How Much Does it REALLY COST to Buy Your First Home in Australia?

Are you dreaming of owning your first home in Australia but unsure about the real costs involved? In this video, we break down how much does it really cost to buy your first home in Australia. From the upfront costs like deposits and stamp duty to ongoing expenses such as mortgage repayments, insurance, and maintenance, we cover it all.

We'll also discuss the hidden costs that often catch first-time buyers off guard, including legal fees, inspection costs, and moving expenses. Understanding these factors can help you plan your budget more effectively and avoid any financial surprises down the road.

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🛎️Disclaimer: Some of the links above are affiliate links, where I earn a small commission from your purchases at no additional cost to you. The content of the videos is for educational & entertainment purposes only and merely my opinions. I am not a financial adviser. All investments involve some risk, and there is no guarantee that you will succeed. To make the best financial decisions that suit your own needs, you must conduct your own research and seek the advice of a licensed financial adviser if necessary.

[slightfimulator]

I think the comparison should not be a savings account with no real returns, but renting an equivalent property and puttting the cost difference in a diversified portfolio of low cost index funds with real returns of around 6%

[dinueranga]

Great video... Could you please do a video of buying a land and building a property on it as well.. what will be the costs and things to look after? Thanks

[davidadekoya]

Detailed and concise! Thanks Irene! Can you do a video comparing Redraw vs Offset account in 2024 and which one is better to go for? Thank you

Well, since the NSW Goverment privatised the Land Titles back in 2017 to the superfunds, most people have been buying or have been encouraged to get Land Title Insurance to get full coverage for title against fraud, illegal structures, boundary errors etc. There's only 2 companies in the country that do it, and it's usually about $1k to cover if for the life of the property.

Also, on the LMI front. You can get an exemption for up to 10% on it if you're from a certain profession like a lawyer, doctor, and accountant.

[aksharhagopinath]

Have been following you quite a while. Great information. 🎉

However, the rental prices have gone up so people would like to go for their first home instead of renting.

Can you do a video on first home buyer grant? Also, can someone sell their only house and still apply for first home buyer grant?

[mangoman]

5:46 "If you have extra cash to manage your accommodation" which you dont elaborate on, $500/week rent = $26000/yr x 20 years = $520, 000 which could also have been invested if they had bought the property or used to pay down the mortgage earlier :)