STEP 1

Decide you're ready to buy

Why this matters:

This step sets your foundation. Buying too early (or without clarity) can lead to financial stress later.

Things to consider:

• Your savings (e.g. deposit + costs + buffer)
• Job stability and income
• Current debts (credit cards, HECS, car loans)
• How long you intend to stay in the property
• Your borrowing capacity (how much you can borrow)

‍

Common mistake: Focusing only on the deposit and not leaving a buffer for unexpected expenses.

‍

STEP 2

Speak to a Mortgage Broker & Get Pre-Approval

Why this matters:

This determines your real budget and stops you from wasting time looking at properties you can’t afford.

‍What is pre-approval?

‍Pre-approval is when a lender reviews your income, expenses, and debts to estimate how much they may lend you (subject to final approval).

It helps you:

• Understand your realistic price range
• Show agents you’re a serious buyer
• Avoid falling in love with a property you can’t afford

A mortgage broker helps guide you through this process and acts as the middle person between you and the bank.

A good broker will:

• Review your income, expenses, debts, and credit history
• Understand your goals and what you’re looking for
• Compare lenders and loan options
• Explain first home buyer incentives you may be eligible for
• Handle the application and communication with the bar

‍

Hot Tip:
This is usually the point where buyers start to feel more confident, as they finally know their numbers.

‍

STEP 3

Understand First Home Buyer Grants & Concessions

Why this matters:

You may be eligible for schemes that can save you tens of thousands of dollars or reduce your deposit requirements.

Depending on your situation, you may be eligible for:

• First Homeowner Grant(FHOG)
• Stamp duty concessions or exemptions
• First Home Guarantee(buy with as little as 5% deposit without LMI)

Your broker can help confirm:

• Eligibility
• Price caps
• Occupancy requirements
• Timing and application process

‍

Common mistake:
Assuming you qualify for everything—each scheme has strict criteria and limits.

‍

STEP 4

Start Property Research &Inspections

Why this matters:

This is where you shift from planning to action—and where emotional decisions can creep in. Once pre-approved, you can confidently begin looking.

Things to consider when inspecting:

• Location and future growth
• Body corporate (if applicable)
• Noise, orientation, and layout
• Renovation potential vs restrictions
• Comparable sales in the area

At this stage, you may also consider

• Off-market opportunities
• Auctions vs private treaty
• New builds vs established homes

‍

STEP 5

Consider Engaging a Buyer’s Agent (Optional)

Why this matters:

At this stage, you may also consider

They can help reduce stress, save time, and potentially negotiate a better outcome. A buyer’s agent works for you, not the seller.

• Property research and shortlisting
• Negotiating purchase price and terms
• Auction bidding on your behalf
• Access to off-market properties

‍

Hot Tip:
Not essential—but valuable if you’re time-poor or unsure how to negotiate.

‍

STEP 6

Choose a Solicitor or Conveyancer (Before You Buy)

Why this matters:

This is your legal protection—getting this wrong can be costly.

You’ll need a property solicitor or conveyancer to:

• Review contracts before you sign
• Explain your legal obligations in plain English
• Manage settlement
• Handle searches, adjustments, and title transfer

‍

Common mistake:
Signing a contract without having it reviewed first.

‍

STEP 7

Making an Offer or Buying at Auction

Why this matters:

This is where things become legally binding and financially serious.

‍

Private Treaty (Standard Sale)

• You submit an offer (price and conditions)
• Negotiation may occur
• Contract is signed once agreed

Auction

• Contracts are usually unconditional
• No cooling-off period
• Deposit is generally paid on the day

‍

Common conditions include:

• Finance approval
• Building and pest inspection
• Settlement timeframe

Hot tip:
Always have your solicitor review the contract before auction day.

‍

STEP 8

Paying the Initial Deposit

Why this matters:

This is where things become legally binding and financially serious.

How much?

• Typically, 5% of the purchase price
• Example: $600,000 property = $30,000 deposit
• At auction: often 5–10% paid immediately
• Private treaty: usually within 24–48 hours

‍

STEP 9

Cooling-Off Period (Where Applicable)

Why this matters:

This is your short safety window to change your mind.

For private treaty purchases (e.g. ~5business days in QLD):

• You can withdraw from the contract
• A small penalty may apply (e.g. ~0.25%)

Important: Waiving the cooling-off period makes the contract immediately binding.

Common mistake:
Skipping inspections to “win” a property—this can backfire badly.

‍

STEP 10

Building & Pest Inspection

Why this matters:

This protects you from buying a property with hidden (and expensive) problems.

It helps identify:

• Structural defects
• Termites
• Moisture issues
• Safety concerns

This gives you the option to:

• Renegotiate
• Request repairs
• Exit the contract

‍

STEP 11

Formal Finance Approval

Why this matters:

This is when your loan becomes fully approved and unconditional.

After signing a contract, your broker will:

• Submit the signed contract to the lender
• Arrange a property valuation
• Liaise with the bank until approval is confirmed

Hot Tip:
Pre-approval is not a guarantee—formal approval is what matters.

‍

STEP 12

Insurance & Pre-Settlement Preparation

Why this matters:

You’re now preparing for ownership and protecting your asset.

Before settlement:

• Arrange home insurance (often required from contract date)
• Sign final loan documents
• Lender prepares funds
• Solicitor confirms final figures and adjustments

‍

STEP 13

Settlement Day

Why this matters:

This is the finish line—ownership officially transfers to you.

On settlement:

• The remaining funds are paid
• Ownership transfers into your name
• The property is registered to you
• You receive the key
‍