If you’re saving for your first home—or ready to buy—in South Australia, you’re already making great progress. But the purchase price isn’t the only cost to consider.
With rising prices across Adelaide and regional SA, it’s the hidden expenses—like stamp duty, fees, and ongoing costs—that can catch first-home buyers off guard. Knowing what to expect early can help you budget properly and avoid surprises.
SO, HERE ARE THE 7 HIDDEN COSTS OF BUYING YOUR FIRST HOME.
1. STAMP DUTY AND OTHER LEGAL FEES.
When you buy a home, you’ll need to pay stamp duty to transfer ownership—along with a few smaller government fees. Unlike some other states, South Australia offers limited concessions for first home buyers, so this is a cost you’ll likely need to cover in full.
The amount depends on the property’s value, but including fees, most buyers pay between $20,000 and $50,000.
You’ll also need a conveyancer to handle the legal side of the purchase. It’s an extra cost, but well worth it to avoid mistakes and keep everything running smoothly.
2. COSTS ASSOCIATED WITH YOUR HOME LOAN.
Choosing a home loan is just one part of the cost. You’ll also face fees like loan applications, mortgage registration, and sometimes lenders’ mortgage insurance (LMI).
Lenders’ mortgage insurance (LMI) an additional premium added to your loan if you don’t have at least 20% of the cost in your deposit.
Waiting to save a 20% deposit isn’t always the best move. Buying sooner in a rising market can offset the cost of LMI—especially if your property grows by around 5% per year.
3. HOME INSURANCE AND TITLE INSURANCE
Home insurance isn’t legally required, but it protects you from huge bills when things go wrong—so it’s not a risk worth taking. In South Australia, the buyer is liable for any damages the moment the contract is signed, making early coverage essential. Costs typically average around $1,000 per year, though this varies by property, so it’s wise to shop around.
Title insurance is another important protection. It covers risks related to the property’s ownership, such as undiscovered legal issues or title disputes, giving you peace of mind that your investment is secure.
4. COUNCIL RATES AND STRATA FEES
Your local council charges rates to maintain public spaces and provide community services. How much you pay depends on your property’s value, but South Australians typically pay around $30 per week. If you choose to purchase an apartment, townhouse, or any property under a strata scheme, you’ll also need to pay strata fees. These cover shared services and spaces, such as building maintenance, parking, and communal areas. Depending on your property and the services included, fees usually range from $500 to $2,500 per quarter.
5. PRE-PURCHASE INSPECTIONS.
When you’re looking at what is potentially your new home, you’ll want to be sure that it’s up to scratch. In some cases, you’ll need to pay for a building and pest inspection, which can cost around $500 each, depending on the property.
6. REPAIRS, MAINTENANCE, AND RENOVATIONS.
Buying a fixer-upper can save you money upfront, but renovations often cost more than expected. Hiring professionals or tackling major repairs can quickly run into tens of thousands of dollars, so factor this into your budget before you commit.Even a brand new build may have unexpected Repairs and renovations can be much more expensive than you anticipate.
7. MOVING IN.
You’ve signed the contract, secured your loan, and got the keys—congratulations! But moving comes with its own costs. Even if they seem small compared to the rest of your home purchase, packing, transport, and setup can add up. Setting aside some savings for the move will make the process smoother and less stressful.
DID YOU KNOW
IF YOU’RE BUILDING OR BUYING A BRAND NEW, UNOCCUPIED PROPERTY, YOU CAN ACCESS THE FIRST HOMEOWNER GRANT.
If you’re planning to build or buy a brand-new home in South Australia, you may be eligible for the First Home Owner Grant (FHOG) — a one-off $15,000 payment from the state government to help with upfront costs. This applies to new homes, off-the-plan purchases, or substantially renovated properties that have never been lived in and will be your main residence.
To qualify, you generally must be at least 18, be a first-home buyer (you and your partner haven’t owned property before), and live in the home as your principal residence for at least six months.
There’s no property value cap for contracts signed recently, meaning the grant can apply regardless of the home’s cost — as long as the other eligibility rules are met.
Before you take the plunge and buy, it’s important to understand all the potential costs — from Form 1 documentation to cooling-off periods — and do your due diligence to make an informed purchase.
https://revenuesa.sa.gov.au/taxpayer-stories/first-home-buyer
Ready to Start Your First Home Journey?
Talk to a conveyancer who listens, answers your questions, and guides you every step of the way.
At Beltana Conveyancing, we’re experienced South Australian conveyancers. We tailor our advice and services to your circumstances, ensuring a smooth, stress-free experience. With Beltana Conveyancing, you can navigate the property market with confidence—without unexpected surprises.
Whether your property goals are in metropolitan Adelaide or regional South Australia, we’d love to chat and help you make your first home dreams a reality.
