What are typical buying costs on a $1M property in Australia?

Stamp duty is the biggest variable. NSW $40,490, VIC $55,000, QLD $26,300 (PPOR home concession) to $38,025 (investor), WA $42,616, SA $48,830, TAS $40,185, NT $49,500, ACT ~$32K. First home buyers in eligible states can knock this to zero up to $700K-$800K thresholds.

Conveyancing/legal fees: $1,500-$2,500 typical for a residential transaction. Online conveyancers ($1K-$1.5K) are cheaper but limited support; full-service solicitors ($2K-$2.5K) handle complications more confidently. Always include in your cash-to-settle budget.

Pre-purchase inspections: $600-$1,000 combined building + pest. Skip-able in theory; rarely worth it given catch-rate on serious issues. Mortgage costs: lender application fees $0-$600 (many waive), property valuation $0-$300 (lender-paid usually).

LMI is the wild card. At 80% LVR ($200K deposit on $1M), zero LMI. At 90% LVR ($100K deposit), roughly $20-25K LMI. At 95% LVR + Home Guarantee Scheme, zero LMI (govt guarantees the gap, FHB-only). Plan total cash-to-settle at 25-30% of purchase price for safety, more if not maxing deposit.