Costs to consider

When you’re doing your home buying budget, remember to add in all those extra expenses like legal fees. Your lender might ask for a valuation, building or engineer’s report as part of your loan agreement. And it’s sensible for you to know the ins and outs of the place you’re hoping to buy.

Some potential costs to consider:


  • Legal fees, including your lawyer’s time. These fees will vary depending on the complexity of your purchase.
  • On top of this are disbursement costs, which include land transfer fees and the LIM report.

Registered valuer

  • You could be required to provide  full registered valuation report or a QV E-Valuer report.

Building and engineer’s reports

  • Either a building surveyor’s report or an engineer’s report.

Estate agent

  • The seller pays the real estate agent a fee. As a buyer, you won’t be charged anything by the agent.

Home loan repayments

  • This will be your biggest financial commitment. There are all types of home loan structures and repayment options, which you can read about here.
  • You can work out the money side of things with our online calculators.

Watch out for hidden costs

Older homes: “Full of character” can sometimes mean “draughty and expensive to heat”. Alterations can be expensive, and unrenovated homes may have asbestos products or paints containing lead, which require a specialist contractor to remove.

New homes: Factor in extra costs like landscaping or buying curtains and carpets. Check the quality of the building materials and finish, as any shortcuts during the build could end up costing you money in the future.

Apartments: Most apartment complexes have a body corporate that all owners belong to, and you’ll pay a levy to cover building running costs and maintenance. Every body corporate is different, so ask about your levy, the rules of the complex and what you can do with your apartment – as this could affect the value of your investment. Check the sound proofing and the building quality.