{"id":704,"date":"2026-04-07T04:28:27","date_gmt":"2026-04-07T04:28:27","guid":{"rendered":"https:\/\/checkthisproperty.com.au\/news\/?p=704"},"modified":"2026-04-19T04:52:55","modified_gmt":"2026-04-19T04:52:55","slug":"unexpected-property-costs-first-time-home-buyers-must-know-in-nsw","status":"publish","type":"post","link":"https:\/\/checkthisproperty.com.au\/news\/unexpected-property-costs-first-time-home-buyers-must-know-in-nsw\/","title":{"rendered":"Unexpected Property Costs First-Time Home Buyers Must Know in NSW"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"704\" class=\"elementor elementor-704\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-42fa2c2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"42fa2c2\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div 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2026<\/time>\t\t\t\t\t<\/span>\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t<\/li>\r\n\t\t\t\t<\/ul>\r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b7b27fc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b7b27fc\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-95b5f9a\" data-id=\"95b5f9a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a040b3b elementor-widget elementor-widget-theme-post-featured-image elementor-widget-image\" data-id=\"a040b3b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-featured-image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1256\" height=\"650\" src=\"https:\/\/checkthisproperty.com.au\/news\/wp-content\/uploads\/2026\/04\/19-Unexpected-Property-Costs-First-Time-Home-Buyers-Must-Know-in-NSW.jpg\" class=\"attachment-full size-full wp-image-691\" alt=\"unexpected property costs\" srcset=\"https:\/\/checkthisproperty.com.au\/news\/wp-content\/uploads\/2026\/04\/19-Unexpected-Property-Costs-First-Time-Home-Buyers-Must-Know-in-NSW.jpg 1256w, https:\/\/checkthisproperty.com.au\/news\/wp-content\/uploads\/2026\/04\/19-Unexpected-Property-Costs-First-Time-Home-Buyers-Must-Know-in-NSW-300x155.jpg 300w, https:\/\/checkthisproperty.com.au\/news\/wp-content\/uploads\/2026\/04\/19-Unexpected-Property-Costs-First-Time-Home-Buyers-Must-Know-in-NSW-1024x530.jpg 1024w, https:\/\/checkthisproperty.com.au\/news\/wp-content\/uploads\/2026\/04\/19-Unexpected-Property-Costs-First-Time-Home-Buyers-Must-Know-in-NSW-768x397.jpg 768w\" sizes=\"(max-width: 1256px) 100vw, 1256px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a5b679 elementor-widget elementor-widget-text-editor\" data-id=\"8a5b679\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Most first-timers spend months saving their deposit. They track the purchase price carefully. What they do not track until it is too late are the unexpected property costs that sit on top of every home purchase in NSW.<\/span><\/p><p><span style=\"font-weight: 400;\">These do not show up in the listing. They are not on the price tag. But they are real, they hit at settlement and beyond, and they can blow out a budget by $20,000 or more. Knowing what they are before you sign is the difference between a smooth purchase and a nasty surprise.<\/span><\/p><p><span style=\"font-weight: 400;\">We have covered the broader picture in<\/span><a href=\"https:\/\/checkthisproperty.com.au\/news\/hidden-costs-of-buying-a-home-in-australia-explained\/\"> <span style=\"font-weight: 400;\">hidden costs of buying a home in Australia explained<\/span><\/a><span style=\"font-weight: 400;\">. This blog focuses specifically on what trips up first-home buyers in NSW (including the property-specific costs that no agent will mention.)<\/span><\/p><p><b>Quick Answer:<\/b><span style=\"font-weight: 400;\"> Unexpected property costs for first-home buyers in NSW typically include stamp duty (where applicable), Lenders Mortgage Insurance, conveyancing fees, building and pest inspections, strata levies, council rate adjustments, and post-settlement repairs. On top of the purchase price, these costs commonly total $20,000\u2013$50,000 or more depending on the property and your deposit size.