When buying a house, the person selling the house is the vendor and you are the purchaser.

Before making an offer to buy a house you should:

• speak to a financial institution like a bank to see how much money you are able to borrow;
• find out if there is any government support available especially if you are a first home-buyer;
• think about your future expenses and how much you can save once you own your own home; and
• find out what minimum deposit you need to purchase the property.

It is best to get a good overview of all the expenses prior to making a decision to put an offer in on a house.  There are other expenses that you may need to pay when buying a house, for example:

• Government Stamp Duty or Transfer Duty, which is a tax for buying a house;
• loan application or establishment fees;
• mortgage costs and insurance;
• legal fees for conveyancing;
• building inspection costs;
• moving costs; and
• any repairs or maintenance if the house requires.

There are ongoing expenses associated with owning your own that you should consider, for example:

• strata levy fees (if applicable);
• home and contents insurance;
• home utility costs including water, electricity and gas bills;
• maintenance costs;
• local authority rates.