitalised into the loan.