Start with cash you can actually use
List the money available for the purchase and keep a separate reserve for everyday emergencies. Avoid counting a proposed gift, sale proceeds or a future bonus until you understand when it will be available. Ask your lender or broker how each contribution affects the application and what evidence is required.
Request figures for the transaction
Ask your conveyancer for an estimate of legal work, searches, government charges and settlement adjustments. Add inspection quotes, moving costs and any buyer-agent fee. Mark every entry as a written quote, calculator estimate or unknown. Requirements differ by location and purchase, so confirm amounts for the actual property rather than copying another buyer’s budget.
Look beyond the first repayment
Create a second worksheet for ownership expenses: insurance, council charges, utilities, maintenance and strata contributions where applicable. Ask which costs arrive annually and which start immediately. Compare the total with your household spending. An affordable deposit does not establish whether the ongoing commitments fit comfortably around your other priorities.
Keep a decision buffer
Before increasing your offer, update both worksheets. A higher price may affect more than the deposit. If a repair or charge is uncertain, investigate it instead of treating it as zero. Agree on a maximum purchase budget with your finance professional and tell your buyer’s agent which reserve must remain available.
Your practical checklist
- ✓Separate purchase cash from emergency savings.
- ✓Obtain current quotes for major expenses.
- ✓Recheck the budget before increasing an offer.
Keep these notes together
| Decision point | What to keep |
|---|---|
| Cash at purchase | Deposit, charges, reports and professional fees |
| After moving | Insurance, recurring bills and immediate repairs |
| Reserved funds | Money deliberately kept outside the purchase |
Frequently asked question
Should I use a single percentage to estimate every buying cost?
A percentage can be an early planning placeholder, but written estimates and property-specific figures are more useful before you commit. Confirm applicable charges and concessions with the relevant professionals.
Sources and further reading
