By Thad Austin-Niven, Principal Buyer's Agent, Property Lookout, June 2026
Most people know they need a deposit. Not everyone accounts for everything else. Here is the full picture of what it actually costs to buy a house in Canberra in 2026, so you can plan properly and avoid the sort of last-minute panic that requires a phone call to your parents.
There is a particular kind of stress that comes from getting close to settlement and realising there are costs you had not budgeted for. It happens more often than it should. A conveyancing fee here, a pest inspection there, lenders mortgage insurance because the deposit was not quite where it needed to be. It all adds up, and it adds up fast.
So let me lay it out clearly. Here is what you need, broken into the deposit itself and the upfront buying costs that sit on top.
Quick answer
To buy a house at the Canberra median of around $950,000 in 2026, you need roughly $234,000 in total cash: a $190,000 deposit (20%) plus about $44,000 in buying costs. Buying at $700,000 needs around $170,000 all up, and a $1,300,000 purchase needs around $328,000.
On top of the deposit, budget for conveyance duty, conveyancing and legal fees, building and pest inspection, loan fees, home insurance, moving costs, and a contingency buffer. Eligible first home buyers can buy with a 5% deposit and may save $15,000 to $35,000 through the ACT Home Buyer Concession Scheme.
Start with the purchase price
Everything flows from the purchase price, so let me anchor to something realistic for Canberra. As of mid-2026, the median house price in the ACT sits around $950,000. That is the citywide figure across all suburbs. You can buy cheaper in Tuggeranong or Gungahlin, and you will pay more for inner north or inner south.
For this guide, I will run three scenarios: a $700,000 purchase (outer suburbs, first home buyer territory), a $950,000 purchase (the Canberra median), and a $1,300,000 purchase (established inner suburb).
The deposit: how much is enough?
The standard deposit is 20% of the purchase price. At 20%, you avoid Lenders Mortgage Insurance (LMI) and generally access better interest rates. That said, plenty of people buy with less, particularly first home buyers using government schemes.
20% deposit required by purchase price
$140,000
on a $700k property
$190,000
on a $950k property
$260,000
on a $1.3M property
Based on standard 80% LVR lending. Lenders may have individual requirements. Always confirm with your broker.
What costs sit on top of the deposit?
Here is where people get caught out. The deposit is the big number, but the buying costs that sit on top of it can easily add $30,000 to $60,000 to your total outlay. Let me go through each one.
Stamp duty (conveyance duty)
$0 to $40,000+
In the ACT, stamp duty is called conveyance duty. The amount depends on the purchase price and your buyer status. First home buyers may qualify for a full exemption under the Home Buyer Concession Scheme. Owner-occupiers pay less than investors. Always calculate this before you start bidding.
Conveyancing (legal fees)
$1,500 to $3,500
Your conveyancer or solicitor handles the legal transfer of the property. In Canberra, a standard residential purchase typically costs $1,500 to $3,500 depending on the complexity of the transaction and the firm you use. Do not skimp here. A good conveyancer catches things a cheap one misses.
Building and pest inspection
$500 to $900
In the ACT, the seller arranges the building and pest inspection upfront and provides the report to interested buyers, so you do not pay for reports on properties you miss out on. The cost of the seller's report is passed on to you only on the property you actually buy. It shows up in the contract, and you pay it at settlement. Make sure you actually read it, because structural issues or a termite colony living rent-free in the subfloor are not things you want to discover after settlement.
Lenders mortgage insurance (if applicable)
$8,000 to $30,000+
If your deposit is under 20%, your lender will charge LMI. This protects the lender, not you. The cost scales with your loan size and LVR. On a $950k property with a 10% deposit, LMI can run $15,000 to $25,000. It can be added to the loan, but it adds to your debt from day one.
Loan application and settlement fees
$300 to $800
Most lenders charge an application or establishment fee, plus a settlement fee. These vary by lender and loan product. Your mortgage broker will factor these into the comparison, but budget for them regardless.
Home and contents insurance
$1,500 to $3,000/yr
Your lender will require building insurance from the moment contracts are exchanged. Get quotes early so you are not scrambling in the final week before settlement. In Canberra, $1,500 to $3,000 per year is a reasonable budget for a house, but it varies with rebuild cost and suburb.
Moving costs
$500 to $3,000
Easily forgotten until you are standing in an empty house surrounded by boxes. A local Canberra move typically runs $500 to $1,500 for a removalist. Interstate or larger moves cost more. If you are handy with a ute, factor in the thank-you for friends who helped.
Buyers agent fee (if using one)
1% to 2.5%
A buyers agent fee is an investment, not just a cost. On a $950k property, a buyers agent who negotiates $30,000 off the purchase price, saves you from a costly mistake, or gets you access to an off-market property more than covers their fee. It is worth modelling the value, not just the cost.
