The First Home Buyer Checklist

1 Know your numbers

• Work out your deposit — ideally 5%–20% of the price, plus costs.
• Check you have genuine savings (usually 5% saved over 3+ months) — most lenders want to see this.
• Estimate your borrowing power (income, expenses, existing debts, HECS).
• Budget for upfront costs: stamp duty (or exemption), legal/conveyancing, building & pest, loan & valuation fees, moving.
• Factor in LMI if your deposit is under 20% — or check if you can avoid it.

Use our free borrowing power and stamp duty calculators to get your numbers fast.

2 Check the grants & schemes you qualify for

• First Home Owner Grant (FHOG) — varies by state, usually for new builds.
• Stamp duty exemption / concession — big savings for first-home buyers under state thresholds.
• Home Guarantee Scheme — buy with as little as 5% deposit and no LMI (places & caps apply).
• Low-deposit pathways — some lenders lend up to 95% for the right borrower.
• No-LMI for eligible professions — doctors, nurses, accountants & more may skip LMI.
• Check shared-equity and state-specific schemes where available.

Eligibility changes often. See our first-home-buyer hub or ask us what you actually qualify for — in dollars.

3 Get pre-approved

• Gather your ID (driver licence / passport).
• Last 2–3 payslips (or 1–2 years' returns if self-employed).
• Bank statements (savings + transaction accounts, usually 3 months).
• Statements for any debts: credit cards, car/personal loans, BNPL, HECS.
• Get a broker to compare lenders and lodge a real pre-approval (not just an online guess).
• Avoid new debts or large unusual spending while applying.

A proper pre-approval tells you your real budget and makes your offer stronger.

4 Find the right property

• Shortlist suburbs that fit your budget, commute and lifestyle.
• Inspect properties; check orientation, condition, noise, parking.
• Order a building & pest inspection (houses) before you commit.
• Get a strata report reviewed (units/townhouses).
• Have a solicitor/conveyancer review the contract before signing.
• Confirm the property is acceptable to your lender (some postcodes/unit types are restricted).

5 Make your offer (or bid)

• Private sale: negotiate; include a finance clause if you don't have full approval.
• Auction: remember there's no cooling-off and you need finance & deposit ready.
• Pay the deposit (usually 10%) on exchange.
• Tell your broker the moment your offer is accepted to convert pre-approval to full approval.

6 Settlement & moving in

• Lender issues loan documents — sign and return promptly.
• Arrange building insurance from exchange (often required before settlement).
• Do a final inspection before settlement day.
• Conveyancer handles settlement; funds disburse; you get the keys 🎉
• Set up an offset/redraw and a repayment plan to pay off faster.