Australian Home Closing Costs Calculator
When Australians talk about a home deposit they usually quote the deposit alone — but the cash you actually have to produce by settlement day is much larger. On top of the deposit you face transfer (stamp) duty, possible Lenders Mortgage Insurance (LMI), conveyancing/legal fees, a building and pest inspection, a loan establishment fee, council rate adjustments, title registration fees and the cost of moving in. This calculator adds all of those into a single "total cash required" figure so you don't get a nasty surprise three weeks out from settlement.
The two biggest variables are which state you buy in and how big your deposit is. Stamp duty is a state tax with its own bracket table in every state, and first-home buyers often pay a reduced amount or nothing at all below a price cap. Deposit size matters because anything under a 20% deposit (an LVR above 80%) normally triggers LMI — a one-off premium that protects the lender, not you, and can run into the thousands. As a worked example, a $750,000 home in NSW bought as a first home with a 10% deposit comes to roughly $94,801 of upfront cash, of which the deposit is $75,000 and indicative LMI is about $13,200.
Every figure here is an estimate built on illustrative assumptions. Stamp duty schedules, first-home concessions and price caps change with each state budget; LMI premiums are set commercially by the insurers and are confidential; and the smaller line items (conveyancing, inspection, council adjustment, moving) are typical placeholder amounts, not quotes. Treat the output as a planning ballpark and confirm live numbers with the relevant state revenue office, your lender and your conveyancer before you sign.
How the upfront-cash estimate is built
The tool sums one deposit, one stamp duty figure, an optional LMI premium, and a set of fixed transaction fees.
1. Deposit and LVR
| Quantity | Formula |
|---|---|
| Deposit | property price × deposit % |
| Loan | property price − deposit |
| LVR | loan ÷ property price × 100 |
A deposit of 10% on $750,000 is $75,000, leaving a $675,000 loan and an LVR of 90%. LMI is required whenever LVR exceeds 80%.
2. Stamp (transfer) duty — varies by state (illustrative)
Duty is a marginal-bracket state tax. The engine models NSW, VIC and QLD explicitly and uses a QLD-style proxy elsewhere. First-home buyers get concessions below a price cap — modelled here as: NSW full exemption up to $800,000 (phasing out to $1,000,000); VIC full exemption up to $600,000 (phasing out to $750,000); QLD new-home first buyers exempt. These caps are illustrative assumptions for the example, not a guarantee of the rate on your contract date.
3. LMI — indicative only
LMI applies above 80% LVR. The premium rises with both LVR and loan size, then has GST added, a reduced input tax credit removed, and state stamp duty on the premium applied. Actual LMI rates are commercially confidential — the figure is an indicative estimate.
4. Fixed transaction fees (placeholder assumptions)
| Item | Assumed amount |
|---|---|
| Conveyancing / legal | $2,200 |
| Building & pest inspection | $700 (existing homes) |
| Loan establishment fee | $600 |
| Council rate adjustment | $900 |
| Moving costs | $2,000 |
| Title registration (NSW) | $300 |
These are typical round-number placeholders so you can see the shape of the bill; replace them with real quotes.
What the tool does not do
It does not model your borrowing capacity, ongoing repayments, lender-specific fees, the First Home Owner Grant cash-back, or duty in states outside NSW/VIC/QLD with full accuracy. It is a settlement-cash planner, not financial or legal advice.
Worked example: $750,000 first home in NSW, 10% deposit
A first-home buyer purchases an existing $750,000 home in NSW with a 10% deposit. Because the price is under the illustrative $800,000 NSW first-home threshold, stamp duty is fully exempt; but the 90% LVR triggers LMI.
| Line item | Amount |
|---|---|
| Deposit (10%) | $75,000 |
| Stamp duty (FHB exemption) | $0 |
| LMI (indicative) | $13,200 |
| Conveyancing | $2,200 |
| Building & pest | $700 |
| Loan establishment | $600 |
| Council rates | $900 |
| Moving | $2,000 |
| Registration | $300 |
| Total cash required | $94,801 |
So the buyer needs roughly $94,801 in the bank by settlement — about $19,801 on top of the $75,000 deposit.
What a 20% deposit changes
Lifting the deposit to 20% on the same $750,000 home removes LMI entirely (LVR falls to 80%):
| Scenario | Deposit | LMI | Total cash |
|---|---|---|---|
| 10% deposit | $75,000 | $13,200 | $94,801 |
| 20% deposit | $150,000 | $0 | $156,700 |
The 20% path needs more total cash ($156,700) because the larger deposit outweighs the ~$13,200 of LMI avoided — but you borrow $75,000 less and pay no insurance premium.
Frequently asked questions
What are closing costs when buying a house in Australia?
Closing costs are the cash you need on top of the deposit to settle a property. They include stamp (transfer) duty, Lenders Mortgage Insurance if your deposit is under 20%, conveyancing/legal fees, a building and pest inspection, a loan establishment fee, a council rate adjustment, title registration and moving costs. On a $750,000 NSW first home with a 10% deposit they add up to about $94,801 of total upfront cash, of which $75,000 is the deposit itself.
How much is stamp duty in Australia?
Stamp (transfer) duty is a state tax with its own bracket table in every state, so there is no single national figure. First-home buyers are often exempt or pay a reduced amount below a price cap. In the illustrative model used here, a $750,000 NSW first-home purchase pays $0 (full exemption under the assumed $800,000 cap), while a $650,000 VIC first-home purchase pays about $10,330 (partial concession). These are assumptions — confirm the current schedule with your state revenue office.
When do I have to pay LMI?
Lenders Mortgage Insurance is normally required when your loan exceeds 80% of the property value (LVR above 80%), i.e. a deposit under 20%. It is a one-off premium that protects the lender if you default — it does not protect you. On a $750,000 loan at 90% LVR the indicative LMI is about $13,200. Premiums are set commercially by insurers and are confidential, so treat any estimate as indicative.
Is it cheaper to save a 20% deposit to avoid LMI?
It avoids the LMI premium, but it needs more total cash, not less. On the $750,000 NSW example, a 10% deposit needs $94,801 of cash (including ~$13,200 LMI), while a 20% deposit needs $156,700 — the bigger deposit outweighs the LMI saved. The trade-off is that with 20% down you borrow $75,000 less and pay no insurance. Which wins depends on how fast prices are rising versus how long it takes you to save the extra deposit.
Do first home buyers pay stamp duty in Australia?
Often not, below a state price cap. The illustrative thresholds in this tool are: NSW full exemption to $800,000 (phasing out to $1,000,000); VIC full exemption to $600,000 (concession to $750,000); QLD new-home first buyers exempt. Above the cap, the concession tapers and then standard duty applies. Because caps and rules change with each state budget, verify the current concession with the relevant state revenue office before relying on a zero-duty figure.
Are these closing-cost figures accurate for my purchase?
They are an estimate built on illustrative assumptions, useful for planning but not a quote. Stamp duty is modelled for NSW, VIC and QLD only; LMI is an indicative estimate because real premiums are confidential; and conveyancing ($2,200), inspection ($700), loan fee ($600), council ($900) and moving ($2,000) are typical placeholders. Get real quotes from your conveyancer and lender, and confirm duty with the state revenue office.
What is the difference between the deposit and the total cash I need?
The deposit is just your share of the purchase price (e.g. $75,000 at 10% on $750,000). The total cash needed adds everything else due at settlement — stamp duty, LMI and the fixed fees — which on this example is another $19,801, for a total of $94,801. Budgeting only for the deposit is the single most common cause of a cash shortfall before settlement.