Saving for a deposit feels like the biggest hurdle — but it's only part of the journey.The real challenge comes when you uncover the extra costs of buying a home, and many first home buyers don't realise how quickly they add up.
The good news? Once you know what to expect, you can plan for it.
In this episode, Veronica and Meighan break down the hidden expenses that trip up so many buyers — and show you how to avoid being caught out.
Here's what you'll learn:
💸 Stamp Duty & Loan Fees
From application charges to valuation costs, the fine print can quickly add thousands to your budget. Many buyers assume they'll get an exemption, only to discover their chosen property is just above the threshold. Without planning ahead, this single oversight could derail your entire purchase.
🏠 Inspections & Legal Costs
Skipping building, pest, or strata inspections is one of the most expensive mistakes you can make. A $500 report might feel like wasted money if you miss out on a property — but it's nothing compared to the tens of thousands you could lose if you buy without checking for hidden defects. Conveyancers and solicitors also vary in cost, so knowing what to expect helps you budget more accurately.
📑 Ongoing Ownership Bills
Council rates, strata levies, water bills, and insurance are ongoing expenses that never go away. Renters often don't see these bills, so they come as a nasty shock. These costs chip away at your monthly cash flow and can create stress if you haven't factored them into your budget.
🔧 Maintenance & Moving Costs
Owning a home means repairs are now your responsibility — from leaky roofs to faulty hot water systems. Add removalist fees, furniture, curtains, or a quick renovation before moving in, and your buffer can vanish overnight. The first weeks of ownership are often the most expensive.
💰 Why You Need a Buffer
Even with perfect planning, unexpected costs will arise. Appliances break, surprise repairs crop up, and bills always seem to arrive at once. Building a buffer isn't just "nice to have" — it's what keeps your budget intact and your stress levels down.
🎯By the end of this episode, you'll know exactly what to budget for beyond your deposit — and how to avoid the financial stress that traps so many first home buyers.
00:00 – Introduction
01:19 – Hidden Costs Buyers Overlook
02:01 – Understanding Stamp Duty
02:40 – Loan Fees & LMI Costs
03:27 – Legal & Inspection Must-Haves
05:43 – Rates, Levies & Ongoing Bills
08:17 – The Importance of a Financial Buffer
10:44 – Planning and Budgeting for Success
If you enjoyed today's podcast, don't forget to subscribe, rate, and share the show! There's more to come, so we hope to have you along with us on this journey!
