First Home Buyers Checklist

Before you start inspecting properties, get a clear picture of where you stand financially. Your borrowing capacity, deposit size, and ongoing costs will shape every decision that follows.

• Calculate your genuine savings and current deposit
• Review your income, expenses, and existing debts
• Estimate your borrowing capacity with a mortgage broker
• Factor in stamp duty, legal fees, and moving costs (typically 5–7% of the purchase price)

There are several federal and state government incentives designed specifically for first home buyers. Eligibility varies by state and individual circumstances, so check what applies to you.

• First Home Super Saver Scheme (FHSSS) — withdraw voluntary super contributions for your deposit
• First Home Guarantee — buy with as little as 5% deposit and no LMI
• First Home Owner Grant (FHOG) — a one-off payment for new or substantially renovated homes
• Stamp duty concessions or exemptions (varies by state and property value thresholds)

Conditional pre-approval from a lender gives you a clear budget and signals to sellers that you are a serious buyer. It is not a guarantee of final approval — your lender will still need to value the property you choose.

• Gather documents: payslips, bank statements, tax returns, ID
• Compare loans from multiple lenders — don't just go to your existing bank
• Understand the difference between fixed, variable, and split-rate loans
• Ask about offset accounts and repayment flexibility

Create a list of must-haves versus nice-to-haves. Research suburbs for growth potential, lifestyle amenity, and proximity to work, schools, and transport. Attend open inspections and ask the agent plenty of questions.

• Prioritise location and land value over cosmetic features
• Check zoning, flood overlays, and bushfire risk
• Review recent comparable sales in the area
• Consider the property's potential for future capital growth

Before making an offer, engage a licensed conveyancer or property solicitor. They will review the contract of sale, check for encumbrances or easements, and handle the legal transfer of ownership.

• Review the contract of sale before signing
• Order title searches and property certificates
• Understand cooling-off periods (where applicable in your state)
• Clarify what is included in the sale (fixtures, fittings, appliances)

Never skip a professional building and pest inspection, even on a new property. Hidden structural defects, termite damage, or asbestos can cost tens of thousands of dollars to rectify.

• Engage an independent, licensed inspector — not one recommended by the agent
• Review the report thoroughly and negotiate repairs or price adjustments if issues are found
• Check for asbestos, mould, rising damp, and structural cracks
• Verify compliance with local building codes

Whether buying at auction or through private treaty, understand the process for your state. Once contracts are exchanged and the cooling-off period expires, you are legally committed to the purchase.

• Base your offer on comparable sales data, not emotion
• Understand the difference between auction and private treaty conditions
• Pay the deposit (usually 10%) at exchange
• Arrange building insurance from the date of exchange (or settlement, depending on your state)

Settlement is when the balance of the purchase price is paid and the property title transfers to your name. Your conveyancer and lender will coordinate the final steps.

• Conduct a final pre-settlement inspection
• Arrange final meter readings and utility connections
• Update your address with relevant institutions
• Collect your keys and begin your new chapter