Five upfront costs you need to know before building

Have you found a block of land?

Are you keen to access the new Home Builder Scheme?

Before you commit to anything, make sure you have enough in reserve for the following:

Five upfront costs (on top of your deposit)

1. Loan application fees – These fees can vary depending on your lender and is a one-off payment. Many financial intuitions will waive this fee but do your homework with regards to interest rates and ongoing fees.

2. Lender’s mortgage insurance (LMI) – if you have a deposit of less than 20% you may have to pay LMI. This exists to protect your lender if you can’t pay the loan. You may be eligible for the First Home Loan Deposit Scheme which assists first home buyers with a deposit of as little as 5 % (new places becoming available from 1 July 2020).

3. Legal and conveyancing fees – this is paid to the solicitor or conveyancer who prepares the necessary documents and conducts the settlement process.

4. The ‘extras’ which are often not included in the contract like a letterbox, roller blinds, water tanks and landscaping etc. At Triple Zero Property we guarantee all this is included in a fixed-price contract.

5. Moving costs – this will depend on how good your mates are! Sometimes it is absolutely necessary to hire professional movers.


Saving and pulling together a deposit isn’t easy. Just make sure you have a buffer to cover these extras costs.

Need help?

Buying a home is a complex process, that is why hundreds of families over the past 12 years have used our service. At Triple Zero Property we guide you through the process of buying land and building your home, ensuring you have a quality build within your budget. We offer a free service and would love to chat with you about your goals and how we can assist you.

Want to know how we have helped other first home buyers?First Home Buyer Journey

For more information, such as our first home buyers guide email

Disclaimer: The content of this document is not to be considered specific advice. Your situation is specific and individual; as such, you should always consult a registered and qualified professional within a particular area of advice needed.

First Home Buyer Journey

Claire and Mitch have been together for three years and had been thinking about buying their first home. This was a significant milestone for them as it was not just the financial decision but a significant step in their relationship. The process of saving for a deposit had required thoughtful discussion about how they handled money and what their goals were.

How long does it take to save for a deposit?

According to, it takes 4.6 years for an average first home buyer couple to save for a 20% deposit. However, with first home buyer grants and the latest Home Builder Scheme, these contributions can make a substantial difference to the deposit required.

Is property for me?

For Claire, her parents had always been very property focused and building a house was part of her financial plan. For Mitch, he had moved around a lot and the thought of a mortgage weighed on him. It was Claire’s parents who had already bought an investment home through Triple Zero Property, who suggested the couple use their free service to help them find their perfect property.

Why use a service like Triple Zero Property?

Claire and Mitch booked a one-hour conversation with a TZP mentor to iron out exactly what sort of property they both wanted.  By the end of the consultation, they had finalised where they wanted to live and had decided on the style of home they wanted. They were also introduced to an independent mortgage broker to provide financing options. Building a home has a lot of moving parts, and it was helpful to have an experienced team to help guide them through the decision-making process.

What are the upfront costs?

Mitch was worried that although they had a deposit, would they have enough money for all the upfront costs involved in buying a house? This checklist was covered in their conversation with Triple Zero Property, right down to the inclusion of a letterbox and roller blinds in the contract – even who would be arranging the rubbish bins!

How long does it take to build?

Four months after the initial conversation, their new home was built. The thrill of opening the door for the first time was a momentous occasion! Although Claire and Mitch don’t feel this will be their ‘forever home’, they have a quality build, with a great finish, finished on time, with no “extra costs”….and already growing in value.

Most importantly …  it is theirs.

For more information, such as our first home buyers guide email We can also share with you an independent property research report National Top 10 Best Buys by

Disclaimer: The content of this document is not to be considered specific advice. Your situation is specific and individual; as such, you should always consult a registered and qualified professional within a particular area of advice needed.

Who can access the new Home Builder scheme?

Scott Morrison has just put the finishing touches on the new HomeBuilder stimulus package. The housing project led by Housing Minister Michael Sukkar is focused on larger projects and new homes. This is part of a strategy to stimulate the economy and prop up the building industry as Australia moves out of the Covid-19 shutdown.

It has been revealed that families who have previously owned property can access the grant if they meet the income test and eligibility rules.

Undoubtedly the pandemic has had a significant impact on our current economic position. So far, the Australian property market has proven to be very resilient. For the next two to three years, it is about buying in key areas which are affordable but also looking strong for capital growth.  

Are you First Home Buyer?

With the new HomeBuilder scheme, first home buyers also receive the First Home Buyers Grant, which is an additional $15K from the state government (check each state for details).

With interest rates at historic lows now is a great time to be buying.

Are you thinking of building?

Currently, land availability is short, as developers have been on a go-slow approach in turning over new land due to COVID-19 and lending restriction. The HomeBuilder scheme has a 6 month window from the start of June 2020 to access the grant, so it is essential to start the process now.

Building your own home is a huge step and it is important to get each step right. For the past 12 years, we have been guiding clients through the process, from researching the right location and long after the keys have been handed over. This will save you precious time and money because we bring the very best of the display village to you.

What next?

Whether you want to take action and maximise the opportunities that are presenting themselves due to COVID-19 or just have further questions about the HomeBuilder scheme, the team at Triple Zero Property are here to help.

Call 1300 897 000 or email

HomeBuilder Fact Sheet