Here’s a fact that Brisbane buyers don’t see coming: Most first home buyers severely underestimate the real upfront costs of buying a property.
They save their deposit, calculate their borrowing capacity, and get preapproved. Easy peasy, right? Until the ‘hidden’ costs start stacking up.
So what are the more savvy buyers saving up for?
If you’re buying property in Brisbane in 2026—whether as a first home buyer or first-time investor—here’s what you actually need to brace your wallet for.
1. Building & Pest Inspection Costs in Brisbane
Approximate cost: ~$600
In Queensland, skipping your building and pest inspection simply isn’t an option—unless you’re willing to spend tens of thousands of dollars on rectification down the track.
Brisbane’s climate makes properties particularly susceptible to:
- Termite infestations / expired termite barriers
- Other pest infestations i.e. cockroaches, mice, rats, ants, and spiders
- Drainage issues
- Moisture / water damage due to humidity
- Structural issues i.e. cracked foundations or subfloor rot
- Roofing concerns
A thorough inspection report can uncover risks that don’t show up at open homes and aren’t typically visible to the untrained eye. Catching these warning signs early will save you an arm and a leg later!
In a competitive market, buyers get antsy. Desperate. Some are tempted to waive this condition. And we get it; removing conditions can make an offer look cleaner and more attractive in a multiple-offer scenario. But at what cost to yourself?
A quick report today is far cheaper than major repairs tomorrow. Besides, a red flag finding at a building and pest inspection often allows buyers to renegotiate, demand repairs, or terminate contracts altogether.
2. Legal & Conveyancing Fees in Brisbane
Approximate cost: ~$2,000
You’ll need either a conveyancer or solicitor to:
- Review your contract of sale to protect your rights
- Explain complex legal jargon in plain English
- Conduct property searches
- Negotiate or insert special conditions
- Manage pre-settlement obligations and deadlines
- Ensure council approval and compliance with all local, state and federal requirements
- Calculate precise split of council rates, water, and strata fees between buyer and seller
- Liaise with your bank, mortgage broker, the seller’s conveyancer, and the real estate agent to coordinate the process
- Facilitate the transfer of title ownership, generally via PEXA, and ensure official registration in your name
- Notify local councils and water authorities about the change in ownership
And here’s something many buyers learn the hard way:
Cheaper isn’t usually better when it comes to legal fees.
Savvy buyers aren’t willing to risk it for the biscuit with low-cost conveyancing. This can lead to missed special conditions, minimal contract scrutiny, overlooked risk clauses, and all-round poor communication during such a critical process. A great conveyancer or solicitor will identify issues that could lead to financial loss, such as illegal building work or undisclosed debts.
Property contracts in Queensland—and anywhere, really— are both tedious and complex. The cost difference between budget and quality legal support is minor compared to the cost of a mistake.
Nothing—especially not a cheaper shortcut—beats peace of mind here.
3. Stamp Duty in Queensland
Approximate cost: $0 – $60,000+
Stamp duty (officially known as transfer duty in QLD) is often the largest additional cost of buying property in Brisbane.
Your stamp duty bill depends on your purchase price, first home buyer eligibility, and whether you have applicable QLD concessions or schemes under your belt. Your status as either an owner occupier or an investor also plays a part.
Stamp duty is payable at settlement date or within 30 days from the unconditional date—whichever comes first. Penalties may apply for delayed payments, and interest charges can accrue.
First Home Buyer Concessions in QLD
Those eligible for first home buyer concessions may receive:
- Full transfer duty exemption (zero duty) with no upper price cap when buying new homes or vacant land to build on
- Full transfer duty exemption for established homes up to $700,000, with partial, tapering concessions available for homes valued between $700,000 and $800,000.
- The First Home Owner Grant ($15,000 or $30,000 is available for the purchase or construction of a new home)
- The Boost to Buy Scheme, which allows for 2% deposit for properties valued up to $1 million, with equity contributions up to 30% for new homes and 25% for existing homes
However:
- Eligibility criteria apply
- Price caps exist
- Investment purchases do not qualify
- Not all properties attract the same concessions
It’s critical to understand how these concessions impact your purchase costs before committing to a property—no matter how strong your emotional pull to it is!
We regularly see buyers assume they qualify, only to realise late in the process that their eligibility differs based on structure, property type and a variety of factors. By the general rule of thumb, stamp duty is payable at or shortly after settlement, but it must be factored into your cash requirements well in advance.
4. Lenders Mortgage Insurance (LMI)
Approximate cost: $0 – $40,000+
What’s LMI? It is a one-off, non-refundable insurance premium that lenders require when a borrower has a deposit of less than 20% of the property value (a Loan-to-Value ratio or LVR, higher than 80%). Don’t confuse LMI with MPI (Mortgage Protection Insurance), which protects you if you cannot work.
LMI protects the lender—not you—against financial loss and can significantly increase the overall cost of buying a house in Brisbane.
The amount depends on the size of your loan, your deposit percentage, and lender policy. Typically, LMI ranges between 1% and 5% of your loan amount.
For instance, on a $600,000 loan with a 5% deposit, LMI could cost over $22,000.
Some buyers roll LMI into their loan, while others choose to pay upfront. Either way, it will impact affordability and long-term repayments.
Note that if you change lenders, you may have to pay LMI again if your equity is still under 20%.
