In short: This calculator adds up everything you pay on or before settlement: deposit, Victorian land transfer (stamp) duty, government registration fees, conveyancing, building and pest inspections, lender fees and LMI if you borrow above 80%. A Melbourne rule of thumb is deposit plus roughly 5–6% of the price for a repeat buyer, or deposit plus about 1% if first-home-buyer duty relief applies.
- Deposit$70,000
- Stamp duty & government fees (VIC)$26,576
- LMI (est., if paid upfront)$20,998
- Legal, inspections, lender & moving$4,200
- LVR90.0%
LMI can often be added to the loan instead of paid upfront. Council/water rate adjustments at settlement are extra.
Total cash needed at settlement: $121,774
That is a general estimate on standard assumptions. Every lender applies its own expense benchmarks, income shading and policy, so the real figure moves from lender to lender. Gorakh spent years as a senior credit officer deciding exactly these questions. Send him the numbers above and he will tell you what is realistic and which lenders fit — at no cost to you for home loans.
- A former senior credit officer reads itGorakh assessed loan applications on the lender side before he became a broker.
- A real office you can visit23 Astbury Crescent, Mickleham VIC 3064 · ABN 90 160 461 553
- Fees and complaints in writingRead the Credit Guide and our complaints and AFCA process before you commit to anything.
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Buyers in Melbourne's north are regularly caught out by duty and fees that fall due in the same week as settlement, so the result is designed to give you one honest number.
How this calculator works
Deposit
Price multiplied by your deposit percentage. Anything below 20% usually triggers lenders mortgage insurance, estimated separately. See how the deposit drives your loan-to-value ratio on the LVR calculator.
Stamp duty
Victorian land transfer duty is applied using the general brackets: 1.4% up to $25,000; $350 plus 2.4% of the excess over $25,000 to $130,000; $2,870 plus 6% of the excess over $130,000 to $960,000; 5.5% flat from $960,001 to $2 million; then $110,000 plus 6.5% above $2 million. If you tick owner-occupier and the price is $130,001–$550,000, the principal place of residence concession applies. If you tick first home buyer, duty is nil up to $600,000 and reduced on a sliding scale to $750,000. Foreign purchasers pay an extra 8%.
Professional and lender fees
Conveyancing is set at a typical $1,000–$2,500, a combined building and pest inspection at $400–$700, and lender application or valuation fees at $0–$800. Government title transfer and mortgage registration fees are a few hundred dollars each. LMI is estimated only when your LVR exceeds 80%.
How to use the result
Treat the total as the cash you need in the bank before settlement day. Compare it against your savings using the deposit savings calculator and, if the gap is large, check whether the First Home Guarantee or a guarantor loan closes it. Lenders like to see a buffer left after settlement, so add a month of repayments.
Worked example
A $650,000 established house in Craigieburn, bought by an owner-occupier who has owned before, with a 20% deposit. For illustration, at 6.00% p.a. the $520,000 loan repays about $3,118 a month over 30 years.
| Item | Amount | Basis |
|---|---|---|
| Deposit (20%) | $130,000 | Keeps LVR at 80%, no LMI |
| Land transfer duty | $34,070 | $2,870 + 6% of $520,000 |
| Transfer and mortgage registration | ~$400 | Government fees, indicative |
| Conveyancing | $1,800 | Typical range $1,000–$2,500 |
| Building and pest inspection | $600 | Typical range $400–$700 |
| Lender application and valuation | $600 | Lender-dependent, often waived |
| LMI | $0 | Not payable at 80% LVR |
| Total cash needed | ~$167,470 | Deposit plus about $37,470 in costs |
The same purchase at $600,000 by an eligible first home buyer would attract no duty at all, cutting the non-deposit costs to roughly $3,400.
What this calculator doesn't include
- Moving costs, utility connections and immediate repairs.
- Rates, water and owners corporation adjustments apportioned by your conveyancer at settlement.
- A deposit bond if you cannot pay the deposit in cash. See deposit bonds.
- The 8% foreign purchaser surcharge unless selected.
Tips to improve the outcome
- If you have never owned property, check the first-home-buyer duty exemption before setting a price ceiling. A $600,000 purchase saves over $30,000 in duty compared with $650,000.
- Ask for a lender that waives application and valuation fees.
- Get a combined building and pest report rather than two separate ones.
- Negotiate a longer settlement if you need extra pay cycles to close a savings gap.
- A new home under $750,000 may also unlock the $10,000 First Home Owner Grant.
Frequently asked questions
How much are upfront costs when buying a house in Victoria?
Beyond the deposit, allow 5–6% of the purchase price for a repeat buyer, most of which is land transfer duty. On a $650,000 house that is roughly $37,000. Eligible first home buyers paying up to $600,000 skip duty entirely and typically need only $3,000–$4,000 for conveyancing, inspections and government fees. Borrowing above 80% adds LMI on top.
What is stamp duty on a $650,000 house in Victoria?
For a buyer who is not a first home buyer, duty is $2,870 plus 6% of the amount over $130,000, which comes to $34,070. The owner-occupier concession does not apply because it ends at $550,000. A first home buyer pays a reduced amount under the sliding concession from $600,001 to $750,000. Check current figures at sro.vic.gov.au.
Can upfront costs be added to the home loan?
Not directly. Lenders fund the property, not your duty and conveyancing, so those must come from savings, a gift or equity in another property. The exception is LMI, which most lenders capitalise into the loan. A guarantor structure can cover costs by securing part of the loan against a parent's home. Read buying with a guarantor.
How much cash do I need for a $600,000 house as a first home buyer?
With the First Home Guarantee, a 5% deposit is $30,000. Duty is nil under the Victorian exemption, so add about $3,000–$4,000 for conveyancing, inspections and registration fees, giving a total of roughly $33,000–$34,000. Without the guarantee, a 5% deposit would also require LMI, which is why the scheme matters so much.
Talk to GNT Finance
Gorakh Timilsina and the GNT Finance team in Mickleham will map out your exact settlement figure, check every concession you qualify for, and match you to a lender whose fees suit your budget, at no cost to you in most cases. Book a free consultation or call 0426 403 703.
This page is general information only and not legal, tax or financial advice. Laws change — confirm current rules with the State Revenue Office, the ATO or a licensed professional.
Written by Gorakh Timilsina
Founder, CEO & Senior Mortgage Consultant at GNT Finance. Gorakh started as a broker assistant, spent years as a senior credit officer assessing loan applications, and now helps Melbourne families get the right loan approved. English, Nepali and Hindi spoken.