<\/span><\/p><p><b>Key costs to know before you buy:<\/b><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stamp duty &#8211; $0 if eligible under FHBAS (properties up to $800,000)<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lenders Mortgage Insurance &#8211; $8,000 to $30,000+ if your deposit is under 20%<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Conveyancing and legal fees &#8211; $1,500 to $3,500<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Building and pest inspection &#8211; $400 to $800<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Strata levies (apartments) &#8211; $1,000 to $5,000+ per quarter<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Post-settlement repairs &#8211; $3,000 to $20,000+ for established homes<\/span><\/li><\/ul><h2><b>The Full List: Unexpected Property Costs in NSW<\/b><\/h2><p><span style=\"font-weight: 400;\">Here is what first-home buyers in NSW actually face above the purchase price.<\/span><\/p><table><tbody><tr><td><b>Cost<\/b><\/td><td><b>Typical Range<\/b><\/td><td><b>What to Know<\/b><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Stamp duty (transfer duty)<\/span><\/td><td><span style=\"font-weight: 400;\">$0 \u2013 $40,000+<\/span><\/td><td><span style=\"font-weight: 400;\">Full exemption up to $800,000 via FHBAS for eligible buyers<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Lenders Mortgage Insurance (LMI)<\/span><\/td><td><span style=\"font-weight: 400;\">$8,000 \u2013 $30,000+<\/span><\/td><td><span style=\"font-weight: 400;\">Triggered when deposit is under 20%; avoidable via First Home Guarantee<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Conveyancing and legal fees<\/span><\/td><td><span style=\"font-weight: 400;\">$1,500 \u2013 $3,500<\/span><\/td><td><span style=\"font-weight: 400;\">Non-negotiable &#8211; do not skip a conveyancer<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Building and pest inspection<\/span><\/td><td><span style=\"font-weight: 400;\">$400 \u2013 $800<\/span><\/td><td><span style=\"font-weight: 400;\">Not compulsory but essential on any established home<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Loan establishment fees<\/span><\/td><td><span style=\"font-weight: 400;\">$300 \u2013 $600<\/span><\/td><td><span style=\"font-weight: 400;\">Varies by lender; often waived on competitive products<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Title insurance<\/span><\/td><td><span style=\"font-weight: 400;\">$200 \u2013 $400<\/span><\/td><td><span style=\"font-weight: 400;\">One-off; covers undisclosed encumbrances on the title<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Moving costs<\/span><\/td><td><span style=\"font-weight: 400;\">$800 \u2013 $3,000<\/span><\/td><td><span style=\"font-weight: 400;\">Almost always underestimated<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Council rates (pro-rata at settlement)<\/span><\/td><td><span style=\"font-weight: 400;\">$500 \u2013 $2,000<\/span><\/td><td><span style=\"font-weight: 400;\">Adjusted at settlement; then yours in full<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Utility connection fees<\/span><\/td><td><span style=\"font-weight: 400;\">$200 \u2013 $500<\/span><\/td><td><span style=\"font-weight: 400;\">Gas, electricity, internet setup<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Strata levies (apartments only)<\/span><\/td><td><span style=\"font-weight: 400;\">$1,000 \u2013 $5,000+ per quarter<\/span><\/td><td><span style=\"font-weight: 400;\">Check the sinking fund balance &#8211; deferred works mean future special levies<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Immediate repairs and maintenance<\/span><\/td><td><span style=\"font-weight: 400;\">$2,000 \u2013 $20,000+<\/span><\/td><td><span style=\"font-weight: 400;\">Highly variable; older homes need more<\/span><\/td><\/tr><\/tbody><\/table><p><i><span style=\"font-weight: 400;\">Mid-range estimates across this table put the total well above $20,000 before property-specific issues are factored in. For a property over 20 years old with a small deposit, $40,000\u2013$50,000 above the price tag is realistic.<\/span><\/i><\/p><p><span style=\"font-weight: 400;\">For a line-by-line walkthrough of every purchase expense,<\/span><a href=\"https:\/\/checkthisproperty.com.au\/news\/expenses-in-buying-a-house-the-complete-cost-guide\/\"> <span style=\"font-weight: 400;\">expenses in buying a house: the complete cost guide<\/span><\/a><span style=\"font-weight: 400;\"> is the most detailed resource on the CTP blog.