Buying a home is one of the biggest financial decisions most people make in their lifetime. For many, the focus is on the purchase price and whether the mortgage repayments will be manageable. However, the reality is that purchasing a property—especially in fast-growing suburbs like Craigieburn—comes with a range of hidden costs that can catch buyers off guard.
At Breco Real Estate, we’ve worked with countless homebuyers in Craigieburn and surrounding areas, and one of the most common challenges they face is not factoring in the “extras” beyond the advertised property price. These additional costs can amount to tens of thousands of dollars, affecting both your short-term budget and long-term financial stability.
In this guide, we’ll break down the most important hidden costs of buying a home in Craigieburn, so you can prepare confidently and avoid any unpleasant surprises.
10 Hidden Costs Of Buying A Home In Craigieburn You Should Know
1. Stamp Duty
One of the largest hidden costs is stamp duty, a government tax on property transactions.
- In Victoria, stamp duty varies depending on the value of the property and whether you’re a first-home buyer.
- For a median-priced home in Craigieburn (ranging around $600,000–$700,000 as of 2025), stamp duty can amount to tens of thousands of dollars.
- First-home buyers may qualify for concessions, but eligibility depends on several factors.
Breco Real Estate Tip: Always use the Victorian State Revenue Office’s online calculator before making an offer, so you know exactly how much stamp duty will cost.
2. Legal And Conveyancing Fees
Purchasing property requires legal expertise to handle contracts, title checks, and settlement processes. Conveyancing fees in Craigieburn typically range between $1,000 and $2,500 depending on the complexity of the transaction.
Hiring an experienced conveyancer ensures:
- The property has a clear title.
- There are no outstanding disputes or caveats.
- All legal obligations are fulfilled.
Breco Real Estate strongly recommends not cutting corners here, as mistakes can be far costlier than the fee itself.
3. Building And Pest Inspections
While it’s tempting to skip inspections to save money, this can be risky. Professional building and pest inspections typically cost $400–$800 but can save you thousands later.
In Craigieburn, where both modern developments and older homes coexist, issues like structural damage, termite infestations, or poor-quality renovations are not uncommon. An inspection report gives you peace of mind and bargaining power if issues are uncovered.
4. Loan Application And Lender Fees
Securing a mortgage comes with its own set of costs:
- Loan application fees: $500–$1,000.
- Valuation fees: Often $200–$400, charged by the lender to assess the property’s worth.
- Ongoing fees: Some banks charge annual account-keeping fees.
Breco Real Estate encourages buyers to shop around for mortgage options and work with a broker if needed. Even small variations in fees or interest rates can make a huge difference over 20–30 years.
5. Mortgage Insurance
If your deposit is less than 20%, lenders usually require Lender’s Mortgage Insurance (LMI). This protects the lender, not the buyer, in case you default on your loan.
In Craigieburn’s competitive market, where many first-home buyers enter with smaller deposits, LMI can easily add $10,000–$20,000 to your costs. It’s usually rolled into the mortgage, increasing your repayments.
6. Moving Costs
Moving house is often underestimated. Depending on how much furniture you own and whether you hire professionals, moving within Craigieburn or from other suburbs can cost $1,000–$5,000.
This includes:
- Removalist services.
- Packing materials.
- Temporary storage if settlement dates don’t align.
Breco Real Estate advises buyers to get multiple quotes early to budget realistically.
7. Council Rates And Utility Connections
Once you own a home, you’re responsible for council rates, which in Craigieburn can be anywhere between $1,500–$2,500 annually depending on property size and location.
Other ongoing costs include:
- Water rates.
- Gas and electricity connection fees (about $50–$150 each).
- Internet connection charges.
These small but recurring expenses add up quickly.
8. Home And Contents Insurance
Your lender will usually require home insurance before settlement. For a house in Craigieburn, annual premiums vary widely—generally between $1,000–$2,000, depending on the property’s value and coverage.
It’s also wise to bundle with contents insurance, protecting your possessions against theft, fire, or damage.
9. Body Corporate Fees (If Buying a Unit or Townhouse)
Many new developments in Craigieburn involve units, townhouses, or apartments with shared facilities. These require owners corporation (body corporate) fees, covering maintenance of shared spaces, insurance, and amenities.
These fees can range from a few hundred dollars to several thousand annually, depending on the property type.
10. Maintenance And Repairs
No matter how new your home is, there will always be ongoing maintenance costs—gardening, painting, plumbing, appliance replacements, and more. Industry experts suggest budgeting at least 1–2% of the property’s value annually for upkeep.
For a $650,000 property in Craigieburn, that’s $6,500–$13,000 per year.
Why Planning For Hidden Costs Matters
Failing to prepare for these hidden costs can leave buyers financially stretched or unable to enjoy their new property. By understanding these expenses upfront, you can:
- Make a more accurate budget.
- Avoid last-minute borrowing.
- Enter the Craigieburn property market with confidence.
At Breco Real Estate, our mission is to guide buyers through every step of the process—not just finding the right property but also understanding the real financial commitment involved.
Final Thoughts:
Buying a home in Craigieburn is exciting, but the hidden costs can add up quickly. By planning for expenses like stamp duty, legal fees, insurance, and maintenance, you’ll avoid financial surprises. At Breco Real Estate, we’re here to guide you through every step, ensuring you make confident and informed decisions on your property journey.
FAQ’s
- What is the biggest hidden cost when buying a home in Craigieburn?
Stamp duty is usually the largest hidden cost, especially for non–first-home buyers. - Do first-home buyers in Craigieburn get stamp duty concessions?
Yes, but eligibility depends on the property price and whether it’s your first property purchase in Australia. - How much should I budget for legal and conveyancing fees?
Typically between $1,000–$2,500, depending on the complexity of the transaction. - Are building inspections mandatory in Craigieburn?
Not legally, but highly recommended to avoid costly surprises. - What is Lender’s Mortgage Insurance (LMI)?
It’s an insurance premium charged by lenders if your deposit is under 20%. It protects the bank, not the buyer. - How much are average council rates in Craigieburn?
Usually between $1,500–$2,500 annually, varying by property size and location. - Do I need home insurance before settlement?
Yes, most lenders require home insurance to be in place before settlement day. - How much should I budget for moving costs within Craigieburn?
Around $1,000–$5,000 depending on the size of your move and services used. - What are body corporate fees in Craigieburn?
They apply to apartments and townhouses with shared facilities, ranging from hundreds to thousands annually. - Can Breco Real Estate help me calculate all hidden costs upfront?
Absolutely. At Breco Real Estate, we provide clients with a complete breakdown of potential costs to help them budget accurately.