step 1


Depending on your lender, you may have to pay an application fee or establishment fee when arranging your home loan. These can be from $400-600, regardless of loan size.

However, if you’re smart, you can avoid paying establishment fees by doing your homework and choosing a loan that’s both right for your circumstances, and looks out for your bottom line. The Greater Bank Ultimate Home Loan Package features a great value rate, as well as a range of added product benefits, and no establishment fee.

step 2

Legal, Stamp Duty & Inspections

For the purpose of this example, let's say we're dealing with a property with a value of $500,000, and we intend on having a deposit of 10% saved ($50,000)

  1. Legal Fees

    You should budget for legal fees between $1,500 and $3,000. The more complicated your purchase (for example, through a company or trust ownership) the more you should expect to pay.

  2. Stamp Duty

    In NSW, stamp duty for a property like this will run around $17,990, but it’s important to remember that this figure will vary from state to state. Take advantage of online stamp duty calculators to get a more exact figure.

  3. Pest & Building Inspections

    When buying a previously occupied property, make sure you have the proper inspections performed. These will generally set you back between $300-400, but the peace of mind they give is worth every penny.

step 3


If you’re able to save a deposit of more than 20% of the purchase price of your home, Lender’s Mortgage Insurance (LMI) won’t be an issue for you.

However, many of us will have a healthy sized deposit but will still fall below the 20% mark. If this is the case, LMI is the premium you must pay to insure your financial institution for lending you more than 80% of the purchase price.

Based on a property price of $500,000, and a deposit of 10% ($50,000), you should budget to pay Lender’s Mortgage Insurance somewhere in the region of $7,000-10,000.

step 4

Title & Insurance

When purchasing a property, you must register the title with your state government, which will only set you back $75. On top of this, to protect you against any claims made against the title of your property, title insurance goes for around $360.

To insure your actual property, Home Building insurance is usually purchased compulsorily when finalising your home loan, however, you are able to choose which insurer’s services you enlist. While Home Building Insurance prices will vary, it’s important you decide on one with the size, strength and reputation to be there for you when it matters most.

step 5


When buying your new home, the cost of the remaining yearly or quarterly rates for the property (such as water & land rates) fall to you.

These will take effect from the date of settlement, and will be different for each property and area, but for a property of $500,000 you can expect a bill between $500-700.

step 6

Calculate your total

Now all that’s left to do is add all your expected costs together, and add them to your deposit figure, so you’ll have a much better idea of how much you’ll need to buy.

With your total in mind, be sure to plot your goal to success with our Savings Goal Calculator. Simply punch in your goal and regular deposit amount to learn how quickly you’ll be making an offer on your new home.4