The Hidden Costs of Buying a Home in WA

Key takeawaysThe deposit is the start, not the whole cost. Several fees land around settlement.The big three extras are transfer duty, a settlement agent, and inspections.A deposit under 20% usually…

Key takeaways

The deposit is the start, not the whole cost. Several fees land around settlement.
The big three extras are transfer duty, a settlement agent, and inspections.
A deposit under 20% usually means lenders mortgage insurance, unless you use Keystart.
Budget an extra buffer beyond the deposit so settlement does not catch you short.

Most buyers save hard for a deposit, then get surprised by everything else. The costs around a purchase are not hidden by anyone on purpose, but they are easy to miss until they all arrive at once. Here is the full list, so nothing catches you out.

The costs that land around settlement

Cost	Typical range	What it is
Transfer duty	Thousands, on a sliding scale	The WA state tax on the purchase
Settlement agent	$600 to $1,200	Handles the legal transfer
Building and pest inspection	$400 to $800	Checks the home before you commit
Lender and valuation fees	$0 to $1,000	Set up and assess your loan
Lenders mortgage insurance	Varies, can be large	Applies if your deposit is under 20%
Home insurance	From settlement	Cover the home from day one
Rates adjustments	A few hundred	Your share of council and water rates

The ranges are a guide, not a quote. Your figures depend on your price, your lender and the property.

The three that catch people out

Transfer duty

Transfer duty is usually the biggest extra. It is calculated on the purchase price, and first home buyers may pay a reduced rate. We explain it fully in WA stamp duty explained.

Lenders mortgage insurance

If your deposit is under 20% of the price, most lenders charge lenders mortgage insurance. It protects the lender, not you, and it can add thousands. Keystart, the WA government lender, does not charge it, which is why many first home buyers start there.

Inspections

A building and pest inspection is money well spent. It can find a problem that saves you far more than the fee, or give you room to renegotiate before you are locked in.

Smiling couple standing outside brick home entrance — New owners at their front door. The deposit gets you here, but budget for the costs around it.

After you move in

Connection fees for power, water, gas and internet.
Removalists, or a van and a weekend.
The first round of maintenance and any small fixes.

Good to know. A sensible rule is to keep a buffer beyond the deposit for these costs, so settlement week does not leave you stretched.

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