<\/span><\/p><h2><b>Stamp Duty, LMI and the Government Schemes That Can Help<\/b><\/h2><p><span style=\"font-weight: 400;\">These two costs, stamp duty and Lenders Mortgage Insurance are where first-home buyers lose the most money. They are also where government schemes can save tens of thousands.<\/span><\/p><h3><b>Stamp Duty<\/b><\/h3><p><span style=\"font-weight: 400;\">Transfer duty is still widely called stamp duty. For most buyers it is one of the largest upfront costs. For eligible first-home buyers in NSW, it can be zero.<\/span><\/p><p><span style=\"font-weight: 400;\">Under the<\/span><a href=\"https:\/\/www.revenue.nsw.gov.au\/grants-schemes\/assistance-scheme\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">First Home Buyers Assistance Scheme (FHBAS)<\/span><\/a><span style=\"font-weight: 400;\">, managed by Revenue NSW, no transfer duty applies on properties valued up to $800,000. A concessional (sliding scale) rate applies between $800,001 and $1,000,000. On a $750,000 home, that exemption saves around $28,000.<\/span><\/p><p><span style=\"font-weight: 400;\">Conditions apply: You must be buying your first home in Australia. You must move in within 12 months of settlement and live there continuously for at least 12 months. If your partner has ever owned property anywhere in Australia, you may not qualify (even if they are not on the title.) Revenue NSW runs checks.<\/span><\/p><p><span style=\"font-weight: 400;\">There is also a $10,000 First Home Owner Grant (FHOG) for brand-new homes valued under $600,000. The property must never have been lived in previously.<\/span><\/p><p><span style=\"font-weight: 400;\">NSW first-home buyers can also choose an annual property tax instead of upfront stamp duty on properties up to $1.5 million. The rate is $400 plus 0.3 per cent of land value per year for owner-occupiers. It tends to suit buyers who plan to sell within seven to ten years &#8211; beyond that, the cumulative payments can exceed the stamp duty you would have paid upfront.<\/span><\/p><table><tbody><tr><td><b>Scheme<\/b><\/td><td><b>What You Get<\/b><\/td><td><b>Property Cap<\/b><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">FHBAS &#8211; full exemption<\/span><\/td><td><span style=\"font-weight: 400;\">Zero transfer duty<\/span><\/td><td><span style=\"font-weight: 400;\">Up to $800,000<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">FHBAS &#8211; concessional rate<\/span><\/td><td><span style=\"font-weight: 400;\">Reduced transfer duty<\/span><\/td><td><span style=\"font-weight: 400;\">$800,001 \u2013 $1,000,000<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">First Home Owner Grant<\/span><\/td><td><span style=\"font-weight: 400;\">$10,000 cash payment<\/span><\/td><td><span style=\"font-weight: 400;\">New homes up to $600,000<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">First Home Guarantee<\/span><\/td><td><span style=\"font-weight: 400;\">5% deposit, no LMI<\/span><\/td><td><span style=\"font-weight: 400;\">Subject to location price caps<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Annual property tax option<\/span><\/td><td><span style=\"font-weight: 400;\">No upfront stamp duty<\/span><\/td><td><span style=\"font-weight: 400;\">Properties up to $1.5 million<\/span><\/td><\/tr><\/tbody><\/table><p><i><span style=\"font-weight: 400;\">Combine the FHBAS with the First Home Guarantee on an eligible purchase and you can save more than $40,000 in upfront costs.<\/span><\/i><\/p><p><span style=\"font-weight: 400;\">The<\/span><a href=\"https:\/\/checkthisproperty.com.au\/news\/first-home-buyer-assistance-in-nsw\/\"> <span style=\"font-weight: 400;\">first home buyer assistance in NSW guide<\/span><\/a><span style=\"font-weight: 400;\"> covers every current scheme in full.<\/span><\/p><h3><b>Lenders Mortgage Insurance<\/b><\/h3><p><span style=\"font-weight: 400;\">LMI is widely known. What first-timers often miss is what it actually covers &#8211; and how expensive it gets.<\/span><\/p><p><span style=\"font-weight: 400;\">You pay LMI. But it protects the lender, not you. If you borrow more than 80 per cent of a property&#8217;s value and later default, the LMI insurer pays the bank. You are still fully liable. The insurer can pursue you to recover what it paid out.