Building a home

Planning to build

Understand the costs to build a house

When you’re planning your budget it’s good sense to have a bit extra up your sleeve. Get an idea on what you can afford to pay and keep your budget in check before you start the build. While unexpected building costs may arise, it’s good to know what extras you may be up for so you can plan in advance. Find out more about the costs to build a home and use our calculators to plan your budget.

• Lenders Mortgage Insurance (LMI)Tooltip text for
   

  LMI is a one-off insurance payment which you may need to pay if you have a smaller deposit.

• Lending feesTooltip text for
   

  Costs like loan establishment, setup and annual fees may be added to your home loan. They may be a once-off fee or could be annual payments on the life of the loan.

• Stamp duty or transfer dutyTooltip text for
   

  Stamp duty, called transfer duty in Queensland, is a tax levied by all Australian territories and states on property purchases. The amount a buyer pays is based on the property purchase price, location and loan purpose. Some states charge different rates on investment properties than on places of residence.

• Soil tests
• Land registration
• Landscaping/driveways/wheelie bin costs
• Moving costs
• Legal and conveyancing fees
• Building inspection
• Utilities and connection fees
• Home and Contents Insurance

If you need a little help and want to see where you can save more, check out our budget planner.

Get pre-approval before you build

Pre-approval is free, valid for three months and gives you the confidence and time you need to get your build sorted. Before you get too deep into the building process it pays to have pre-approval. You’ll get a benchmark of what you can afford to borrow so you can plan your build around that magic number.

Getting your home loan