Government charges
Transfer duty and registration costs depend on the property and purchaser circumstances. Eligible first home buyers may receive a concession or exemption under current Victorian rules.
Professional and property checks
Budget for conveyancing or legal work and any building, pest, owners-corporation or specialist reports appropriate to the property.
Loan-related costs
Possible costs include valuation, application, settlement, package or lenders mortgage insurance charges. Not every lender charges every fee.
After the purchase
Allow for insurance, moving, utility connections, immediate repairs, furniture and an emergency buffer. Avoid using all available cash at settlement.
Common questions
Questions first home buyers ask
Do first home buyers pay stamp duty in Victoria?
Eligibility, property value and current Victorian rules determine whether an exemption, concession or full transfer duty applies. Check the State Revenue Office before relying on an estimate.
Are buying costs included in a home loan?
Usually buyers need funds for at least some purchasing costs. The lender assessment and maximum loan-to-value ratio affect how the transaction can be funded.
Should I get a building inspection?
The appropriate checks depend on the property and contract. Obtain advice from qualified property and legal professionals before deciding what inspections you need.