It’s important to get the whole picture when it comes to the costs associated with buying your own home, so there are no surprises along the way! 
Here is a guide about the extra costs you may need to budget for when buying a home:
Legal costs
You will need professional help to transfer ownership of the property you are purchasing. A conveyancer or solicitor can carry-out this work, with most homebuyers opting for a conveyancer. The cost is generally around the $1000 mark and there will be additional costs for property and title searches.
Pre-purchase inspections
Building and pest inspections provide you with a level of comfort that there are no hidden problems with the property. Fees can range from $300 - $1000, but it is money well spent as it could save you thousands in potential repair costs.
Valuation fees
Your bank or finance provider may charge a valuation fee to assess the value of the property you are purchasing. This provides a level of comfort that the money they are lending you is protected. An independent valuer will generally carry out this work and it could cost up to $300.
Lending fees and charges
It is important to be aware of mortgage set-up costs that may be charged by your bank or finance provider. The costs will vary depending on your finance provider and may include an application or loan establishment fee and documentation fees.
Stamp duty
Stamp duty is one of the biggest costs you need to factor in when buying a home. The cost varies from state to state and will depend on the value of the property and whether you are buying an established home or building. Online calculators can provide a guide on stamp duty costs.
Lenders mortgage insurance (LMI)
LMI is a type of insurance that protects the lender if you can’t repay your loan. Most lenders require it for home loans of more than 80% of the property’s value. HomeStart, has a loan provision charge instead, which costs a lot less for customers.
Lender       Type           LMI or LPC
Westpac LMI $7,877.00
ANZ LMI $8,157.23
HomeStart LPC $1,875.00

*LMI and LPC are approximate figures only, assumptions are based on property value of $300,000, loan amount of $285,000 which is 95% of the property value for a first home buyer. Different LPC apply for Construction and Seniors Equity Loans. Figures sourced online and are correct as at July 2015.

Home and contents insurance
Lenders will need your property to be covered by home (building) insurance before approving a home loan. The cost of insurance will vary depending on the style and location of your home and its value. You will also need to set aside some money to protect your valuables with contents insurance.

Utility costs
When ownership of a property is transferred, a buyer needs to pay the vendor for the remaining yearly or quarterly utility rates, such as council or water rates. The costs will vary depending on the council area the property is located within.