Buying a home is one of the biggest financial decisions most Aussies will ever make—and while it’s easy to get caught up in house inspections and renovation dreams, many buyers overlook the hidden costs that come with purchasing a property. Whether you’re a first-home buyer or an experienced investor, understanding these expenses upfront can help you budget better and avoid nasty surprises at settlement. Here's what you need to know. Stamp Duty Let’s start with the big one—stamp duty. This is a government tax based on the property’s purchase price and can add tens of thousands to your total cost. Some states and territories offer stamp duty concessions or exemptions for first-home buyers, so it’s worth checking what’s available in your area. Conveyancing & Legal Fees You’ll need a conveyancer or solicitor to handle the legal side of your purchase—think contract reviews, property searches, and settlement paperwork. Fees can range from $800 to $2,500, depending on complexity. Building & Pest Inspections Don’t skip this. A pre-purchase building and pest inspection could save you from buying a property riddled with termites or structural issues. Expect to pay $400–$800, but it’s a small price to pay for peace of mind. Loan Application & Lender Fees Some lenders charge application or establishment fees (often between $200 and $700). Also, if you're borrowing more than 80% of the property's value, you may be hit with Lenders Mortgage Insurance (LMI)—potentially adding thousands to your loan. Home & Contents Insurance You’ll need to have insurance in place from the moment you settle—sometimes even before that. Costs vary depending on the home’s value and location, but don’t leave it until the last minute. Council & Utility Rates Once you're the proud new owner, you’ll be responsible for council rates, water, and utilities. These can start adding up quickly—especially if you’re moving into a larger property or switching from renting. Moving Costs From removalists to boxes, cleaning, and reconnecting services—it all adds up. Budget $1,000–$3,000 depending on how much you’re moving and how far. Strata Fees (If Buying an Apartment or Townhouse) Buying into a unit complex? You’ll likely be paying quarterly strata levies for the upkeep of shared spaces and facilities. Ensure you review the strata report for any special levies or upcoming works. Renovation or Maintenance Costs That “just needs a little TLC” fixer-upper? Factor in immediate repairs, cosmetic updates, or any must-do renovations. Even seemingly small jobs can cost more than you expect. Unexpected Delays or Surprises Delays in settlement, loan approvals, or changes in interest rates can also affect your finances. Having a financial buffer (ideally 5–10% of the purchase price) can help cover these unexpected curveballs. Buying a home comes with more than just the purchase price. Understanding and preparing for these hidden costs helps you avoid buyer’s remorse and ensures you step into homeownership with confidence—not debt stress. Need help navigating your property journey? At Wiseberry, we’re here to guide you every step of the way—from house hunting to handing over the keys. Reach out to the team today.