When people think about buying a home, one number usually gets most of the attention.
The deposit.
It's often seen as the biggest financial hurdle, but it's only one part of the upfront costs buyers need to consider.
Stamp duty, legal fees, building inspections, insurance, moving costs, and even furnishing a new home can all add to the budget. Depending on the property and location, these expenses can quickly become a significant part of the buying journey.
Stamp duty is a government tax paid when purchasing property, although the amount varies depending on the state or territory, the property's value, and the buyer's circumstances.
For many Australians, it's a significant upfront expense that needs to be factored into the overall cost of buying a home.
Unlike a mortgage, stamp duty is generally paid at the time of purchase, making it another amount buyers need to have available alongside their deposit.
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The ACT recently announced that first home buyers will no longer pay stamp duty from 1 July 2026, becoming the first Australian jurisdiction to remove the tax entirely for eligible first home buyers.
The decision has reignited a broader discussion about the role stamp duty plays in housing affordability.
Economists have long argued that stamp duty can act as a barrier to home ownership because it adds another upfront cost that buyers need to save for before entering the market.
Whether similar reforms occur elsewhere remains to be seen, but the conversation has certainly gained momentum.
Many first home buyers focus heavily on reaching a deposit target.
That's understandable, but it's also important to think about the other costs that come with purchasing a property.
Depending on the purchase, buyers may need to budget for:
Planning for these costs early can help avoid surprises later in the buying process.
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The total cost of purchasing a home can shape the decisions people make.
Some buyers adjust their budget.
Some look at different property types.
Some consider different locations.
Others simply allow more time to save.
Property decisions are rarely influenced by a single factor. Instead, they often involve balancing financial goals with lifestyle priorities and long-term plans.
One of the challenges for Australian buyers is that property costs vary across the country.
Stamp duty concessions, exemptions, and eligibility criteria can differ between states and territories, particularly for first home buyers.
Understanding the rules that apply in your location can be an important part of planning a property purchase.
As policies evolve, buyers may also see new opportunities and incentives emerge over time.
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Buying a home involves more than reaching a single savings target.
It's about understanding the full range of costs and planning for them accordingly.
Questions worth considering include:
Taking a broader view can help make the property journey feel more manageable.
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Many Australians are exploring different ways to approach home ownership while planning for the future.
Through the Coposit app, eligible buyers can discover apartments, townhouses, house and land packages, and new developments across Australia.
If you'd like to learn more about how Coposit works or explore opportunities that match your property goals, the Coposit team is always happy to help.
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