Remember, it's not just the deposit you need to save for, you'll need to allow for the various administration costs incurred when buying a home.
You'll have to pay stamp duty as well as various fees and insurance.
See our
home buying calculator to find out how much stamp duty and other costs will be in your state or territory.
Here's a guide to the types of professional services and costs you may need to cover. Costs will vary depending on your choice of firm and the state in which you live, so it's a good idea to make some enquiries before you get started.
Solicitor and conveyancing fees
You will need a professional to help you through the legalities of the sale. A conveyancer specializes in the transfer of property, while a solicitor has a broader knowledge of the law. Both are capable of guiding you through the buying process. If the purchase is complex, you may need a solicitor.
Settlement and disbursement fees
These cover the costs your solicitor/conveyancer makes on your behalf such as phone calls, the filing of forms, stamp duty and registration costs, etc.
Building and Pest report
You should get your house professionally checked for structural damage and pests before deciding to buy. You can then decide whether you are prepared to deal with the problems, or you could use the information to negotiate a better price.
Home and contents insurance
See
What about insurance?
