How much does buying a home actually cost, on top of the deposit?

Bayley Clarke · Mortgage broker on the road · Last checked 11 November 2026 · 7 min read

The short answer

Buying a home costs the deposit plus a stack of smaller bills around it: stamp duty, sometimes lenders mortgage insurance, legal fees, government fees and a few hundred dollars here and there.

Some of those are zero for you, some are big, and a couple only show up when you sell or refinance later. This guide walks through every one, in the order you'll meet them, and links to the full answer on each. The number to plan around isn't the deposit. It's the cash in and out the door, plus a buffer for the month after the keys.

How much cash do I need to buy a house? Deposit vs cash needed

Here's the worked example I use most. A first home buyer in NSW buying a $600,000 place under the 5% Deposit Scheme needs a $30,000 deposit and roughly $4,000 for the costs around it, so about $34,000 in cash. No stamp duty in that number, because first home buyers in NSW can apply for a full exemption on a home valued up to $800,000. Don't zero out your account to get the keys, though. Repayments start the next month. The line by line version is in How much deposit do I need for a $600k house?

Want your exact cash-needed number?

It takes one call. Your price range, your state, your deposit, and I'll give you the number in and out the door before you start making offers.

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No application, no credit check, nothing on your file. Just the numbers.

Stamp duty for first home buyers, and when it comes back

Stamp duty is usually the biggest cost after the deposit, and every state draws its own line. Below the line, first home buyers pay nothing. Above it there's usually a sliding concession, and past the top you pay the full amount like anyone else. Your state revenue office has a calculator, and it's the only number I'd trust: Do first home buyers still pay stamp duty?

And it comes back. Upsizing means stamp duty again on the next place, plus agent fees on the one you're selling. Two certainties in life, death and taxes. If the equity's there, sometimes we can fund it inside the loan rather than from cash: Do I pay stamp duty again when I upsize? Paying some duty isn't always the wrong move either. If it gets you in two or three years sooner, a few percent of growth can cover it.

How much is LMI?

Lenders mortgage insurance is insurance you pay for that protects the bank, not you, if it has to sell and comes up short. It slides with your loan to value ratio: not much just over 80%, creeping up towards 90%, and properly painful above that. It can be paid upfront or added to the loan, and most people add it. Before you pay any of it, check the three exits: an occupation waiver, the government 5% Deposit Scheme, which is low deposit with no LMI, and a guarantor. All in How much does lenders mortgage insurance cost, and can I add it to my loan?

Conveyancing, valuations and the small fees

The valuation is usually free to you, because the bank orders and pays for it. Very large, rural or acreage properties are the exception: Do I pay for the bank valuation? Your conveyancer or solicitor, government transfer and mortgage registration fees and any building and pest inspection make up the rest of the small stuff, which is where my rough $4,000 comes from on a standard purchase.

Two costs catch people off guard. In NSW there's usually a 5 business day cooling-off period, and if you pull out inside it you forfeit 0.25% of the price, $2,000 on an $800,000 place: What is the 0.25% deposit during the cooling-off period when I'm buying a property in NSW? And if you're fixing part of the loan, some lenders charge a rate lock fee to hold that rate until settlement: What is a rate lock, and should I pay for one?

What does a mortgage broker cost?

From you, nothing. I get to charge the bank for the work that I do, not you. The lender pays an upfront commission when the loan settles and a small trail after that. The fair questions are what the catch is, whether I'll push you to whoever pays most, and whether you'd do better walking into a bank yourself, and they're all answered straight in What does a mortgage broker actually cost you?

Does refinancing cost money? Refinancing costs and break fees

For most people it's a discharge fee from the old lender, small government fees and a few weeks of paperwork, and the new lender sometimes covers part of it. The costs that bite are break costs on a fixed rate and lenders mortgage insurance if your equity is under about 20%. The quiet one is letting the refinance stretch you back out to a fresh 30 years: What does refinancing actually cost?

Break costs depend on where rates sit now versus when you fixed. If rates have gone up since, there's more than likely nothing to pay. If they've dropped, there's usually a bill, and the bank will give you the exact number before you decide: Will I get hit with break fees if I break my fixed rate early?

The cost of selling a house when you move

I'm no real estate agent, but when I'm running numbers for someone selling and buying, I budget a conservative 3% of the sale price for the agent, marketing and selling costs. Then add stamp duty on the next place. Put both in before deciding whether to sell first, bridge, or keep the old place as a rental: What does it actually cost me to sell a property?

The buffer to keep after settlement

The last cost isn't a fee. It's the money you keep. On the 5% Deposit Scheme you don't have to put every dollar in, but lenders cap what you can hold back, commonly around six months of repayments plus six months of living expenses. Too much savings can actually knock you out of the scheme: Do I have to put all my savings in under the 5% scheme, or can I keep a buffer?

The honest part

I'd rather over-budget than surprise you. Every figure on this page is a rule of thumb until your price, your state and your lender are in front of me, and the small fees move around more than anyone admits. What doesn't move is the order: deposit, stamp duty, LMI if it applies, the small fees, then a buffer. Get those five numbers before you bid and nothing at settlement should be a shock.

Want your exact cash-needed number? It takes one call

Send me your price range and your state. I'll work out the deposit, stamp duty, any LMI, the small fees and the buffer you should keep, so you know the real number before you fall in love with a place.

Book a 30 minute call Call 0437 189 939

No application, no credit check, nothing on your file. Just the numbers.

Common questions about the cost of buying a home

How much cash do I need to buy a house?+

The deposit plus the costs around it. For a first home buyer on the 5% Deposit Scheme buying a $600,000 place in NSW, I normally say about $34,000: $30,000 deposit and roughly $4,000 of costs, with no stamp duty at that price. Then keep a buffer on top.

Do first home buyers pay stamp duty?+

Often not, up to a threshold that depends on your state. In NSW, first home buyers can apply for a full exemption on a home valued up to $800,000, with a concession between $800,000 and $1 million. Every state sets its own line, so check your state revenue office calculator.

How much is LMI?+

It depends on your loan to value ratio, your loan size and the lender, so nobody can quote it off the bat. It's small just over 80% and climbs steeply towards 95%. Before paying it, check the 5% Deposit Scheme, a guarantor and occupation waivers.

Does refinancing cost money?+

Usually a little: a discharge fee from the old lender, small government fees and some paperwork, sometimes partly covered by the new lender. The costs that bite are break costs on a fixed rate and lenders mortgage insurance if you're under about 20% equity.

What does a mortgage broker cost?+

Nothing from you, in my case. The lender pays me an upfront commission when the loan settles and a small trail after that. I get to charge the bank for the work that I do, not you.

Next question

How does home loan pre-approval actually work?

Once you know the cash number, this is the next step: what pre-approval is, how long it lasts and what it does not promise.