Australian Property Buying Guide

Assess Borrowing Power & Savings

Before looking at homes online, you must establish an accurate budget. In Australia, a standard purchase deposit is typically 20% of the property value. If your deposit is lower, you can still buy but may need to pay Lenders Mortgage Insurance (LMI).

Assess your income, outstanding credit card debts, and monthly expenses. Check out our Borrowing Power Calculator to get a basic estimation.

Appoint a Mortgage Broker

A licensed mortgage broker compares hundreds of loan options across different banks to match your profile. They help prepare the loan application paperwork, explain rate options (fixed vs. variable), and submit the file for "conditional approval" (pre-approval).

Pre-approval is vital, giving you a firm bidding budget and signaling to real estate agents that you are a serious buyer. Search our Broker Directory to find local specialists.

Calculate Stamp Duty & Grants

Stamp duty is a state government tax paid on property transfers. It represents a substantial additional cost, often ranging from $15,000 to over $45,000 depending on the purchase price and state.

However, first home buyers are often eligible for exemptions, concessions, or direct grants (First Home Owner Grant or FHOG) for new build homes.

Calculate potential duties beforehand. Our Stamp Duty Calculator models concessions across NSW, VIC, QLD, WA, and other states.

Property Search & Inspection

Once armed with pre-approval, begin searching active listings. Keep a checklist of non-negotiable requirements (bedrooms, transit links, school zones). Attend weekend "open homes" to inspect properties in person.

Always look closely for signs of structural cracking, mold, or poor plumbing. If you are highly interested, it is strongly recommended to arrange a professional Building and Pest Inspection before committing.

Contract Review & Conveyancing

Never sign a contract of sale without a professional review. Appoint a licensed Conveyancer or Solicitor to analyze the contract, check local council easements, title deeds, zoning, and highlight cooling-off periods.

Your conveyancer will coordinate with the seller's legal representative to negotiate terms, adjust settlement date preferences, and handle fund transfers.

Submitting Offers & Settlement

If purchasing via private treaty, submit written offers through the listing agent. If purchasing via auction, register beforehand and bid within your pre-approved limit. Note that auction purchases are unconditional (no cooling-off period).

Once your offer is accepted or you win the auction, pay the initial 10% holding deposit. The settlement period (usually 30 to 42 days) begins. During this time, your broker finalizes the loan, and your conveyancer prepares the property transfer documents.