6 ongoing costs associated with owning a home

Understand six ongoing costs of homeownership. Learn what to expect and how you could budget for each cost to keep your home financially manageable.

Whether you’re a first home buyer, or a seasoned property owner, buying a home is one of the biggest purchases you’ll make. Owning a home comes with a range of ongoing costs that you’ll need to budget for – here's six to consider.  

Mortgage repayments

If you have a mortgage on your home, you'll need to make regular mortgage payments. The frequency and cost of your repayments will depend on:

  • Your loan type – fixed or variable
  • Your interest rate
  • Repayment frequency - weekly, fortnightly, or monthly ​

Ongoing home loan fees

Most lenders will include account-keeping fees on your home loan – these can be monthly or annual charges, and are in addition to your mortgage repayments. At Unloan, we believe home loans should be easy to get, and easier to live with – that's why there’s no Unloan fees!

Council rates

Homeowners are required to pay council rates to fund local civic services and infrastructure, such as roads, parks, and public services. Rates are typically based on the property's value and location and vary between councils.

Home and contents insurance

You are required to have insurance coverage for your home and its contents. Lenders may require evidence of insurance before finalising your property purchase.  

Utilities

Unlike renters, homeowners are responsible for all utility costs. Actual costs can vary depending on your usage but can add up quickly. Some Utilities include:

  • Water
  • Electricity
  • Gas
  • Internet

Strata fees

If you own a unit or apartment in a larger building, you may have to pay strata fees. These fees cover the maintenance of common areas, utilities, and structural repairs within the building. Learn more about strata fees here.

It’s important to take these costs into consideration when researching the market and looking to purchase a home. Learn more about upfront costs to consider before buying a home here.

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Calculations are not a loan approval. Applications are subject to credit approval, satisfactory security and minimum deposit requirements. Full terms and conditions will be set out in our loan offer, if an offer is made.

^Rates shown are inclusive of a 0.01% p.a. discount off our reference rate. On each anniversary of your loan’s settlement date, you will receive an additional discount of 0.01% per annum, up to a maximum discount of 0.30% per annum. For purchase loans with a Loan to Value Ratio (LVR) between 80.01% - 90% LVR, a lenders mortgage insurance (LMI) premium and higher interest rate apply. In some cases depending on the property’s location or type, LMI may also be required for LVR between 70.01% and 80%.

*Comparison rate is calculated on a $150,000 secured loan over a 25 year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.