Your Roadmap to Buying Your First Home
Buying your first home can feel like a maze — inspections, contracts, lenders, and endless jargon.
This guide breaks it all down into clear, manageable stages so you know exactly what to expect from start to settlement.
1️⃣ Step 1 – Define Your Budget
Before you start scrolling property listings, work out what you can comfortably afford.
Include not just your deposit, but also stamp duty, legal fees, inspections, and moving costs.
- Review your income and expenses honestly.
- Use an online borrowing power calculator.
- Consider your lifestyle goals — don’t overstretch.
Related post: How Much Deposit Do I Need to Buy My First Home?
2️⃣ Step 2 – Save Your Deposit
The deposit is your entry ticket to the property market.
Most lenders need at least 5% genuine savings, but aim for 10–20% to avoid Lenders Mortgage Insurance (LMI).
- Automate savings into a separate account.
- Explore government deposit schemes.
- Use the First Home Super Saver Scheme for tax-efficient savings.
3️⃣ Step 3 – Get Pre-Approval
Pre-approval is a lender’s confirmation of how much you can borrow. It’s not a guarantee, but it gives you confidence when house-hunting.
- Compare multiple lenders or work with a broker.
- Provide income, ID, and savings documentation.
- Keep pre-approval valid (usually 90 days).
4️⃣ Step 4 – Research the Market
Now the fun begins — finding your ideal property.
Take your time and look beyond just price. Factor in lifestyle, transport, schools, and growth potential.
- Use property portals and attend open homes.
- Check recent sale prices in your target area.
- Get familiar with auction vs. private sale processes.
5️⃣ Step 5 – Make an Offer or Bid at Auction
Once you find “the one,” it’s time to make an offer or register for auction.
Your offer can be conditional on finance and building inspections, while auction purchases are unconditional.
- Set a strict price limit — don’t get caught in the heat of the moment.
- Engage a conveyancer before signing anything.
- Ensure your pre-approval covers the final price range.
6️⃣ Step 6 – Contract & Legal Checks
Your conveyancer or solicitor will review the Contract of Sale and Section 32 (Vendor Statement).
They’ll check for zoning issues, easements, and settlement terms.
- Never sign without legal review.
- Understand all special conditions (e.g. “subject to finance”).
- Book a building and pest inspection before cooling-off expires.
7️⃣ Step 7 – Finalise Your Loan
Once your offer is accepted, your broker or lender submits the full loan application.
The lender then orders a valuation to confirm the property’s worth matches the purchase price.
- Provide all final documents quickly to avoid delays.
- Once approved, sign your formal loan offer.
- Confirm settlement date and insurance requirements.
8️⃣ Step 8 – Settlement Day
On settlement day, your lender transfers the funds to the seller and you get the keys.
It’s also when your loan officially begins and the property title transfers to your name.
- Do a final inspection the day before.
- Ensure utilities and insurance are ready to switch.
- Celebrate — you’re officially a homeowner!
9️⃣ Step 9 – Move In & Review
Once you’ve unpacked, it’s time to set up your mortgage for long-term success.
- Activate your offset account (if available).
- Set up automatic repayments.
- Schedule an annual loan review to stay competitive.
🔟 Step 10 – Plan for the Future
Owning a home opens the door to future goals — renovations, investment property, or upgrading later.
Keeping a clean repayment history now will make your next purchase even easier.
Ready to start your journey?
Book a free first home buyer session with the Loan Location team — we’ll guide you through every step from pre-approval to moving in.