Guide · Buying in WA
Budget beyond the property price
Separate your deposit from transaction, lending, property and first-year ownership costs before setting the purchase range.
The purchase price is the largest number, but it is not the full cash requirement. A WA buyer may need funds for the contract deposit, their lender-required contribution, transfer duty where applicable, settlement services, inspections, loan costs and expenses that arrive around ownership.
This guide names the cost categories without publishing scheme thresholds or fixed quotes. Obtain current calculations from RevenueWA, your settlement representative, lender and service providers before committing.
Separate three amounts that are often called the deposit
Savings available, the deposit written into the sale contract and the buyer's equity contribution under a lender calculation are related but not identical. The lender also assesses the property value it accepts, which may differ from the purchase price.
Ask the settlement representative how the contract deposit will be held and credited at settlement. Ask the broker to show the funds-to-complete calculation using the lender's current assumptions.
Check transfer duty and government charges
WA transfer duty can be a significant purchase cost. General, residential, concessional or first-home treatment may apply depending on the transaction and current rules. Registration and search charges may also be included in the settlement calculation.
Use RevenueWA's current information and your settlement representative's calculation. Do not rely on an old online example because rates, thresholds and eligibility can change.
Allow for professional and property checks
A buyer may engage a settlement agent or lawyer and arrange building, timber-pest, strata, survey or other specialist checks depending on the property. Fees and scope vary, and the cheapest inspection is not necessarily the one that addresses the relevant risk.
Contract conditions and inspection deadlines need independent advice. Some costs are payable even if a purchase does not proceed.
Include loan and valuation costs
Potential lending costs include application, valuation, settlement, package or ongoing fees. Lender's mortgage insurance may apply in some higher loan-to-value scenarios and protects the lender, not the borrower. Exact costs depend on the selected lender and application.
Compare the interest rate and comparison rate alongside fees and useful features. Ask which charges are capitalised, paid upfront or recurring.
Expect settlement adjustments and timing differences
The settlement statement can adjust items such as council rates, water service charges, strata levies or rent between buyer and seller. Your settlement representative can explain the actual calculation and when cleared funds are required.
Keep accessible funds for movements between the initial estimate and final statement.
Protect an ownership and moving buffer
Insurance, moving, utility connections, immediate repairs, furnishings and early loan repayments can cluster around settlement. Ongoing rates, strata costs, maintenance and changing repayments then become part of the household budget.
Avoid committing every available dollar to settlement if that would leave the household unable to absorb predictable costs or a modest surprise.
Frequently asked questions
Questions, answered clearly
General answers are a starting point. Your lending options depend on your circumstances.
How much is stamp duty when buying a home in WA?
WA calls it transfer duty. The amount depends on the transaction value, property and any rate, concession or exemption for which the buyer qualifies under current rules. Use RevenueWA's live information and obtain a transaction-specific calculation.
Is the contract deposit my full home-loan deposit?
Not necessarily. The contract deposit is set under the sale agreement, while the lender calculates your required contribution using the accepted property value, approved loan and costs. Your settlement representative and broker can reconcile the two.
What does lender's mortgage insurance cover?
It generally protects the lender against loss, not the borrower. Whether it applies and how it is priced depend on lender policy, loan-to-value ratio and the application.
Can buying costs be added to the home loan?
The approved loan is limited by lender assessment and the accepted property value. Whether your own funds and approved loan cover all costs depends on the scenario. Do not assume every cost can be borrowed or capitalised.
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