<\/span><\/p><p><span style=\"font-weight: 400;\">On a $700,000 property with a 10 per cent deposit, LMI runs to around $16,000. With a 5 per cent deposit, the figure climbs well above $20,000. It can be rolled into the loan &#8211; but then you are paying interest on it for 30 years.<\/span><\/p><p><span style=\"font-weight: 400;\">The three ways to avoid it: save a 20 per cent deposit, use a guarantor, or qualify for the federal First Home Guarantee. The First Home Guarantee lets eligible first-home buyers purchase with a 5 per cent deposit and no LMI, with Housing Australia guaranteeing 15 per cent of the loan. Check eligibility early &#8211; price caps apply by location.<\/span><\/p><h2><b>Property-Specific Costs: The Ones Agents Do Not Mention<\/b><\/h2><p><span style=\"font-weight: 400;\">The costs above are process costs. Every buyer faces them. The ones below are property-specific &#8211; and they are the ones most likely to catch a first-home buyer off guard.<\/span><\/p><h3><b>Building and Pest Inspections<\/b><\/h3><p><span style=\"font-weight: 400;\">Not compulsory in NSW. Still essential.<\/span><\/p><p><span style=\"font-weight: 400;\">A structural defect, termite activity, rising damp, or a failing roof found after you take ownership is entirely your problem. These issues can cost $20,000\u2013$80,000 to fix. A building and pest inspection before exchange costs $400\u2013$800. That is one of the better value trades in property.<\/span><\/p><p><span style=\"font-weight: 400;\">Do not skip it on an established home to save money.\u00a0<\/span><\/p><h3><b>Strata Levies and the Sinking Fund<\/b><\/h3><p><span style=\"font-weight: 400;\">If you are buying an apartment, check the strata records before you make an offer. Every strata building has an owners corporation that manages common areas, insurance, and maintenance. You fund it through quarterly levies.<\/span><\/p><p><span style=\"font-weight: 400;\">The levy amount matters. So does the sinking fund balance. If a building has deferred major works &#8211; a new lift, rooftop waterproofing, facade repairs, fire compliance upgrades &#8211; a special levy can land in your lap months after you settle. Special levies on older Sydney apartment buildings can run into the tens of thousands.<\/span><\/p><p><span style=\"font-weight: 400;\">Ask for the strata report. Read it.<\/span><\/p><h3><b>Zoning, Overlays and Planning Restrictions<\/b><\/h3><p><span style=\"font-weight: 400;\">This is the category that surprises buyers most &#8211; because it is invisible until you look.<\/span><\/p><p><span style=\"font-weight: 400;\">A property&#8217;s zoning affects what can be built on it, what can be built around it, and what you can do with it. A block zoned R4 High Density may have a DA-approved six-storey development going up next door. A bushfire overlay pushes up insurance premiums and restricts construction. A heritage listing means any renovation needs council approval. A flood overlay can affect your ability to finance the property at all.<\/span><\/p><p><span style=\"font-weight: 400;\">Agents are not required to disclose most of this. It sits in the planning system, not the sales contract.<\/span><\/p><p><span style=\"font-weight: 400;\">Running a<\/span><a href=\"https:\/\/checkthisproperty.com.au\/reports\"> <span style=\"font-weight: 400;\">Check This Property zoning report<\/span><\/a><span style=\"font-weight: 400;\"> before you make an offer surfaces this clearly. You get the zoning classification, any registered overlays, bushfire and flood data, and planning controls &#8211; all in one place. It takes less time than a building inspection and can change your decision entirely.<\/span><\/p><p><span style=\"font-weight: 400;\">For more on what zoning actually means for buyers,<\/span><a href=\"https:\/\/checkthisproperty.com.au\/news\/nsw-property-zoning-explained\/\"> <span style=\"font-weight: 400;\">NSW property zoning explained<\/span><\/a><span style=\"font-weight: 400;\"> is a good read before you start inspecting.<\/span><\/p><p><span style=\"font-weight: 400;\">The<\/span><a href=\"https:\/\/checkthisproperty.com.au\/news\/nsw-zoning-changes-2025-26\/\"> <span style=\"font-weight: 400;\">NSW zoning changes 2025\u201326 update<\/span><\/a><span style=\"font-weight: 400;\"> is also worth checking &#8211; NSW planning rules have shifted significantly in the past two years, and some of those changes directly affect what first-home buyers can expect around a property they are considering.