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Calculating the costs of building a home

If you’re building a home, understanding what costs are involved will help you choose a block of land and building design that suits your budget. It will also help you find the right building home loan for your needs.

It’s a good idea to allocate extra budget for unexpected changes, delays and emergencies. Get itemised quotes for all costs and monitor expenses to make sure they stay on track during your project.

Here are some of the key costs you need to consider when building a home:

  • Land costs, including registration, valuations, soil tests and rectifying the slope if required
  • Building costs, including permits and licences, mandatory inspections, demolition, excavation, drainage and earthworks
  • Cost involved in making the property bushfire or flood safe
  • Designer and architect fees. If the plans of your home are owned by the architect or developer, you may also have to pay copyright fees
  • Legal or conveyancing fees, Stamp Duty and other government fees and registrations
  • Mandatory sustainability regulations, such as rainwater tanks
  • Mortgage, building and contents insurance
  • Connection and transfer of utilities such as water, sewage, electricity and broadband internet
  • Ongoing strata fees, rates and taxes
  • Fees associated with your home loan, including loan establishment fees, progressive drawing fees and interest repayments
  • Features of your home including fittings, fixtures, heating, cooling and appliances
  • Finishing touches including painting, furnishes, floor finishes, fencing, landscaping, driveways, moving expenses and window treatments
  • Fees for closing roads or interruptions to traffic during the build
  • There may be additional costs if your land is located in a difficult position, location or regional location
  • Rent if you will need to live somewhere else while your house is being built.

Talk to a Home Lending Specialist

We can tailor a home loan that's right for you, and provide the tools and insights to meet your needs.