Page 10 - Smartline eBook - First home buyer

What other costs are you up for?
When you buy a home you usually have to pay some upfront costs, which you’ll have to meet out of your own pocket. You should budget for these on top of any deposit you put towards the cost of your home.
The biggest of these upfront costs is usually stamp duty, or transfer duty as it’s now known in some states.
The good news is that, as a first home owner you may qualify for a concessional rate or even a stamp duty exemption, depending on where you live and the value of the home you buy.
Here’s a rundown on some of the costs you may need to pay upfront:
Pest and building inspections (before settlement)
If you’re serious about buying, you should always obtain a professional building and pest inspection before exchanging contracts for sale. After all, the $300–$600 you can expect to pay for these is far cheaper than dealing with extensive repairs you weren’t aware of before buying. The report may also give you some leverage when negotiating a purchase price, if significant repairs are required.
10 First home buyer guide