First Home Buyer Home Loan Checklist 2026: What to Budget For Beyond the Deposit

Most first home buyer checklists stop at the deposit, leaving you guessing what else you need to cover. The truth is, there’s a long list of costs that can catch you off guard—from stamp duty and lenders mortgage insurance to conveyancing and moving fees. Our first home buyer checklist 2026 breaks down what costs to budget beyond the deposit, so you can plan your purchase with confidence and avoid surprises. Download the checklist and book a quick chat with Flourish Finance to map out your next steps. Learn more here.

Essential Costs Beyond the Deposit

When buying your first home, there’s more to budget for than just the deposit. Let’s dive into some essential costs to prepare for a smooth home-buying experience.

Stamp Duty and Transfer Duty

Stamp duty can be one of the most significant costs you encounter when buying a home. It’s a tax paid to the government when you purchase property. The amount depends on the state you’re buying in and the property’s value. On average, it can range from 3% to 5% of the purchase price. It’s essential to account for this cost early on to avoid any surprises.

Transfer duty is another fee that often goes hand-in-hand with stamp duty. It covers the cost of transferring the property’s title to your name. In some cases, you might qualify for exemptions or concessions, especially if you’re a first home buyer. Always check with your local government for any available grants or schemes.

Lenders Mortgage Insurance (LMI)

If your deposit is less than 20%, you’ll likely need to pay LMI. This protects the lender in case you can’t meet your mortgage repayments. LMI can be a significant cost, sometimes amounting to thousands of dollars. But, it allows you to buy a home sooner without saving the full 20% deposit. Consider how LMI fits into your overall budget and what it means for your borrowing power.

Some lenders offer ways to avoid LMI, like family guarantees, so it might be worth discussing your options with Flourish Finance. They can guide you through different scenarios to find the best fit for you.

Conveyancing and Legal Fees

Conveyancing is the legal process of transferring property ownership. You’ll need a solicitor or conveyancer to handle this. The fees typically range from $800 to $2,000. These professionals ensure that all legal aspects of your purchase are covered, protecting you from potential pitfalls.

Legal fees might also include costs for conducting searches and preparing documents. While it might seem like an area to cut costs, having a qualified professional can save you from costly mistakes in the long run.

Additional Expenses to Consider

Aside from the basic costs, there are other expenses that might catch you off guard. Let’s explore these to help you budget effectively.

Building and Pest Inspections

Before finalising your purchase, it’s wise to have building and pest inspections. These inspections typically cost between $300 and $700. They provide peace of mind, ensuring the property is structurally sound and free from pests like termites. Finding issues early can save you from expensive repairs after you’ve moved in.

Consider these inspections as an investment in your future home. Knowing the property’s condition can also empower you to negotiate the purchase price if needed.

Strata Report and Valuation Fee

If you’re buying a unit or apartment, you’ll need a strata report. This outlines the strata scheme’s financial health and any issues with the building. These reports usually cost around $200 to $300. It’s crucial to understand any potential liabilities you’ll share with other owners.

A valuation fee is another expense to budget for. Lenders require valuations to ensure the property’s worth matches the loan amount. This fee can be between $200 and $600, depending on the property type and location.

Application and Mortgage Registration Fees

When applying for a home loan, you’ll encounter application fees. These can range from $500 to $1,000, covering the lender’s costs to process your application. Some lenders might waive these fees as part of a promotion, so it’s worth asking about current offers.

Mortgage registration fees are set by the government and usually range from $100 to $200. This fee registers the mortgage on the title of your property, securing the lender’s interest.

Settling Into Your New Home

Once you’ve covered the buying costs, it’s time to think about moving in. Here are some expenses to plan for as you settle into your new space.

Utilities Connection and Moving Costs

Connecting utilities like electricity, gas, and internet can add up. Connection fees vary by provider, but on average, expect to pay around $200 to $500 in total. It’s best to arrange these connections a few weeks before moving in to ensure everything is up and running.

Moving costs will depend on how far you’re relocating and how much stuff you have. Hiring professional movers can cost between $1,000 and $3,000. You might save money by doing it yourself, but factor in the time and effort required.

Home and Contents Insurance

Protecting your new home is crucial. Home and contents insurance premiums vary, but on average, expect to pay $1,000 to $2,000 annually. This insurance covers damage to your home and belongings from events like fire, theft, or storms.

It’s wise to shop around and compare policies to ensure you get the best coverage for your needs. Some insurers offer discounts if you bundle home and car insurance, so consider all your options.

Council and Water Rates Adjustments

Council and water rates are ongoing expenses you’ll need to budget for. These rates vary depending on your location and property size. On average, council rates can be between $1,000 and $2,000 annually. Water rates can add another $600 to $1,200 a year.

When buying a property, you may need to adjust these rates with the seller. This ensures you’re only paying for the portion of the year you own the property. Your solicitor or conveyancer will handle these adjustments as part of the settlement process.

By understanding all these costs, you can create a comprehensive budget for your first home purchase. If you’re feeling overwhelmed, Flourish Finance can help you plan and manage these expenses. With their expert guidance, you can navigate the home-buying process with confidence and peace of mind.