If a house is purchased for $800,000, the buyer doesn’t just need $800,000. They need a "survival fund" for the bits the real estate agent didn't mention.
1. Stamp Duty (The Big One)
In Victoria, this is officially called "Land Transfer Duty." It’s a tax paid for the privilege of owning a piece of the state. For an $800k home, expect to pay around $43k (unless first-home concessions apply).
2. Conveyancing & Inspections
A solicitor or conveyancer ($1k–$2.5k) is needed to ensure the title is clean. Also, spend the $500 on a building and pest inspection. It’s better to find out the "charming rustic beams" are held together by termite spit before signing the contract.
Disclaimer: The information provided in this blog is general in nature and does not constitute personal financial or credit advice. Please contact chawlafinance.com.au so we can discuss your scenario in detail.