Buying a Home: What Costs to Expect Beyond the Sale Price

Purchasing a home is one of life’s biggest milestones—and for most people, it’s the largest financial commitment they’ll ever make. That’s why being financially prepared is so important.

While the advertised price of a property grabs most of the attention, it’s only part of the full picture. There are several additional costs involved in the home-buying process that can catch buyers off guard if they’re not planned for.

In this guide, we break down both the obvious and often-overlooked expenses so you can approach your purchase with confidence.

What to budget for?

Deposit
One of the largest upfront expenses is your deposit. This is usually between 5% and 20% of the property’s purchase price.

Home Loan Setup Fees
When applying for a mortgage, lenders often charge a loan setup or application fee. These can range from a few hundred dollars to over a thousand, depending on the lender. Be sure to include this in your budget.

Property Inspections and Valuations
Before you commit, it's wise to have the property inspected and valued. These services confirm the property's condition and market value. Costs vary based on the property's size, type, and location.

Conveyancing and Legal Costs
A licensed conveyancer or solicitor will handle the legal side of your property purchase—including title checks, contract reviews, and the transfer process. Legal fees differ, so it’s worth comparing quotes to find a reliable and cost-effective professional.

Stamp Duty
Stamp duty is a government tax applied to most property transactions above a certain threshold. The amount depends on the property's value and whether you're a first home buyer or purchasing an investment.
It’s often one of the largest lump-sum costs involved, so knowing exactly how much you’ll need to set aside can prevent unnecessary stress during settlement.

Navigating all these costs—especially if you're buying your first home—can feel overwhelming. That's where we come in.

At WestGen Finance, we factor in all these expenses to help you understand your full financial position and make the homebuying process as smooth and stress-free as possible. Book your free 15-minute strategy call and get clarity on your next steps.