Home > Homebuyers information > Buying your home > Costs to getting started
Costs to getting started
All you need to know about
buying a home
Deposit
Deposit costs depend on where you buy, what sort of loan you’re getting, and if you’re buying an established home or building your own.
At HomeStart, we lend up to 97% of the property’s value or purchase price, whichever is less. That means you need a deposit of:
Saving for a deposit
For tips on how to save for a deposit and other financial goals, visit our free money management program StartDreams.
Fees and charges
Fees and charges for setting up your loan include stamp duty, loan application and administration fees – see our loan calculator for more details.
Other financial institutions may require you to purchase Lenders Mortgage Insurance (LMI) to ensure them against default or non-payment under a mortgage finance arrangement. Our customers pay a Loan Provision Charge instead, which is much less than LMI for most borrowers.
Conveyancer costs
Conveyancers are experts who help with the sale of the property. You will need to pay a conveyancer or solicitor to assist with the legal aspects of buying a home. Fees vary according to the services provided and how complex the sale is.
Building and pest inspections
A professional inspection will give you an idea of any structural damage or pests before you buy. Building inspections and pest inspections are usually separate reports. Inspection costs vary. Yellow pages is a good starting point to find inspectors in your area.
Insurance
Building (home) insurance offers cover if your house is damaged. You must have building insurance on the home you buy when you take out a home loan with us, and HomeStart must be noted on your policy. You may also want to take out contents insurance to cover what’s inside your home.
Find out more about the costs to getting started by attending a free homebuyers seminar
