How much does it cost to buy a house in NSW?

Q: What are the upfront costs of buying a home?

If youre a first-time buyer you will normally have to find about 5% of the purchase price, so £12,500 for a £250,000 property. The more you can save up for a deposit the better, because it will reduce your loan-to-value (LTV) ratio - or the ratio between the amount you invest and the amount you borrow from a bank.

It's not just a deposit you’ll need to save for when planning to buy a home. Find out more about these other costs.

Table of Contents Show

Upfront costs
Ongoing costs
What are the fees when buying a house in NSW?
What are the upfront costs of buying a home?
How much money do you need to buy a house in Aus?
How much does it cost to buy a house in Sydney?

Upfront costs

There are a number of upfront costs when buying a home, such as:

transfer duty or stamp duty, which is based on the value of your home
Lenders' Mortgage Insurance (LMI) if you’re borrowing more than 80% of your home’s purchase price
pest, building, or strata reports
legal or conveyancing fees
mortgage registration fees
land tax and registration of title
loan application fees, including independent valuers' fees.

Be aware that you may have to pay some of these upfront costs multiple times (e.g., building reports or legal fees) if you offer or place bids on more than one home.

Ongoing costs

Ongoing costs of buying and owning a home can include:

council rates
connecting and paying for utilities like water
insurance
strata levies, if applicable
maintenance.

These costs will affect the money you have available to make your mortgage repayments and pay for everyday expenses.

It’s worth adding these costs into your budget so you can calculate how much you’ll need to save to buy and manage a home.

Use the online calculator to work out how much stamp duty you’ll have to pay when buying a home at Revenue NSW.

What are the fees when buying a house in NSW?

Upfront costs transfer duty or stamp duty, which is based on the value of your home. Lenders' Mortgage Insurance (LMI) if you're borrowing more than 80% of your home's purchase price. pest, building, or strata reports. legal or conveyancing fees.

What are the upfront costs of buying a home?

If you're a first-time buyer you will normally have to find about 5% of the purchase price, so £12,500 for a £250,000 property. The more you can save up for a deposit the better, because it will reduce your loan-to-value (LTV) ratio - or the ratio between the amount you invest and the amount you borrow from a bank.

How much money do you need to buy a house in Aus?

There is no magic number when it comes to a home loan deposit, however in Australia the majority of lenders require you to have saved 10% of the property's value (a couple of lenders may only require 5%).