Hidden costs of buying a home (infographic)

Using the national median residential dwelling price of $576,100, we explore the costs of buying a home. What are the hidden extras you need to budget for?

When it comes to buying a house, the deposit is just the beginning. Legal fees, stamp duty, bank and insurance charges, as well as moving costs add tens of thousands of dollars to the average home price.

Lender’s Mortgage Insurance (LMI) is another big hit for those borrowers who have less than 20 percent deposit. So how much do you need for a 20 percent deposit in your capital city?

Twenty percent deposit based on median residential dwelling price by capital city:

• Sydney - $773,000 x 20% = $154,600
• Melbourne - $563,500 x 20% = $112,700
• Canberra - $537,000 x 20% = $107,400
• Darwin - $527,500 x 20% = $105,500
• Perth - $500,000 x 20% = $100,000
• Brisbane - $451,000 x 20% = $90,200
• Adelaide - $405,000 x 20% = $81,000
• Hobart - $320,000 x 20% = $64,000

Tips for saving for a home deposit

• Create a budget—budgeting is the only way to truly take control of your finances
• Open a dedicated saving account and make regular deposits into it
• Pay off any existing debts, especially high interest loans and credit cards
• Cut back on everyday spending and watch your savings grow

Cut back on:

• Store-bought coffee - save $15/week or $780/year
• Entertainment - save $20/week or $1,040/year
• Alcohol - save $30/week or $1,560/year
• Eating out - save $40/week or $2,080/year

Are you struggling to pay for a home deposit? MyBudget can help you get into your own place sooner with a customised budget plan to fast track your savings.