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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Ongoing costs
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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.

Lender

Variable
More details
LIMITED TIME OFFER
  • 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%
Variable
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100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES
  • 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
Variable
More details
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
ZERO APPLICATION FEESFEE FREE OFFSET
  • Automatic rate‑match
  • Zero Athena Fees
  • The more you pay down your loan, the lower your rate. Automatically.
ZERO APPLICATION FEESFEE FREE OFFSET

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

  • Automatic rate‑match
  • Zero Athena Fees
  • The more you pay down your loan, the lower your rate. Automatically.
Variable
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REFINANCE ONLY
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
REFINANCE ONLY
Variable
More details
NO UPFRONT OR ONGOING FEES
NO UPFRONT OR ONGOING FEES
Variable
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NO ONGOING FEES
NO ONGOING FEES
Variable
More details
UNLIMITED EXTRA REPAYMENTS
UNLIMITED EXTRA REPAYMENTS
Variable
More details
APPLY ONLINE
APPLY ONLINE

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *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 July 7, 2022.

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.

Frequently Asked Questions

When you buy a home, upfront costs will include:

  • Your deposit (usually 20% of the purchase price)

  • Stamp duty

  • Legal fees (property and title searches, building and pest report, and so on)

  • Conveyancer or solicitor fees

  • Home loan application fees, home valuation fees (if applicable)

  • Mortgage registration fee

A few ongoing costs that you will incur when owning a home include:

  • Mortgage repayments

  • Council rates

  • Water, gas, and electricity bills

  • General maintenance and repairs

Ongoing costs are the ongoing expenses involved when owning a home. Unlike upfront costs, they’re not one-off and may be recurring weekly, monthly, annually, or at another specified frequency.

Some ongoing costs may be unavoidable, while others may be suggested but not essential. For example, it’s widely recommended that you have home and contents insurance, but it’s not required. On the other hand, rates and other council costs will likely be unavoidable.

Upfront costs are the initial costs involved when buying a property. These costs are one-off, meaning they will only be incurred once during the process of buying a home.

For example, you will only pay the deposit on your property once during the sale process. This is why it’s an upfront cost.