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Buying a home can require substantially more cash than the deposit estimate alone suggests. In a 2024 report, 7NEWS said first-home buyer Kirstie McConnell was initially told to expect a $38,000 deposit for a $365,000 Southport apartment, then faced a $49,000 deposit requirement and a separate $2,000 fee bill. Her account illustrates why buyers should get itemised estimates of both their deposit and other costs before signing a binding contract.
What happened in McConnell’s reported case
According to 7NEWS, McConnell, then 26 and living on the Gold Coast, signed a contract in February 2024 to buy a Southport apartment for $365,000. She told the outlet she had disclosed her $60,000 HECS debt to her broker.
The report says McConnell was first given a $38,000 deposit estimate and later told the deposit requirement was $49,000—an $11,000 difference. She also described receiving a separate $2,000 bill for fees. The report said she had $4,000 less than the deposit amount in the bank, despite having allowed a $10,000 margin in her savings.
7NEWS did not name the broker, and its account does not establish that the broker’s conduct was independently adjudicated. The figures describe McConnell’s reported experience, not a typical cost or a general rule for Australian buyers.
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Why a deposit estimate is not the full cash budget
A deposit is only one part of the money needed to complete a purchase. The Australian Government’s MoneySmart home-loan guidance tells buyers to include upfront costs such as stamp duty and legal fees, as well as ongoing costs including loan repayments, land and water rates, insurance, and repairs. Its credit and debt guidance also flags possible extra expenses such as pest and building inspection reports.
- Upfront costs: stamp duty and conveyancing or solicitor fees, with amounts dependent on the buyer, property and jurisdiction.
- Possible inspection costs: pest and building reports, which MoneySmart describes as optional expenses to plan for.
- Ongoing ownership costs: repayments, rates, insurance and repairs, which continue after settlement.
These costs do not all fall due at the same time, and some depend on circumstances or choices. A generic deposit percentage therefore cannot tell a buyer exactly how much cash to have available before contract, settlement or move-in.
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How HECS debt featured in the reported change
7NEWS reported that McConnell earned $80,000 and had $60,000 in HECS debt. The report described a $250 monthly repayment calculation using a 5% repayment rate for her circumstances, and attributed to UNO Home Loans an estimate that a person with similar income, savings, debt and repayment circumstances might have $28,000–$36,000 less borrowing capacity.
Those are dated case details and a secondary estimate reported by 7NEWS, not current general HELP guidance or a result independently checked here. Debt repayments can affect how much a lender assesses someone as able to borrow; the effect depends on the borrower’s circumstances and the lender’s assessment. Do not use McConnell’s reported figures to predict your own borrowing capacity.
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What to ask for before signing
MoneySmart advises buyers to save enough to cover costs as well as the deposit. Before committing, request written, itemised estimates so you can see what is known, what may change, who charges it and when it is due.
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- Ask for the deposit and loan figures separately. Request the deposit amount, the assumptions behind the loan calculation and an explanation of how declared debts and repayments were treated.
- Request an itemised cash-to-complete estimate. Ask the broker or lender to distinguish the deposit from lender-related charges and any other amounts expected before or at settlement.
- Confirm legal charges with your conveyancer or solicitor. 7NEWS quoted Mary Eskander, identified as Home Loan Experts senior manager of broker sales, saying: “We encourage our clients to consult their conveyancer or solicitor for accurate charges.” Her comment is general guidance, not a finding about McConnell’s unnamed broker.
- Check property and jurisdiction-specific costs. Ask which stamp duty or other charges may apply to your situation, and whether you plan to pay for inspection reports.
- Clarify what remains uncertain and when it is due. Separate fixed amounts from estimates, and identify any costs due before contract, at settlement or after moving in. A buffer can help with unexpected expenses, but no checklist or consultation guarantees a particular final total.
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