The real numbers: three Canberra scenarios
Here is what the total buying cost looks like across three purchase price scenarios. These assume a 20% deposit, an owner-occupier purchase, no LMI, and no first home buyer concessions (I have noted where concessions could apply).
| Cost item | $700k | $950k | $1.3M |
|---|---|---|---|
| 20% deposit | $140,000 | $190,000 | $260,000 |
| Conveyance duty (est.) | $19,000 | $30,000 | $49,000 |
| Conveyancing / legal | $2,000 | $2,500 | $3,000 |
| Building + pest inspection | $650 | $700 | $800 |
| Loan fees | $500 | $600 | $700 |
| Home insurance (first year) | $1,800 | $2,200 | $2,800 |
| Moving costs | $800 | $1,000 | $1,500 |
| Buffer / contingency | $5,000 | $7,000 | $10,000 |
| Total cash required | ~$169,750 | ~$234,000 | ~$327,800 |
Conveyance duty figures are estimates for ACT owner-occupiers, 2025/26, and are indicative only. First home buyers may qualify for full or partial exemption under the Home Buyer Concession Scheme. Always verify current rates with the ACT Revenue Office or your conveyancer.
Where your money goes
The deposit dominates every scenario, but conveyance duty grows as a share of the total as the price climbs. Here is the breakdown of total buying cost for each scenario.
Estimates only. Individual circumstances will vary. Seek professional advice for your specific situation.
What costs do buyers forget to budget for?
Beyond the obvious costs, there are a few that buyers consistently underestimate or miss entirely.
Title and mortgage registration fees
At settlement you pay government registration fees through Access Canberra to register the transfer of title and your mortgage. They are easy to overlook because they sit separately from conveyance duty, but your conveyancer will include them on the settlement statement.
Rates and utilities adjustments at settlement
At settlement, rates and utilities are adjusted between buyer and seller based on the settlement date. If the seller has prepaid rates for the quarter, you will reimburse them for the unused portion. Not a huge amount, but it shows up on the settlement statement and catches people off guard.
Strata levies (units and townhouses)
If you are buying a unit or townhouse, body corporate levies are an ongoing cost. You may also need to factor in any special levies that are already in progress or planned. Check the owners corporation records before you sign.
Immediate maintenance or renovation costs
Unless you are buying new, there is almost always something. A fence that needs replacing, a hot water system at end of life, a kitchen that is technically functional but makes you sad every morning. Budget a contingency for the first 12 months.
How to work backwards from your savings
Rather than picking a price point and hoping your savings stretch, it is smarter to start with what you actually have, subtract the buying costs, and see what deposit you are working with. From there, your broker can tell you your borrowing capacity.
Total your liquid savings
Include savings accounts, term deposits, shares you could liquidate, and any First Home Super Saver Scheme (FHSSS) amounts. Be honest about what is genuinely accessible at settlement.
Subtract your estimated buying costs
Use $25,000 to $40,000 as a rough buffer for buying costs on a typical Canberra purchase. This covers conveyance duty (unless you are eligible for the first home buyer exemption), legal fees, inspections, insurance, and contingency.
Work out your deposit
What is left is your deposit. Divide your remaining savings by 0.20 to see the maximum purchase price where you would avoid LMI. Or divide by 0.10 to see what is possible at a 10% deposit (adding LMI to the loan).
Check your borrowing capacity
A good mortgage broker will run this across multiple lenders in a single conversation. Borrowing capacity depends on income, existing debts, the number of dependants, and the lender's current serviceability assessment rate. Get this number before you fall in love with a property.
The bottom line
Buying a house in Canberra in 2026 requires more cash upfront than most people expect. For a $950k purchase with a 20% deposit, you are realistically looking at around $234,000 all in before the keys hit your hand. That figure drops significantly if you qualify for the ACT's first home buyer duty concession.
The good news? Canberra's fundamentals remain strong. High incomes, low unemployment and consistent long-term capital growth mean the investment you are making is one of the more sensible ones available in Australian property. The trick is getting into the right property at the right price, and not leaving money on the table because you did not have the right people in your corner.
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Thad Austin-Niven is the Principal Buyer's Agent at Property Lookout, a Canberra-based buyers agency helping home buyers and investors purchase property across Australia. This article is general in nature and does not constitute financial, investment or legal advice. Cost estimates are approximate and based on typical Canberra market conditions at the time of writing. Conveyance duty rates, concession eligibility and lending policies change regularly. Always obtain professional advice from a qualified mortgage broker, conveyancer, and financial adviser before making property purchasing decisions.