How much should I save before I start looking at houses?

Short answer: Deposit + $3,000-$4,000 for extra costs + 5-10% buffer.

What this actually means in plain English

Save enough for your target deposit plus extra costs. Extra costs include lawyer fees ($1,500-$2,500), building inspection ($500-$800), LIM report ($300-$400), and moving costs. Add 5-10% buffer. If aiming for a $30,000 deposit, have $35,000-$38,000 saved.

Key Facts

Lawyer fees: $1,500-$2,500
Building inspection: $500-$800
LIM report: $300-$400
Moving and connection costs: $500-$1,000
Buffer for unexpected costs: 5-10%

Example

Deposit: $30,000

Extra Costs: $3,500

Buffer: $3,000 (10%)

Total Recommended: $36,500

Related

Back to Stackhold