What upfront costs to budget for beyond your deposit in WA

The deposit gets most of the attention when people plan a first home purchase, but it’s rarely the only cash you’ll need on settlement day. Understanding the full picture before you start house hunting means fewer surprises when your broker or conveyancer sends through the final figure.

The main costs beyond your deposit

• Stamp duty (transfer duty). Usually the largest single cost after the deposit, calculated as a percentage of the purchase price. First home buyers may qualify for a concession or exemption up to a certain value.
• Lenders mortgage insurance (LMI). Applies if your deposit is below the threshold most lenders require, typically added to your loan amount rather than paid as cash.
• Legal and conveyancing fees. Covers the professional handling your contract and settlement, generally a flat or near-flat fee regardless of purchase price.
• Building and pest inspections. Worth budgeting for even if not legally required, since they can reveal issues that affect your offer.
• Loan application and valuation fees. Some lenders charge these directly, others build them into the loan.
• Moving costs and initial set-up. Removalists, connections for utilities, and basic furnishing if you’re moving from a smaller or rented place.

A rough way to estimate your number

A commonly used starting point is to budget an amount on top of your deposit that covers stamp duty (or the reduced amount if a concession applies), plus one to two thousand dollars for legal and inspection costs, plus LMI if it applies to your loan. This site’s stamp duty and upfront cost estimator tool gives you a working figure based on your purchase price and buyer type, which is a useful sense check before you start looking seriously.

Where the costs typically land

Cost	Roughly when it’s paid	Can it be reduced?
Stamp duty	At or before settlement	Yes, via first home buyer concessions
LMI	Added to your loan	Yes, with a larger deposit or eligible low deposit scheme
Legal and conveyancing	Progressively through the purchase	Rarely negotiable, but fees vary by provider
Inspections	Before you commit to the purchase	Optional but recommended
Moving costs	Around settlement	Yes, by timing and doing more yourself

Why this trips people up

Recurring feedback from first home buyers who’ve used a broker points to the same pattern: the deposit was planned for well in advance, but the extra costs weren’t, and they came as a late scramble close to settlement. A broker who walks you through the full cost picture early, not just the loan amount, tends to get credited for exactly this kind of clarity in reviews.

For the grants, concessions, and low deposit schemes that can offset part of this bill, see our guide to first home buyer grants and schemes in WA.

Timing your savings around the right number

A common mistake is treating the deposit as the finish line and stopping saving once it’s reached. If stamp duty, LMI, and legal costs land at the same time as settlement, you want that money set aside separately, not assumed to appear from the deposit itself. Some buyers keep a dedicated buffer account for these costs from early in their saving period, which avoids a last-minute scramble to find an extra few thousand dollars once a purchase is under contract.

It also pays to ask early whether any of these costs can be reduced. First home buyer concessions on stamp duty are the biggest lever, but smaller savings, like comparing conveyancing quotes or timing inspections carefully, add up too. None of these require a broker specifically, but a broker who works with first home buyers regularly will usually know which levers are worth chasing for your situation and which aren’t.

Putting it together before you make an offer

Before you put an offer on a property, it’s worth getting a specific figure rather than working off a rough rule of thumb. A broker or conveyancer can give you an estimate based on the actual purchase price, your deposit, and whether you qualify for any concessions. That number, not the advertised price alone, is what tells you whether a property is genuinely within reach.

This is general information, not a substitute for a specific cost breakdown from your broker or conveyancer, since your own figure will depend on the property, the lender, and any concessions you’re eligible for. Browse Perth mortgage brokers who work with first home buyers, and see our scoring methodology for how listings are ranked.