<\/span><\/p><h2><b>Post-Settlement Costs and Infrastructure You Need to Know About<\/b><\/h2><p><span style=\"font-weight: 400;\">Costs do not stop at settlement. Several ongoing and near-term expenses kick in from day one.<\/span><\/p><p><b>Council rates<\/b><span style=\"font-weight: 400;\"> are adjusted pro-rata at settlement, then yours in full. Annual rates vary significantly across NSW. Inner-Sydney councils can charge over $2,000 per year. Outer Western Sydney and regional councils tend to be lower &#8211; but check the figure for the specific council area before you buy.<\/span><\/p><p><b>Home insurance<\/b><span style=\"font-weight: 400;\"> is required by your lender. What many first-timers underestimate is the premium. Properties in bushfire-prone areas, flood zones, or coastal locations attract significantly higher premiums than the NSW average. A home in a<\/span><a href=\"https:\/\/checkthisproperty.com.au\/news\/nsw-bushfire-zoning-the-risk-that-could-cost-you-everything\/\"> <span style=\"font-weight: 400;\">NSW bushfire zone<\/span><\/a><span style=\"font-weight: 400;\"> can cost several thousand more per year to insure. Get a quote before you exchange, not after.<\/span><\/p><p><b>Immediate repairs<\/b><span style=\"font-weight: 400;\"> are common in established properties. Even a well-presented home tends to have a maintenance list once you are in &#8211; a hot water system that is past its age, a bathroom that needs resealing, electrical work that does not meet current standards. Budget at least $3,000\u2013$5,000 in the first year for a home over 20 years old.<\/span><\/p><p><b>Infrastructure near the property<\/b><span style=\"font-weight: 400;\"> affects ongoing costs too, in ways that are easy to overlook. Properties near the Western Sydney Airport flight path may face noise overlays affecting insurance and resale. The<\/span><a href=\"https:\/\/checkthisproperty.com.au\/news\/western-sydney-airport-opening-in-2026-nsw-report\/\"> <span style=\"font-weight: 400;\">Western Sydney Airport opening in 2026<\/span><\/a><span style=\"font-weight: 400;\"> is the biggest infrastructure shift Western Sydney has seen in a generation. Nearby the<\/span><a href=\"https:\/\/checkthisproperty.com.au\/news\/parramatt-light-rail-stage-2\/\"> <span style=\"font-weight: 400;\">Parramatta Light Rail Stage 2<\/span><\/a><span style=\"font-weight: 400;\"> corridor, buyers should factor in construction disruption now and potential price uplift later. These are not direct purchase costs &#8211; but they shape what you pay to own a property long term.<\/span><\/p><p><span style=\"font-weight: 400;\">For a full picture of how to structure your financing around all of this, the<\/span><a href=\"https:\/\/checkthisproperty.com.au\/news\/guide-to-financing-your-nsw-home-loan-in-2026\/\"> <span style=\"font-weight: 400;\">guide to financing your NSW home loan in 2026<\/span><\/a><span style=\"font-weight: 400;\"> is worth reading alongside this one.<\/span><\/p><h2><b>Frequently Asked Questions<\/b><\/h2><p><b>What are the most common unexpected property costs for first-home buyers in NSW?<\/b><span style=\"font-weight: 400;\"> The biggest surprises are Lenders Mortgage Insurance (if your deposit is under 20 per cent), strata levies on apartments, building and pest inspection fees, council rate adjustments at settlement, and post-settlement repairs. Together these can add $20,000 or more above the purchase price.<\/span><\/p><p><b>Do first-home buyers in NSW have to pay stamp duty?<\/b><span style=\"font-weight: 400;\"> Not always. Under the First Home Buyers Assistance Scheme, eligible first-home buyers pay zero transfer duty on properties up to $800,000. A concessional rate applies between $800,001 and $1,000,000. Eligibility conditions are managed by Revenue NSW.<\/span><\/p><p><b>What is LMI and how can first-home buyers avoid it?<\/b><span style=\"font-weight: 400;\"> Lenders Mortgage Insurance is a premium you pay to protect the lender when your deposit is under 20 per cent. You can avoid it by saving a 20 per cent deposit, using a guarantor, or qualifying for the First Home Guarantee &#8211; which allows a 5 per cent deposit with no LMI.