Is A$62,320 enough cash to keep after closing?

L

loft.balanced

First-time buyer
Established
Our 59-day purchase timeline leaves us with about A$62,320 after the deposit and estimated closing costs. That money would cover moving, furniture and anything unexpected during the first year. The detached home appears maintained, but I know the inspection cannot rule out every repair.

The mortgage payment is comfortable on our current budget. Would you proceed with this buffer or delay to save more? What specific expense would change your answer?
 
I would probably proceed, but only after separating the A$62,320 into two pots: genuine emergency money and planned spending. Moving and furniture can quietly consume funds that looked like a safety cushion. Price the move, allow for the first mortgage payment, and identify the insurance excess. Whatever remains untouched after those items is the meaningful figure.
 
That distinction helps. We have been treating the whole A$62,320 as one reserve, which makes it look stronger than it really is. I’ll split out moving costs, the first payment and essential furniture, then wait for the inspection findings before deciding how much must remain untouched. We also need to confirm the payment timing rather than assuming it starts when expected.
 
I would not delay merely because the place will not be fully furnished at once. Furniture is adjustable; a roof, plumbing issue or insurance excess is not. My caveat is that “appears maintained” carries little weight until the inspection arrives. Are any service charges or immediate works already known, and is the A$62,320 figure after insurance as well as closing costs?
 
Make three lists when the inspection arrives: urgent defects, items that can wait, and cosmetic wants. Fund the urgent list plus moving, insurance excess and the first mortgage payment before buying nonessential furniture. If that still leaves an emergency fund you would be comfortable not touching, the buffer sounds workable. If inspection findings absorb most of it, delaying or renegotiating the spending plan becomes more sensible.
 
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