The deposit gets all the attention, but it is only one slice of the cash you need to buy a home in Australia. Stamp duty, lenders mortgage insurance, conveyancing, inspections and moving add tens of thousands on top. Every upfront cost, in order of size. Updated October 2026.
The quick tally
Beyond the deposit, budget roughly 4–6% of the purchase price for everything else (less if you're a first home buyer with stamp duty concessions). On a $700,000 home that's commonly $28,000–$42,000 on top of your deposit, though concessions can cut it a long way.
1. Stamp duty (transfer duty)
Usually the biggest extra cost. It's a state tax on the property transfer, and it scales with price: at $750,000 without a concession, from 3.6% (QLD) to 5.3% (VIC). The good news: most states waive or heavily discount it for first home buyers under a price threshold, which can save tens of thousands.
Work out your exact figure with the stamp duty calculator, and read the state-by-state stamp duty guide.
2. Lenders Mortgage Insurance (LMI)
If your deposit is under 20% and you're not using a government guarantee, the lender adds LMI: insurance that protects them, not you. On a $700,000 home it is about $13,700 at a 10% deposit and $24,600 at 5% by our LMI calculator, and it is usually added to the loan.
3. Conveyancing and legal fees
A conveyancer or solicitor handles the legal transfer, contract review and searches. Fees vary by state and firm; ask for a fixed quote that itemises search fees and disbursements. It is not something to skip. Skipping proper legal review is how buyers inherit easements, unapproved works and nasty surprises.
4. Building and pest inspection
A licensed, independent inspection usually costs a few hundred dollars. It can reveal structural issues or pest damage worth far more than the fee, and gives you grounds to renegotiate or walk away.
5. Loan and lender fees
- Application / establishment fee, often $0–$800 (many lenders waive it)
- Valuation fee: sometimes charged, often covered by the lender
- Mortgage registration & transfer fees: government charges, typically a few hundred dollars
6. The costs people forget
- Council and water rates adjustments. You reimburse the seller for prepaid rates at settlement
- Building insurance, usually required from exchange/settlement
- Strata/body corporate levies: for apartments and townhouses, payable in advance
- Moving costs: removalists, connections, and immediate repairs or furniture
- A cash buffer: once you own, every repair is yours; don't settle with an empty account
Put it together
Add your deposit, stamp duty (after any concession), LMI (if applicable), and the smaller costs above to get the real cash you need before settlement day. First home buyers using concessions and a guarantee can land far below the 4–6% rule; buyers with a small deposit and full stamp duty can land above it.
Map it against suburbs you can afford with the affordability calculator, and check how grants and concessions change the maths in the First Home Buyer Guide.
General information only: figures are indicative and vary by state, lender and property. Confirm your costs with your conveyancer, lender and state revenue office before acting.