A deposit is only one part of the upfront cost. Many first home buyers are surprised by how quickly the “extras” add up, especially if you’re trying to keep a buffer in your savings after settlement.
Quick answer
Besides the deposit, budget for conveyancing or legal fees, inspections, possible valuation costs, potential transfer duty, stamp duty, lender fees, insurance, and moving and setup costs. In Queensland, first home buyer concessions may reduce transfer duty if you meet eligibility rules.
Before you start doing sums in your head, it helps to lock in a realistic purchase range first. Start with the Mortgage Box borrowing power calculator, then build your cost list around that number.
Use the Borrowing Power Calculator.
The most common costs to plan for
Conveyancing or legal fees
You’ll usually pay a conveyancer or solicitor to handle contracts, searches, settlement, and the legal side of the purchase. Even if the property feels straightforward, the paperwork and checks still matter.
This is one cost you want confirmed early. It helps you avoid a last minute scramble close to settlement and it makes your total budget more accurate from day one.
If you want support mapping the loan process to your buying timeline, Mortgage Box can guide you from planning to settlement.
Explore First Home Buyer Mortgage options.
Building and pest inspection
This is one of the best value costs in the whole journey. It can identify issues that affect:
- whether you proceed at all
- how you negotiate the price
- what repairs you may need to plan for early
Many buyers see this as “optional” until they’ve had one report save them from a costly problem. If you’re buying an older home or a property with visible wear, it becomes even more important.
Valuation
Some lenders charge for a valuation, and even when it’s included, the outcome can affect the deal. If a valuation comes in lower than the purchase price, you might need:
- a larger deposit
- to renegotiate
- a different lender
- a different property
To keep your planning simple, do a quick repayment check at a couple of loan sizes so you know what “comfortable” looks like.
Use the Loan Repayment Calculator.
Transfer duty (stamp duty)
Transfer duty varies by state, purchase price, and buyer type. Queensland offers a first home concession for eligible buyers, but you should still confirm your estimated duty early so you’re not caught out.
Two Mortgage Box resources make this easy:
- Estimate quickly with the Stamp Duty Calculator.
- Understand how it works with Stamp Duty Explained.
Loan setup or application fees
Not all loans charge setup or application fees, but some do. There may also be package fees depending on the product. A broker should outline expected lender costs upfront so you can compare options clearly.
If you want to compare two loan options side by side, use the Loan Comparison Calculator.
LMI (in some cases)
If your loan is above 80% of the property value and you’re not covered by a scheme or exemption, Lenders Mortgage Insurance (LMI) may apply. LMI can be a real cost, and it’s best planned early, not discovered after you find the perfect property.
If you’re unsure whether you need a 20% deposit, Mortgage Box has a helpful explainer to clear up common myths.
Read Do You Need a 20% Deposit to Buy a Home?
The costs people forget
Insurance
Depending on the property type and contract terms, you may need building insurance from a specific point in the timeline. Contents insurance usually becomes relevant when you move in. The key is timing, so confirm with your conveyancer and your broker.
Moving and storage
Removalists, cleaning, storage, and packing supplies can add up quickly. If settlement dates do not line up with move-in dates, you may also face short term storage costs.
Connection costs
Electricity, internet, water and gas connections can land at once. It is not always expensive individually, but the combined cost can be higher than expected.
Immediate repairs
Even a well-kept home often needs a few jobs before move-in. Think locks, small plumbing fixes, blinds, minor painting, or basic maintenance.
Strata and council items
If you’re buying an apartment or townhouse, strata fees and levies matter for your ongoing budget. Council rates and water charges also need to be considered.
A simple budgeting rule
Aim to keep a small safety buffer even after you pay the deposit and upfront costs. A buffer helps with unexpected repairs, rate rises, or a gap between moving dates.
Next step
Mortgage Box can help you build a clear buying cost checklist based on your state and your price range so your deposit plan matches real numbers.
Contact Mortgage Box.
