A clear guide to buying property with confidence
Buying a property is a major financial decision, whether it’s your first purchase or one of many. Understanding the process, costs, and decisions involved can make the experience far less stressful and help you avoid common mistakes.
This guide provides a general overview of buying property — from preparing your finances through to settlement — so you can move forward with confidence.
1. Preparing to Buy
Before you start looking at properties, it’s important to understand your financial position.
This includes:
- How much you can borrow
- How much deposit you’ll need
- What upfront costs to expect
- Whether you’re buying to live in or invest
Speaking with a mortgage broker early allows you to plan properly and avoid surprises later in the process.
2. Understanding Your Budget
Your budget isn’t just the purchase price — it also includes:
- Stamp duty (if applicable)
- Legal or conveyancing costs
- Building and pest inspections
- Loan fees (depending on the lender)
- Moving and setup costs
Knowing these upfront helps you buy within your means and avoid over-stretching.
3. Getting Pre-Approval
Pre-approval is an initial assessment by a lender that indicates how much they may be willing to lend you.
It helps by:
- Giving you a clear price range
- Making you more confident when making offers
- Showing agents you’re a serious buyer
Pre-approval is not a guarantee, but it’s an important step before making an offer.
4. Finding the Right Property
Once your finance position is clear, you can begin your property search.
Things to consider include:
- Location and future growth
- Property type and condition
- Ongoing costs (rates, maintenance, body corporate if applicable)
- How the property fits your short- and long-term plans
The “right” property is different for everyone — clarity on your goals is key.
5. Making an Offer and Signing a Contract
When you find a property you want to buy, the next step is making an offer and signing a contract.
It’s important to:
- Understand the contract terms
- Include appropriate conditions (such as finance or inspections)
- Know your timeframes
Legal advice at this stage is strongly recommended.
6. Formal Approval and Settlement
After signing the contract:
- The lender completes a valuation
- Your loan is formally approved
- Settlement is scheduled
- Ownership transfers on settlement day
Once settlement is complete, the property is officially yours.
7. Buying for Different Purposes
Your loan structure and strategy will differ depending on why you’re buying.
- Buying your first home?
You may be eligible for grants, guarantees, or stamp duty concessions.
We recommend reading our First Home Buyer Guide. - Buying an investment property?
Investment loans are structured differently and require a tailored approach.
We recommend reading our Property Investment Guide.
8. How a Mortgage Broker Helps
A mortgage broker helps by:
- Explaining your options clearly
- Comparing lenders and loan structures
- Managing the approval process
- Coordinating settlement
- Supporting you beyond purchase
The goal is not just approval — it’s confidence and long-term suitability.
Useful tools
- Borrowing Power Calculator – estimate how much you may be able to borrow
- Stamp Duty Calculator – understand upfront purchase costs
- Rate Comparison Calculator – compare loan options
