First Home Buyer Tips & Tricks: Costs People Often Forget to Budget For
When you’re buying your first home, it’s easy to focus on the big numbers — the deposit and the loan repayments. One of the smartest “tricks” is planning for the costs most people don’t think about until it’s too late.
Here are some practical tips and tricks to help you avoid being caught out.
Tip #1: Budget for More Than Just the Deposit
The deposit is only part of what you’ll need upfront.
A smart move is creating a separate “buying costs” buffer for things like legal fees, inspections, loan costs, and potential stamp duty. This keeps your deposit intact and avoids last-minute stress.
Tip #2: Don’t Assume Stamp Duty Is Automatically Waived
Some first home buyers qualify for stamp duty exemptions or concessions — but not everyone does.
The trick is checking your eligibility early. If stamp duty applies, it can be one of the biggest unexpected costs.
Tip #3: Lock in Money for Legal & Conveyancing Fees
Legal fees are unavoidable, but they’re often forgotten in early budgets.
Set aside funds for conveyancing or solicitor costs so you’re not scrambling close to settlement.
Tip #4: Treat Inspections as Protection, Not an Optional Extra
Building and pest inspections can feel like an easy place to save money — but skipping them can cost far more later.
The trick is budgeting for inspections upfront and seeing them as insurance against expensive surprises.
Tip #5: Ask About Loan Fees Early
Not all loans are fee-free.
Make sure you ask about application, valuation, and settlement fees so they’re included in your upfront planning.
Tip #6: Arrange Insurance Earlier Than You Think
Many first home buyers don’t realise insurance may be required once contracts are unconditional.
Planning for this early avoids last-minute stress and ensures you meet lender requirements.
Tip #7: Plan Your Move Like a Mini Project
Moving costs add up quickly.
Removalists, cleaning, packing supplies, and time off work can all impact your budget. A simple moving budget can prevent surprises.
Tip #8: Leave Room for Furniture and Small Upgrades
Even move-in-ready homes often need a few extras.
Furniture, appliances, window coverings, and minor repairs are common post-purchase expenses. Planning for them helps avoid relying on credit later.
Tip #9: Don’t Forget the Ongoing Costs
Once you own a home, new regular costs appear.
Council rates, insurance, strata fees (if applicable), and maintenance should be factored into your monthly budget to keep repayments comfortable long-term.
Want Help Budgeting With Confidence?
Most first home buyers don’t struggle because of the loan — they struggle because of the costs they didn’t see coming.
A short planning conversation can help you understand the full picture before you commit.
