Buying costs

To work out the cost of buying your home, there are a number of charges to consider in addition to the purchase price.

General expenses 

Building and pest inspection

A building and pest inspection (for houses and separate dwellings) or a strata report (for units and strata dwellings) is strongly advised. These reports will provide you with valuable information on the structural integrity of the building (including pest infestations for houses) and inform you of any problems that might bring costly repairs later on.

Cost: $350–$800.

The deposit

As part of the purchase price of your property, it is likely you will be asked to pay a deposit  upfront, especially if you buy at auction. This will be specified in the contract of sale, and can be negotiated down in some cases.

Legal costs

Using a qualified solicitor or conveyancer is a must. A conveyancer will generally cost between $1,000 and $1,800 and solicitors can often cost up to around $2,500.

Stamp duty

This is the state government’s fee for transferring the land from one person to another. The amount of stamp duty you pay will depend on your purchase price.


When you buy a property you’re required to pay the vendor the remaining yearly or quarterly rates, such as water and land. These will begin from the date of settlement and what you pay will be determined based on the property you buy and the area it is in.


As part of the process of getting a home loan, you’ll be required to organise home building insurance effective from the day you exchange the contract of sale. It is also advisable to consider taking out contents insurance, effective from the day you move into your new home. To find out more about how Made For You Finance can help click here.

Moving Costs

A professional removalist team will take the stress out of the moving process, although costs can be reduced by doing it yourself. To find out more about how Made For You Finance can make moving easier click here.

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Financing costs

Loan establishment fee

This is a one-off upfront cost to establish your loan. Sometimes it is called an application fee and can often cover the cost for one valuation, bank legal fees and settlement attendance fees for the bank.

Valuation fee/security assessment fee

Your lender will employ an external valuer to do an assessment of the property you’re purchasing. This will help determine how much the lender is willing to lend you.

Cost: around $200–$250 (sometimes we can negotiate to have this for free)

Lenders Mortgage Insurance (LMI)

LMI is charged by most lenders where the home buyer is borrowing more than 80% of the value of the property. To find out more click here

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