The deposit is the upfront portion of the property price that you pay yourself, usually 10–20%. The larger your deposit, the less you may need to borrow and the lower your ongoing mortgage repayments. A bigger deposit can also help you avoid extra costs like Lenders Mortgage Insurance (LMI).
When buying a property, there are also smaller, miscellaneous expenses beyond the major costs like the deposit, stamp duty, and legal fees. These sundry costs cover practical items and services that are necessary to complete the purchase and move in, such as:
Building and pest inspections Strata report / building inspection fees
Mortgage and title registration fees
Property owners pay annual rates to their local council to fund services like waste collection, road maintenance, and community facilities. The amount varies depending on the suburb and property size, typically ranging from $1,200 to $2,500 per year.
Water utilities are billed either on a fixed basis or according to usage, depending on your property. Charges usually cover both water supply and sewerage services and are billed quarterly.
If you own a strata property, levies cover building insurance, maintenance of common areas, lifts, gardens, and shared facilities. Levies vary widely, generally between $2,000 and $6,000+ per year, depending on building size, amenities, and the condition of common areas.
Insurance protects against fire, storm, theft, and other risks. Building insurance covers structural elements, while contents insurance covers furniture and personal belongings. Annual premiums typically range from $500 to $2,000 depending on property size and location.
Land tax is charged on properties exceeding the threshold set by Revenue NSW. Foreign buyers pay higher rates due to the foreign surcharge, which can significantly increase their annual costs. Land tax applies even if the property is not rented out, but the threshold and rate vary year to year.
If you rent your property, property managers typically charge 5–8% of rental income. This fee covers tenant management, maintenance coordination, and rent collection, helping you manage the property remotely.
Owners are responsible for ongoing maintenance such as plumbing, electrical, painting, and gardening, as well as unexpected repairs. A common guideline is to budget around 1–2% of the property value per year for upkeep.
Non-resident owners may need professional advice to manage rental income reporting, capital gains tax, and compliance with foreign ownership rules. This can include annual accounting fees and occasional legal consultations
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