What does an investment property actually cost to hold?

• Stamp duty mindset. It's paid once, but it's real money out of your buffer on day one. Treat it as part of the entry price, not an afterthought.
• Lenders mortgage insurance. If your deposit is under 20%, budget for a premium that can run into tens of thousands.
• Property management. Typically a percentage of rent, plus letting fees and administration charges. Read the agreement, not just the headline rate.
• Vacancy buffer. Two to four weeks a year is a sensible planning assumption. The mortgage doesn't pause between tenants.
• Maintenance and repairs. Hot water systems, fences, appliances. Set money aside every month rather than reacting to invoices.
• Landlord insurance. Separate from building cover, and worth having.
• Strata levies. Apartments and townhouses carry quarterly levies, plus occasional special levies for bigger works.
• Land tax awareness. Thresholds and rates differ by state and are based on land value. Check your state revenue office.

A property that looks affordable at purchase can quietly drain a household budget for years. The number that decides whether you sleep well isn't the price — it's what the property costs you each week once rent, costs and repayments are all in.

Work out the shortfall you can genuinely carry through a rate rise and a vacancy at the same time. If that figure is small, that's useful information, not a failure.

Next: estimate your usable equity or read the first investment property guide.