As first home buyers, you need to consider a whole range of expenses when buying property which goes beyond the purchase price and the deposit, such as:

• Loan application fees (which can be as much as $1000)
• Valuation fees and lenders legal fees
• Stamp duty (if applicable)
• Mortgage duty (if applicable)
• Legal fees (co-ownership agreement, conveyancing)
• Property Inspections (for example, building, pest, strata and land surveys) 
• Lenders Mortgage Insurance, which is the insurance a bank may require you to take out to cover them in the event that you as the borrower default on your mortgage and the property is sold for a lesser amount that the outstanding liability on the loan. 
• Home Loan account keeping fees