6 ongoing costs associated with owning a home

Understand six ongoing costs of homeownership. Learn what to expect and how you could budget for each cost to keep your home financially manageable.

Updated on 22 Jun 20265 minute read
Table of Contents

Whether you’re a first home buyer, or a seasoned property owner, buying a home is one of the biggest purchases you’ll make. Owning a home comes with a range of ongoing costs that you’ll need to budget for – here's six to consider.

Mortgage repayments

If you have a mortgage on your home, you'll need to make regular mortgage payments. The frequency and cost of your repayments will depend on:

  • Your loan type – fixed or variable
  • Your interest rate
  • Repayment frequency - weekly, fortnightly, or monthly

Ongoing home loan fees

Most lenders will include account-keeping fees on your home loan – these can be monthly or annual charges, and are in addition to your mortgage repayments. At Unloan, we believe home loans should be easy to get, and easier to live with – that's why there’s no Unloan fees!

Council rates

Homeowners are required to pay council rates to fund local civic services and infrastructure, such as roads, parks, and public services. Rates are typically based on the property's value and location and vary between councils.

Home and contents insurance

You are required to have insurance coverage for your home and its contents. Lenders may require evidence of insurance before finalising your property purchase.

Utilities

Unlike renters, homeowners are responsible for all utility costs. Actual costs can vary depending on your usage but can add up quickly. Some Utilities include:

  • Water
  • Electricity
  • Gas
  • Internet

Strata fees

If you own a unit or apartment in a larger building, you may have to pay strata fees. These fees cover the maintenance of common areas, utilities, and structural repairs within the building. Learn more about strata fees here.

It’s important to take these costs into consideration when researching the market and looking to purchase a home. Learn more about upfront costs to consider before buying a home here.

Written by Unloan Team

This article is intended to provide general information only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Please consider seeking financial advice before making any decision based on this information.

Unloan is a division of Commonwealth Bank of Australia.

Applications are subject to credit approval, satisfactory security and you must have a minimum 10% deposit or 10% equity in the property (LVR below 90%). Minimum loan amount $10,000, maximum loan amount $10,000,000, and total borrowings per customer across all Unloan loans is $10,000,000. You cannot borrow more than $2,000,000 of above 80% LVR loans. In some cases depending on the property’s location or type, we may only be able to lend you up to 70%.

Unloan offers a 0.01% per annum loyalty discount on the Unloan Live-In rate or Unloan Invest rate upon settlement. On each anniversary of your loan’s settlement date (or the day prior to the anniversary of your loan’s settlement date if your loan settled on 29th February and it is a leap year) the margin discount will increase by a further 0.01% per annum up to a maximum discount of 0.30% per annum. Unloan may withdraw this discount at any time. The discount is applied for each loan you have with Unloan. The loyalty discount is applied to your variable rate at the relevant time, and this rate may increase or decrease over your loan term. For more information view our rates and features.

*At Unloan, we do not charge any annual, application, banking, account, transaction, late or exit fees. Government fees may also apply. Learn more about government fees here. Your current lender may charge an exit fee when refinancing.

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