Rent vs Buy Calculator

This is a tax charged by state governments on the sale of property.  It varies from state to state, but it can amount to tens of thousands of dollars.  For example, if you buy a property worth $850,000 in Sydney, the stamp duty payable would be approximately $33,457.

The same property purchase in Adelaide would cost you around $40,580 in stamp duty.

There are also mortgage registration and title transfer fees to pay when buying a new home.  Mortgage registration fees are usually less than $300 – for instance, you’ll pay around $155 in the ACT, $121.40 in VIC and $181.30 in WA.  However, transfer fees are more expensive and can also amount to several hundred, if not thousands, of dollars.

For example, on a property worth $850,000 in SA, the transfer fee would be $7,463, and in QLD it would be $2,676.

You’ll have to employ a conveyancer to deal with the legalities of transferring the property into your name.  Your conveyancer will deal with all aspects of this transfer, such as dealing with the official settlement between lenders and ensuring council and water rates and any emergency services levies are paid up to date. 

You can expect to pay between $800 and $3,000 to your conveyancer.

Some lenders charge a mortgage application fee (also known as a mortgage establishment fee) to establish a new loan, which can cost up to $700 to $800.  Some lenders also charge ongoing loan administration fees, which may only amount to $10 to $15 each month but add up considerably over time.

However, many online lenders are now offering no-application-fee and no-ongoing-fee home loans for both first homebuyers and refinancers, making the cost of applying for a home loan far more affordable.

 It’s important to get a building and pest inspection before buying your new home so you can have peace of mind that there are no major structural or termite problems with your property.  Expect to pay around $300 to $500 for a building inspection and the same for a termite inspection.  These costs may need to be paid before you buy your property, so make sure you’re aware of their cost so you can budget accurately.

If you do decide to buy your own home, you’ll have to factor in the cost of moving your belongings from your rented residence to your new home.  Naturally, removal costs will vary depending on how far you are moving and how much furniture and household goods you need to relocate. 

For a smaller removal truck, expect to pay up to $1,000 for your move, and if you have plenty of furniture or are moving a long way, you may need to budget up to $4,500 for the cost of your move.