Upfront & ongoing cost calculator

This calculator shows you the upfront and weekly costs associated with buying a home. It will also give you an idea of how much money you should expect to spend on fees like stamp duty.

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The cost of homeownership extends further than your mortgage repayments - you also need to be prepared for the other costs involved in owning a home.

As a new property owner, it can be helpful to get a grasp on these costs early on so that you can budget accordingly. That’s where Your Mortgage’s Upfront & Ongoing Cost Calculator can come in handy.

How does the Upfront & Ongoing Cost Calculator work?

Your Mortgage's Upfront & Ongoing Cost Calculator is an intuitive financial tool that can help you understand the total cost of buying a home.

To use the calculator, we’ll need to grab some information off you. First, you’ll need to input the state and region your property is situated. This allows the tool to use the specific rates that will apply to your home. For example, every state has its own rules and costs for stamp duty, among other things.

We’ll also need a copy of the pertinent property and mortgage information, including the purchase price, loan amount, mortgage term, and interest rate.

The calculator will ask about costs like conveyancing fees, mortgage application costs, and even removalist expenses. It will also ask if you are paying for home and contents insurance. Lastly, you’ll need to provide the council rates applicable.

With this information, the Upfront & Ongoing Cost Calculator will be able to provide you with a breakdown of all homeownership costs, including the upfront and recurring costs.

Breaking down the upfront costs

Upfront costs are the fees you need to pay before or during the settlement of your new property. The biggest portion of this will be the deposit, which is generally around 20% of the total purchase price.

Another upfront cost is stamp duty. While it varies from state to state, as well as a few other factors, the cost of stamp duty is usually quite significant. To find out how much stamp duty might cost you, you can use Your Mortgage's stamp duty calculator.

The cost of the building and pest inspection should also be considered. Getting a building and pest inspection done prior to settlement is recommended to ensure the building is in good condition.

Legal fees can also rack up a hefty bill. Legal fees to purchase a property can include property and title searches, strata inspection, reviewing and exchanging sales contracts, arranging to pay taxes, and the general oversight of transferring the property’s title into your name.

When you apply for a home loan, you will encounter another set of upfront costs. Aside from your deposit, you will need to pay application costs, valuation fees, and conveyancing charges.

Ask your lender for a comprehensive list of upfront costs so that you know exactly what you’re paying for.

As part of the requirements of the state, you will also have to pay a mortgage registration fee. This will need to be organised by the local government in your area.

What about ongoing costs?

Ongoing costs refer to everything you need to pay after you own the property. These costs are recurring - whether they’re scheduled weekly, monthly, or annually during the life of your loan and your ownership of the property.

A major ongoing cost will be your monthly mortgage repayments, which will depend on your home loan amount, mortgage term, and interest rate. You can use our mortgage repayment calculator to see how these factors can affect how much you pay over the life of your loan.

Home and contents insurance also belongs to this fee category. It’s highly suggested that you obtain home and contents insurance to protect yourself if it is damaged by natural disasters, accidents, or robbery.

You can check with your local government and council for guidance on recurring costs like land and water rates. Plus, inevitable costs like maintenance and repairs should be factored into ongoing costs.

Tips on how to reduce your homeownership costs

There’s no need to be overwhelmed by the number of fees associated with homeownership. There are ways to brace yourself to cover these costs, and even ways to reduce them.

Firstly, having a good credit score can go a long way in terms of finance. Many lenders will base their loan offering to you on your credit score, so having a good one is a great bargaining chip for negotiating a better deal for yourself.

If you have proven yourself creditworthy, you can negotiate with your lender to waive some charges like application fees and annual fees. You can even try to negotiate a lower interest rate.

It also pays to do research — be in the know of the latest market developments, especially in the area where you’re planning to buy. As mentioned earlier, each locality has its own rules on homeownership and costs. This information can easily be accessed online.

One final tip is to seek expert help. Mortgage brokers and financial advisers will be able to make sense of all the numbers you are trying to crunch, which can give you a better understanding of what it costs to buy and own a home.

Lender
Advertised rate Comparison rate* Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
VariableMore details
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.
VariableMore details
ZERO APPLICATION FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
ZERO APPLICATION FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
VariableMore details
FREE REDRAW FACILITY
  • Application completely online
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^
FREE REDRAW FACILITY
VariableMore details
100% FULL OFFSET ACCOUNT

Offset Package Home Loan (Principal and Interest) (LVR < 60%)

100% FULL OFFSET ACCOUNT
VariableMore details
NO ONGOING FEES

Budget Home Loan (Principal and Interest) (LVR < 80%)

NO ONGOING FEES
VariableMore details
FREE REDRAW FACILITY

Basic Home Loan (Principal and Interest) (LVR 70%-80%)

FREE REDRAW FACILITY

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of January 17, 2022.