Deposit, Legal Fees and Stamp Duty
With any property purchase the ‘rule of thumb’ is to have a minimum deposit of 10%.
For example to purchase an existing property for $300,000 you will need 5% deposit and 5% to cover stamp duty and other costs. For a First Home Owner the stamp duty is discounted by 50% on properties up to a value of $400,000
If you are building a new house or buying a new property off the plan, still apply the 10% rule. For land and construction costings $400,000, you will need to have savings of approximately $20,000. And of course the $20,000 First Home Owners Grant.
Click here for State Revenue Office Stamp Duty Calculator