The purchase price on a contract is the figure every buyer fixates on. It's also the figure that hides the rest of the costs — the ones that decide whether you can actually settle.
Stamp duty is the largest of the hidden costs in most states. It's typically 3–5% of the purchase price, often tens of thousands of dollars. It's charged by the state, due on settlement, and usually can't be rolled into your loan. First home buyer concessions vary significantly by state and property price — always confirm with a broker or your state's revenue office.
Lender's Mortgage Insurance (LMI) kicks in when you borrow more than 80% of the property value. It protects the lender, not you, and can add tens of thousands to the loan. There are ways around it — a guarantor, the First Home Guarantee, or saving a bigger deposit — but each has trade-offs.
Conveyancing and legal fees typically run $1,500–$2,500. Building and pest inspections are another $400–$800. Loan application fees, valuation fees, and mortgage registration round out the list. Budget an extra 5–7% on top of your deposit target for these costs.
The cheapest way to avoid surprise costs is to list every line item before you make an offer. A good broker will walk through this with you; so will your conveyancer. Knowing the real total means you don't end up short on settlement day.