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What other upfront costs are involved in buying a home?

In addition to your deposit, there are a number of other upfront expenses you will have to save for when buying your home. These include:

  • Stamp duty – this varies based on the state you are in and is typically linked to the purchase price of the property (so it can be a large amount). If you’re a first home buyer, you may be entitled to an exemption, so check the government website in your state or territory: NSW, QLD, ACT, VIC, TAS, SA, NT, WA
  • Transfer fee - a state government fee for property title transfers which also varies by state. This varies between hundreds to thousands of dollars, so use the links above to check your government website for details.
  • Mortgage registration fee – another government fee covering mortgage registrations. This is typically a few hundred dollars, depending on which state you’re in.
  • Legal fees - covers the cost of a licensed conveyancer reviewing your contract and title and drafting the settlement documents. This can cost anywhere from a few hundred to a few thousand, depending on complexity.
  • Mortgage application/establishment fee – a fee charged by your bank to set up your mortgage. 
  • Inspection fee – you may need a building inspection to check for termites and structural issues. This could cost between $200 to $500.
  • Other costs - for example, home and contents insurance. You should also consider the cost of utility connections and removalist fees. 

These additional costs can amount to tens of thousands of dollars (or even more) on top of your deposit, so make sure you budget these amounts into your savings plan. 

You can get more information about the fees associated with a Qantas Money Home Loan here.

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