First Home Buyer Checklist: Everything You Need to Know Before You Buy
Buying your first home is a major milestone — and being prepared can make the process far less stressful. Use this first home buyer checklist to make sure you’re financially ready, informed, and confident before you start your property journey.
✔ Step 1: Assess Your Financial Position
Before looking at properties, take a clear look at your finances. Understanding where you stand helps you avoid overextending yourself.
- Review your income and expenses
- Check your credit report for errors
- Reduce unnecessary debts where possible
- Build a consistent savings history
✔ Step 2: Work Out Your Borrowing Power
Knowing how much you can realistically borrow sets your price range and avoids disappointment.
- Use online calculators as a guide only
- Speak with a mortgage broker for accurate figures
- Factor in current interest rates and buffers
✔ Step 3: Understand Your Deposit Options
You don’t always need a 20% deposit to buy your first home. There may be options available depending on your situation.
- Check eligibility for low-deposit loans
- Explore government guarantee schemes
- Consider family assistance (if applicable)
✔ Step 4: Check First Home Buyer Grants & Incentives
Government incentives can significantly reduce the cost of buying — but eligibility rules vary.
- First Home Owner Grants
- Stamp duty concessions or exemptions
- First Home Guarantee Scheme
- State-based incentives
✔ Step 5: Get Loan Pre-Approval
Pre-approval strengthens your buying position and helps you move quickly when you find the right property.
- Confirm your budget with lender approval
- Avoid applying with multiple lenders
- Ensure pre-approval matches property type
✔ Step 6: Start Property Inspections
Once pre-approved, you can confidently inspect properties within your price range.
- Research suburbs and growth potential
- Attend open homes and auctions
- Check strata reports (if applicable)
- Understand ongoing costs (rates, strata, maintenance)
✔ Step 7: Make an Offer or Bid at Auction
When you’ve found the right property, act carefully and strategically.
- Confirm conditions with your broker and solicitor
- Understand cooling-off periods
- Be confident but disciplined with your budget
✔ Step 8: Arrange Building & Pest Inspections
Inspections protect you from costly surprises after settlement.
- Organise professional inspections
- Review reports carefully
- Renegotiate if major issues arise
✔ Step 9: Final Loan Approval & Settlement
Once your offer is accepted, your broker will guide you through final approval and settlement.
- Submit final documents
- Confirm loan structure
- Prepare funds for settlement
✔ Step 10: Get the Keys and Move In
Settlement day means ownership officially transfers to you — congratulations!
- Organise insurance before settlement
- Book removalists and utilities
- Plan your move-in date
Ready to Start Your First Home Buyer Journey?
Having expert guidance at every step can make buying your first home simpler and more confident.
