Free tool
What will a first home actually cost you?
Most calculators show you the mortgage repayment. This one shows you everything: council rates, water, insurance, strata, maintenance, and tax. As a percentage of your take-home pay.
Four steps. Takes about 30 seconds.
First home cost calculator
Four quick steps. See the real monthly cost, not just the mortgage.
About you
Your income determines how much you can borrow and how stretched you'll be.
Take-home: $6,072/mo after tax
Housing % of pay
$4,861/mo of $6,072/mo
Left over
$1,211/mo
How this calculator works
This calculator uses ATO 2025/26 individual tax brackets including the Medicare levy. If you earn over $93,000 and don't have private health insurance, it adds the Medicare Levy Surcharge. If you have a HELP/HECS debt, it deducts the compulsory repayment at your income level.
Stamp duty uses first home buyer rates and exemptions for NSW, VIC, and QLD. Other states use a 4% flat estimate. Lenders mortgage insurance is estimated by LVR band. These are approximations. Your lender and conveyancer will give you exact figures.
For houses, a maintenance budget of 1% of the property value per year is a common rule of thumb used by mortgage brokers. This covers repairs that come up over time: hot water systems, roof work, plumbing, painting. Some years you spend nothing. Other years it all happens at once.
For apartments, strata levies replace the maintenance budget. Strata covers building insurance, common area upkeep, and the sinking fund for major repairs. Levies vary widely depending on the building's age, size, and facilities.
The key number is the percentage of take-home pay that goes to housing. Under 30% is generally considered manageable. Between 30% and 40% is tight but common for first buyers in capital cities. Over 40% means you should consider a lower purchase price, a bigger deposit, or a longer loan term.
Disclaimer
This calculator provides estimates only and is not financial advice. The figures shown are based on publicly available ATO 2025/26 tax rates, approximate stamp duty schedules, and general cost assumptions. Actual costs will vary depending on your lender, insurer, council, and individual circumstances.
Lenders mortgage insurance, stamp duty concessions, and first home owner grants differ by state and may change. Always confirm these figures with your lender, conveyancer, or a licensed mortgage broker before making any financial decisions.
housematch.com.au is not a financial advisor, mortgage broker, or credit provider. If you need financial advice, speak to a qualified professional. See our terms of use for more information.
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