Steps to Buying

1. Get a pre-approval through a Mortgage broker or a bank

Before you start looking, speak with a bank or mortgage broker to find out how much you can borrow. This helps you set a realistic price range and estimate repayments. They will also help you understand how much you will need to pay in extra costs such as:

• Loan application fees
• Loan mortgage insurance
• Stamp duty
• Legal fees

Find a solicitor or conveyancer

One of the most important steps in buying a property is choosing a conveyancer or solicitor who specialises in property law. A good conveyancer will carefully review the contract, explain any risks in clear language, negotiate conditions to protect you, and ensure all legal requirements are met before you commit. If you are purchasing a strata property, they should also be experienced in strata law so they can identify potential hidden costs, building issues, and by-law restrictions that may affect your lifestyle or future resale value.

Choose a location and start searching

Obtain a strata or building inspection report

Make an offer

Finalise your loan

Settlement

When choosing a location, it’s important to think beyond your current needs and consider your future plans as well. Consider whether you may want to start or grow a family, the availability and quality of local schools, and the overall lifestyle the area offers. Access to public transport, major roads, shops, and employment hubs should also be factored in, as these will affect your daily convenience, long-term comfort, and future resale value.

Before committing to a property, arrange a professional building and pest inspection, and for strata properties, obtain a detailed strata report. These reports highlight structural issues, potential defects, pest risks, and any financial or legal concerns within the strata scheme. Reviewing them early helps you make an informed decision, avoid unexpected costs, and, if necessary, negotiate repairs or price adjustments before exchanging contracts.

Once you’ve completed your research, inspections, and solicitor review, it’s time to make an offer. If the property is for sale by private treaty, submit a written offer to the agent. For auctions, set a maximum bid in advance and stick to it. A well-prepared offer demonstrates that you are a serious buyer while protecting your interests.

After your offer is accepted, it’s time to finalise your home loan. Your lender will complete a property valuation and confirm all details of your application. Make sure you provide any remaining documentation promptly, such as proof of income or identification. This is also the stage to review the loan terms carefully, including interest rate, fees, and repayment options, so there are no surprises later. Once the lender issues formal approval, your funds will be ready for settlement.

Settlement is the final step in buying a property, usually occurring 4–6 weeks after exchanging contracts. On settlement day, your lender transfers the remaining funds to the seller, and ownership of the property is officially transferred to you. Your solicitor or conveyancer coordinates the process, ensuring all fees, rates, and adjustments are paid. Once completed, you receive the keys and can move in — marking the successful conclusion of your property purchase.