We’ve Helped Over 150+ First Home Buyers
We’ve Helped Over 150+ First Home Buyers
Get a clearer picture of the upfront costs involved in buying a property beyond just the purchase price.
Get a clearer picture of the upfront costs involved in buying a property beyond just the purchase price. From stamp duty to legal fees, this calculator helps you plan your full budget before you start searching.
* Update version: January 2025
Your full financial situation and requirements need to be considered prior to any offer and acceptance of a loan product.
The information contained in this website is of a general nature and does not take in to account your personal needs and requirements. The figures shown in the calculators do not constitute an offer for finance. Lender policy and conditions, fees and charges will apply.
The information provided by the calculator is intended to provide illustrative examples based on the stated assumptions of your input. Results are a guide only and do not constitute financial advice or a guarantee of an outcome. You should always discuss your individual circumstances with a representative of Houses For Heroes.
Beyond your deposit, upfront buying costs typically include stamp duty (transfer duty), legal and conveyancing fees, council rates, body corporate, building and pest inspection fees, lenders mortgage insurance if applicable, and loan establishment fees. These can add up to several thousand dollars, so factoring them into your savings plan early is important.
As a general guide, it is worth budgeting an additional two to five per cent of the purchase price to cover upfront costs beyond your deposit. The exact figure depends on the purchase price, loan structure, and whether any concessions apply.
Lenders mortgage insurance (LMI) is a one-off premium charged by the lender when your deposit is less than 20 per cent of the purchase price. It protects the lender, not you, if you default on the loan. LMI is usually added to your loan balance or paid upfront at settlement.
Yes, there are several ways to avoid LMI. Saving a 20% deposit is the most common, as it removes the need for LMI altogether. Eligible first home buyers may also be able to access the First Home Guarantee Scheme, allowing you to purchase with as little as a 2% or 5% deposit without paying LMI.
There are also other options depending on your situation, such as using a family guarantor or accessing LMI waivers available for certain occupations, including some roles in healthcare and essential services.
Speaking with Dan or one of our team can help you understand which options you may be eligible for and the best way to structure your loan.
Yes. A conveyancer or solicitor handles the legal transfer of the property into your name. Their fees are a standard part of the buying process and are included in the property buying cost estimate.
Dan can give you a clear breakdown of the upfront costs specific to your situation, so you know the real number you are working towards and how close you already are.
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