Savings beyond your deposit
As well as a deposit, you'll need funds to cover other costs associated with buying or building a home. Costs may include loan establishment fees, transfer (stamp) duty, settlement agent fees, shire costs and any moving expenses. Depending on your individual
circumstances, you may need around $5,000 set aside to cover these costs.
If you are building a home, you may be eligible for the First Home Owner Grant. This grant may cover your deposit
and some of these costs.
If you're buying an established home over the value of $430,000, you will pay transfer duty (previously called stamp duty) on the purchase price amount exceeding $430,000. In Western Australia, there is a concession on transfer duty for first home buyers. You
can use the Department of Finance's Transfer Duty calculator to estimate how much funds you'll need to have available to cover the transfer duty you will
need to pay. Read more about first home buyer concession on transfer duty.
Keystart recommends that you seek your own independent financial advice prior to making any decisions about your financial needs.