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☐ Calculate your borrowing capacity
Determine how much you can afford to borrow based on your income, expenses, and existing debts. Use the MoneySmart mortgage calculator for estimates: https://moneysmart.gov.au/home-loans/mortgage-calculator
☐ Save for a deposit
Aim for at least 20% of the purchase price to avoid Lender’s Mortgage Insurance (LMI).
☐ Check your credit score
Obtain a free credit report and address any issues to improve your borrowing potential. Visit the Australian Government’s MoneySmart website for guidance: https://moneysmart.gov.au/managing-debt/credit-scores-and-credit-reports
☐ Investigate First Home Owner Grant (FHOG)
Check your eligibility and the grant amount available in your state or territory. Visit your state’s revenue office website for specific information.
☐ Explore stamp duty concessions
Look into potential stamp duty discounts or exemptions for first home buyers in your area. Each state has different rules, so check your state’s revenue office website.
☐ Consider the First Home Guarantee Scheme
Determine if you’re eligible for this scheme, which allows purchases with as little as 5% deposit. Visit the National Housing Finance and Investment Corporation website for details: https://www.nhfic.gov.au/what-we-do/support-to-buy-a-home/first-home-guarantee/
☐ Gather necessary documents
Collect recent pay slips, tax returns, bank statements, and proof of identity.
☐ Compare lenders and loan options
Research different lenders and loan types to find the best fit for your situation. The Australian Government’s MoneySmart website offers impartial information on home loans: https://moneysmart.gov.au/home-loans
☐ Obtain home loan pre-approval
Apply for pre-approval to understand your borrowing capacity and strengthen your position as a buyer.
☐ Define your property criteria
List your must-haves and nice-to-haves in terms of location, size, and features.
☐ Research target neighborhoods
Investigate local amenities, crime rates, and future development plans in areas you’re interested in. Your state’s planning department website may have useful information.
☐ Attend open houses and inspections
Visit properties to get a feel for the market and refine your preferences.
☐ Hire a conveyancer or solicitor
Engage a legal professional to handle the property transfer process and protect your interests.
☐ Consider a buyer’s agent
Decide if you need professional assistance in finding and negotiating for a property.
☐ Arrange building and pest inspections
Once you’ve found a property, organise professional inspections to identify any issues.
☐ Determine your maximum price
Set a firm upper limit based on your budget and the property’s value.
☐ Submit an offer or register for auction
Present your offer in writing or register to bid if it’s an auction property.
☐ Negotiate terms
Work with the seller or their agent to agree on price and conditions of sale.
☐ Sign the contract of sale
Review and sign the contract after your conveyancer has checked it.
☐ Pay the deposit
Transfer the agreed deposit amount (usually 10% of the purchase price).
☐ Arrange home and contents insurance
Organise insurance to protect your new property, effective from the settlement date.
☐ Conduct final property inspection
Check that the property is in the expected condition before settlement.
☐ Organise utilities connections
Arrange for electricity, gas, water, and internet to be connected in your name.
☐ Prepare settlement funds
Ensure your loan is finalised and funds are ready for settlement day.
☐ Attend settlement or authorise representation
Your conveyancer will usually attend on your behalf to complete the property transfer.
☐ Collect keys and documentation
Obtain keys and all relevant property documents after settlement is complete.
☐ Move into your new home
Arrange your move and start enjoying your new property!
☐ Set up mortgage repayments
Ensure your loan repayments are correctly established with your lender.
☐ Update your address
Notify relevant organisations of your new address. Visit the Australian Government’s website for a change of address checklist: https://www.australia.gov.au/information-and-services/public-safety-and-law/change-of-address
☐ Keep records for tax purposes
Maintain a file of all property-related expenses for potential tax deductions. The Australian Taxation Office provides guidance on record-keeping: https://www.ato.gov.au/Individuals/Income-and-deductions/In-detail/Keeping-your-tax-records/
By following this checklist, you’ll be well-prepared for the journey of buying your first home. Remember, our conveyancing team is here to guide you through the legal aspects of your property purchase every step of the way.