<\/span><\/p><p><b>How much should I budget above the purchase price?<\/b><span style=\"font-weight: 400;\"> Budget at least 5 per cent of the purchase price for upfront costs &#8211; legal fees, inspections, and any applicable stamp duty. For established properties needing maintenance, budget more. First-home buyers using government schemes can cut some of these costs significantly.<\/span><\/p><p><b>Why should I run a property report before buying?<\/b><span style=\"font-weight: 400;\"> A Check This Property report surfaces zoning, overlays, bushfire and flood risk, heritage listings, and planning controls. These affect what you can do with the property, what you pay to insure it, and what restrictions apply to any future work.<\/span><\/p><p><b>What is the NSW property tax option for first-home buyers?<\/b><span style=\"font-weight: 400;\"> Eligible first-home buyers can pay an annual property tax of $400 plus 0.3 per cent of land value instead of upfront stamp duty. Available on properties up to $1.5 million. It generally suits buyers who plan to sell within seven to ten years.<\/span><\/p><h2><b>The Bottom Line<\/b><\/h2><p><span style=\"font-weight: 400;\">The price on the listing is not the full cost of buying a home in NSW. Unexpected property costs &#8211; from LMI and stamp duty to strata levies, building issues, and planning restrictions &#8211; can add tens of thousands above the purchase price. The ones tied to the property itself are the hardest to see coming.<\/span><\/p><p><span style=\"font-weight: 400;\">Do your homework before exchange. Get a building inspection. Check the strata records on apartments. Run a property report on the zoning and overlays. Know your eligibility for schemes that can save you real money.<\/span><\/p><p><span style=\"font-weight: 400;\">And read<\/span><a href=\"https:\/\/checkthisproperty.com.au\/news\/top-5-hidden-costs-when-buying-property-in-nsw\/\"> <span style=\"font-weight: 400;\">top 5 hidden costs when buying property in NSW<\/span><\/a><span style=\"font-weight: 400;\"> for a focused list of the most common traps.<\/span><\/p><p><span style=\"font-weight: 400;\">Protect your investment with a Check This Property report. <\/span><a href=\"https:\/\/checkthisproperty.com.au\/reports\"><span style=\"font-weight: 400;\">Reveal property risks<\/span><\/a><span style=\"font-weight: 400;\"> before you sign &#8211; because finding out after settlement always costs more.<\/span><\/p><p><i><span style=\"font-weight: 400;\">Sources: Revenue NSW (revenue.nsw.gov.au), Housing Australia (housingaustralia.gov.au), Canstar LMI data, Westpac LMI Calculator.<\/span><\/i><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Most first-timers spend months saving their deposit. They track the purchase price carefully. What they do not track until it is too late are the unexpected property costs that sit on top of every home purchase in NSW. These do not show up in the listing. They are not on the price tag. But they [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":691,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/checkthisproperty.com.au\/news\/wp-json\/wp\/v2\/posts\/704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/checkthisproperty.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/checkthisproperty.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/checkthisproperty.com.au\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/checkthisproperty.com.au\/news\/wp-json\/wp\/v2\/comments?post=704"}],"version-history":[{"count":7,"href":"https:\/\/checkthisproperty.com.au\/news\/wp-json\/wp\/v2\/posts\/704\/revisions"}],"predecessor-version":[{"id":725,"href":"https:\/\/checkthisproperty.com.au\/news\/wp-json\/wp\/v2\/posts\/704\/revisions\/725"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/checkthisproperty.com.au\/news\/wp-json\/wp\/v2\/media\/691"}],"wp:attachment":[{"href":"https:\/\/checkthisproperty.com.au\/news\/wp-json\/wp\/v2\/media?parent=704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/checkthisproperty.com.au\/news\/wp-json\/wp\/v2\/categories?post=704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/checkthisproperty.com.au\/news\/wp-json\/wp\/v2\/tags?post=704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}