To avoid or reduce paying LMI, consider:
- Saving a 20% deposit to avoid LMI altogether
- Use the First Home Guarantee scheme, where the government acts as a guarantor for 15%
- Use a family guarantee, where a family member uses equity in their own home to guarantee your loan
- Get a professional waiver (available only to certain professionals, e.g. doctors, lawyers, accountants)
5. Moving Costs, Connections & New Furniture
Estimated cost: $5,000 – $20,000
This might just be the most underestimated hidden costs of buying a home.
Beware the costs of:
- Professional removalists: A local move typically costs between $300 and $3,500, while interstate moves can range from $2,600 to $10,000+
- DIY Move: Renting a truck or trailer can cost $100-$300 per day, plus fuel and equipment hire
- Packing Supplies: Boxes, tape, bubble wrap, and protective coverings can add $200-$500
- Storage Fees: If settlement dates do not align, temporary storage may cost $100-$400 per month
- Cleaning: Professional bond cleaning, if moving out of a rental, can cost $500-$1000
- Utilities Setup/Admin Fees: It is recommended to budget at least $1000 for initial connection (electricity, internet, gas, water), utility setup, and council/water rate adjustments at settlement
- Minor Repairs & Immediate Improvements: Think a quick paint job, landscaping, electrical upgrades, appliance replacements, patching up that one peculiar hole in the wall…
- New Home Essentials: Immediate costs for safety and security, such as changing locks, installing new smoke alarms, or buying new keys, can add up to $1000
- The typical cost to furnish a new house is around $16,000, though this varies from $7,000 to over $23,000, depending on quality and quantity.
Pro tip for Brisbane buyers, from me to you: when it comes to furnishing your new home, have a browse on Facebook Marketplace for hidden gems. You’d be surprised with the high-quality, low-cost nature of sales!
6. Bank Valuations
Estimated cost: $0 – $600
Once you’re under contract, your lender will arrange a bank valuation of the property. This process will confirm if the property is worth what you’ve offered—and if the bank is secure against your loan.
Sometimes property valuations are complimentary—an addition to the financial institutions’ home loan or refinancing packages. Sometimes it’s charged.
Either way, what really matters is if the valuation comes in lower than your purchase price. In this case, may need to contribute additional funds to proceed.
For instance, if you agree to purchase for $800,000, but the bank values it at $780,000, the bank will lend against the lower figure—not the contract price.
That $20,000 gap falls on you.
In fast-moving markets—like Brisbane—this risk increases when buyers stretch beyond recent comparable sales or get caught in competitive bidding environments.
This is why evidence-based pricing matters before you sign. Not after.
7. Loan Application & Settlement Fees
Approximate cost: $300 – $1,500
Banks don’t lend money for free, so—naturally—they don’t process loans for free either.
Depending on your lender and loan type, you may encounter:
- Loan application fees: Usually $150-$750, though some lenders charge over $1000 or waive them entirely
- Settlement & documentation fee: $100-$600 for preparing loan contracts
- Title search fees: Just $25-$40
- Ongoing package fees (if applicable)
Some lenders waive these as part of promotional packages. Others build them into annual package costs.
It’s always wise to request a full breakdown of ‘total funds required to complete’ from your broker before you go unconditional, because surprises at settlement are not the kind you want.
7. Body Corporate Records Search in Brisbane
Approximate cost: ~$400
If you’re purchasing a unit, villa or townhouse in Brisbane, a body corporate records search is essential.
Many buyers make the mistake of only checking the quarterly levy amount. But the levy is just the surface, while what really matters is the financial health of the entire building.
In Queensland, a formal body corporate records search is typically arranged by your solicitor during the contract’s conditional period. A specialist strata search company reviews:
- Sinking fund balances
- Financial statements
- AGM and committee meeting minutes
- Insurance coverage
- History of maintenance issues
- Any upcoming special levies
- Ongoing disputes within the complex
This is very different to simply asking a sales agent over the phone for a body corporate disclosure statement. Of course, agents can provide summaries—but a records search reviews the raw, unfiltered documents.
Why does this matter?
Because major works such as roof replacement, lift upgrades, waterproofing defects or concrete repairs can result in special levies of $10,000–$40,000+ per lot.
A building may present beautifully at inspection yet be financially underfunded behind the scenes. You can’t know for sure, until you actually know for sure.
The Costs Don’t Stop at Settlement: Ongoing Ownership Expenses
Upfront costs are only part of the equation.
New homeowners in Brisbane must also budget for ongoing ownership costs, including:
- Council rates
- Home and contents insurance
- Water charges
- Maintenance
- Renovations
A good rule of thumb is to budget 1–2% of the property’s value per year for maintenance and upkeep.
For a $800,000 property, that’s $8,000–$16,000 annually.
Ignoring this can turn a dream purchase into financial strain.
How Much Money Do You Really Need to Buy Property in Brisbane?
For many first home buyers in Brisbane, saving for your deposit is one thing. However, once all upfront and early ownership costs are considered, saving for the total cash required to purchase asks another $20,000–$80,000+ of you.
Buying property in Brisbane is so much more than just qualifying for a loan and going about your business. It’s about understanding the real upfront costs of buying a property, then preparing for them properly.
Confidence comes not from stretching your limits, but from knowing exactly what lies ahead.
At least, that’s what the more savvy buyers say.