The purchase price is only one part of what owning a property costs. Buyers who budget only for the price and the deposit are often surprised by the ongoing and upfront costs that come with it.
Upfront costs typically include transfer (stamp) duty, conveyancing or solicitor fees, building and pest inspection fees, and loan-related costs such as lender’s mortgage insurance if your deposit is below a certain threshold. Depending on your circumstances, additional government charges may also apply, such as foreign purchaser surcharges.
Ongoing costs include council rates, water charges, home and contents insurance, and general maintenance. For a townhouse or apartment, body corporate fees are an additional regular cost that covers shared building maintenance, insurance and management. Land tax may also apply depending on the value and number of properties you hold, though this varies by state and individual circumstance.
We are deliberately not stating specific current duty rates, surcharge percentages or land tax thresholds here, because these figures are set by government and change over time. The right way to budget accurately is to get current figures from your state revenue office, your lender, and your conveyancer before you commit to a purchase.
Our Property Rules, Tax & Government Updates section will track relevant changes as we build it out. If you are trying to understand the full cost picture for a specific property, our Property Review service can help organise the relevant information.
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