The purchase price is only the headline. Stamp duty, LMI, conveyancing and the costs everyone forgets — here's the full bill for buying in Victoria, itemised.
The most common surprise for buyers isn’t the deposit — it’s everything that gets added on top. Budgeting for the true cost of purchase from day one means no last-minute scramble before settlement. Here’s what to plan for when buying in Victoria.
Stamp duty: the big one
Victorian stamp duty (land transfer duty) is the largest cost after your deposit — on a typical eastern-suburbs family home it commonly runs to tens of thousands of dollars. First home buyers get a full exemption under $600,000 and concessions to $750,000, and off-the-plan concessions can also reduce the bill. It’s payable at settlement, so it must be in your budget, not an afterthought.
Lenders Mortgage Insurance
Borrow more than 80% of the property’s value and LMI usually applies. It protects the lender, not you, and it’s priced differently at every bank — the same borrower can be quoted premiums thousands of dollars apart. Some professions get LMI waivers entirely, and the Home Guarantee Scheme removes it for eligible first home buyers.
The line items people forget
Conveyancing and legal fees, building and pest inspections, lender application and valuation fees, title registration, moving costs, and immediate items like locks, blinds and connection fees. Individually small; together they typically add several thousand dollars. We give every client a full itemised funds-to-complete breakdown so nothing lands unannounced.
How much cash do you actually need on the day?
The number that matters is funds to complete: deposit plus duty plus costs, minus grants and concessions. It’s the figure we calculate before you make an offer — so you bid on homes in Mitcham or Heathmont knowing precisely where your ceiling is.
Want your own itemised numbers? Call Tudor Finance in Nunawading on (03) 9894 7135 — the service is free.
This article is general information only and doesn’t consider your personal circumstances. Tudor Finance Pty Ltd, Australian Credit Licence 393142.
