Your deposit is not your complete purchase budget

Separate the purchase from the transaction

The deposit contributes to the price, while the transaction brings other costs. Research transfer duty where applicable, conveyancing, inspections, registration and lender charges. Amounts and exemptions depend on the property and jurisdiction.

Think about the first months of ownership

Moving, insurance, rates, utilities and maintenance can arrive soon after settlement. An investment property may also need preparation or time to secure a tenant. Plan for those expenses alongside the purchase.

Keep assistance assumptions conditional

A first home buyer scheme or duty concession may reduce some costs, but eligibility varies. Check official current rules for your state and circumstances before relying on a benefit in your budget.

Make the budget useful

List the expected expense, the source of the estimate and when it becomes payable. Leave room to update uncertain amounts. A budget becomes more helpful when it shows both the purchase and the money remaining afterwards.

Keep a separate buffer in the picture

Separate available savings into purchase funds, transaction costs and money you want to retain after settlement. Savings of $100,000 do not automatically mean a $100,000 deposit is available. The amount you keep for other costs changes the amount you can contribute to the purchase.

Build the estimate for the actual state, property and type of purchase you are considering. Ask about duty, conveyancing, inspections, lender costs, moving and immediate work the property may need. First home assistance should be checked against the current official criteria before it is included in a budget. Keep a record of which figures are confirmed, which are estimates and which still need a professional response.