Other than your 10 per cent deposit, there are a range of other costs you’ll need to have in mind when taking out a home loan. These extra costs will include:

  • Stamp duty (otherwise known as land transfer duty);
  • Legal fees (when preparing the contract for the sale of land);
  • Moving expenses (to help move all the furniture you plan to have in your new property);
  • Building and pest inspection/extermination (to get out all the roaches and rats before you move in);
  • Mortgage insurance;
  • Council rates; and
  • More.

Purchasing property, as you’ll soon realise, isn’t cheap. That’s why having a robust savings strategy is so important prior to buying your first house or an apartment.