The gap between your Lesson 1 list and this table is the value of the course
In Lesson 1, you listed every cost you expected to pay when buying a home. Now you have the complete picture. This step puts your original list next to the full cost map built across this course, so you can see exactly what you missed and measure how much your understanding has grown. Confidence without knowledge is where budget blowouts begin.
- 47% of first home buyers exceeded their budget in 2025, up from 38% in 2022 .
- 88% of first home buyers did not know protects the lender, not them .
- 14% of first home buyers had zero savings left after settlement .
These are not reckless buyers. They are people who did not know what they did not know. Knowing what you missed is the single most useful outcome of any education.
The complete cost map
The table below lists every cost category covered across this course. Compare it against the list you wrote in Lesson 1, Step 4.
Cost category | Typical range | Lesson |
|---|---|---|
Upfront costs | ||
Deposit | 5-20% of purchase price | Lesson 2 |
Lenders mortgage insurance (LMI) | $8,000 - $35,000 (if deposit < 20%) | Lesson 2 |
Transaction costs | ||
Stamp duty (transfer duty) | $0 - $50,000+ (varies by state and concessions) | Lesson 3 |
Conveyancing or solicitor fees | $1,000 - $3,000 | Lesson 3 |
Building and pest inspection | $450 - $900 | Lesson 3 |
Strata report (if applicable) | $200 - $350 | Lesson 3 |
Loan application fee | $0 - $600 | Lesson 3 |
Valuation fee | $0 - $600 | Lesson 3 |
Title and mortgage registration | $250 - $480 | Lesson 3 |
Settlement adjustments | $500 - $3,000 | Lesson 3 |
Moving costs | $1,500 - $6,000 | Lesson 3 |
Ongoing ownership costs | ||
Mortgage repayments | Varies (keep below 30% of gross income) | Lesson 4 |
Council rates | $1,200 - $3,500/year | Lesson 4 |
Home and contents insurance | $1,500 - $3,500/year | Lesson 4 |
Water and utilities | $2,000 - $4,000/year | Lesson 4 |
Strata or body corporate levies | $2,000 - $10,000+/year (if applicable) | Lesson 4 |
Maintenance and repairs | 1% of property value/year | Lesson 4 |
Buffer | ||
Emergency buffer | 3-6 months of expenses | Lesson 5 |
That is 18 cost categories. In Lesson 1, the self-assessment checklist had 18 items. Most first home buyers check fewer than half on their first attempt .
The costs buyers miss most
Based on the survey data and research cited across this course, these are the items most commonly absent from first-time buyer budgets:
- LMI. 88% of first home buyers did not know protects the lender, not them . If you do not understand what it is, you are unlikely to budget for it.
- Settlement adjustments. Rates, water, and levies you reimburse the seller for are invisible until your conveyancer sends the settlement statement.
- Strata levies. Apartment and townhouse buyers often budget for mortgage repayments but not the $2,000 to $10,000 in annual levies on top.
- Maintenance. Renters never budget for a broken hot water system. Owners cannot avoid it. The 1% rule means $7,500 a year on a $750,000 home.
- The emergency buffer. 14% of first home buyers had zero savings left after buying . One unexpected bill and there is nothing to fall back on.
What the gap means
If your Lesson 1 list missed five or six items, you are in the majority. That is not a failure. It is precisely the problem this course was built to solve.
The buyers who run into trouble are the ones who never discover these gaps. They budget for the deposit and the purchase price, skip everything else, and end up in the 47% who exceed their budget . You now have the complete picture. Use it.