First Home Buyer Checklist Australia — Step-by-Step (2026)

Use this checklist to track every stage of the first home buying process in Australia. Check off each step as you go — and come back to it as your purchase progresses.

Stage 1 — Preparation (3–12 months before buying)

Financial groundwork:

• Calculate your net income and monthly living expenses
• Determine how much you can save monthly toward a deposit
• Check your credit file for errors (free via Equifax, illion or Experian)
• Pay down high-interest debt (credit cards, personal loans) to improve borrowing power
• Open a dedicated high-interest savings account for your deposit
• Consider starting FHSS contributions via voluntary super contributions

Research government schemes:

• Check eligibility for the First Home Guarantee (income cap: $125k single / $200k joint)
• Check eligibility for the Family Home Guarantee (if single parent)
• Check eligibility for Help to Buy (income cap: $90k single / $120k joint)
• Check eligibility for the FHOG (if buying a new build)
• Check state stamp duty exemption thresholds for your state

Know your numbers:

• Estimate your borrowing capacity using a borrowing power calculator
• Estimate monthly repayments at different loan sizes using the mortgage calculator
• Calculate stamp duty in your state using the stamp duty calculator
• Calculate LMI if your deposit is below 20% using the LMI calculator

Stage 2 — Getting Finance Ready (1–3 months before buying)

Documents to gather:

• Last 2 years of tax returns / Notices of Assessment
• Last 3 months of payslips (or 2 years of tax returns if self-employed)
• Last 3–6 months of bank statements
• Evidence of deposit savings (genuine savings for at least 3 months)
• HECS-HELP balance (from ATO myGov)
• List of all debts, liabilities and credit card limits
• Identification documents (passport, driver’s licence)

Choosing a lender:

• Contact a mortgage broker — compare offers across multiple lenders
• Check which lenders are on the First Home Guarantee/FHBG panel (if using scheme)
• Compare interest rates, comparison rates and loan features
• Ask about offset accounts, redraw facilities and extra repayment conditions
• Read the Key Facts Sheet for any loan you are seriously considering

Apply for pre-approval:

• Submit formal pre-approval application
• Receive pre-approval letter (typically valid 3–6 months)
• Understand any conditions attached to pre-approval

Stage 3 — Property Search

Setting search criteria:

• Define your target areas (consider commute, schools, infrastructure)
• Set a realistic price range based on pre-approval amount
• Decide on property type (house, apartment, townhouse) and must-have features
• Research comparable recent sales in target suburbs (realestate.com.au, Domain)

At property inspections:

• Attend at least 2–3 inspections of each property you’re serious about
• Check: structural condition, plumbing, drainage, roof, windows, moisture
• For apartments: review strata documents (levy notices, sinking fund balance, meeting minutes)
• Ask the agent: days on market, vendor motivation, price guide history, strata/outgoings costs

Before making an offer:

• Order a building and pest inspection ($400–$900) — do not skip this
• Have your solicitor/conveyancer review the contract before you sign
• Check zoning, easements, covenants and council restrictions
• Confirm property is within your scheme’s price cap (if using FHBG, RFHBG, etc.)

Stage 4 — Making an Offer / Auction

Private treaty:

• Submit written offer through the agent
• Understand cooling-off period in your state (typically 5–10 business days)
• Negotiate finance and building inspection conditions if possible

Auction:

• Complete all due diligence before auction day (no cooling-off after auction)
• Have finance confirmed (unconditional if possible)
• Know your maximum bid — stick to it
• Arrange 10% deposit (cheque or bank transfer) to bring on auction day
• Consider a deposit bond if cash is not immediately available

Stage 5 — Exchange of Contracts

• Instruct your solicitor/conveyancer to review and exchange contracts
• Pay deposit (typically 10% — less if negotiated) into agent’s trust account
• Apply for FHOG (if eligible) through your lender or state revenue office
• Apply for stamp duty concession (handled by your solicitor)
• Confirm settlement date with all parties
• Arrange building insurance from exchange date (you are at risk from exchange in most states)

Stage 6 — Between Exchange and Settlement (4–6 weeks)

• Confirm unconditional loan approval with lender
• Review loan documents carefully before signing
• Arrange building and contents insurance from settlement date
• Book utilities connections for settlement day (electricity, gas, internet)
• Arrange mail redirection
• Book removalist or moving helpers
• Conduct pre-settlement inspection (usually 2–5 days before settlement)

Stage 7 — Settlement Day

• Confirm settlement time with solicitor
• Ensure all funds are in place (lender funds the loan; your cash contribution is in a nominated account)
• Solicitor handles title transfer and registration
• Receive keys (usually via agent once funds clear)

Stage 8 — After Settlement

• Register on electoral roll at new address
• Notify ATO, Centrelink, bank, employer of new address
• Set up fortnightly mortgage repayments (more effective than monthly)
• Set up or fund your offset account
• Schedule annual rate review — don’t be loyal to your lender indefinitely
• Start a maintenance fund (budget 1–2% of property value per year)
• Store all title documents, loan contracts and warranty certificates safely

Key Contacts to Organise

Related Guides

• First Home Buyer Step-by-Step Guide
• First Home Buyer Mistakes to Avoid
• How Much Deposit Do I Need?
• First Home Buyer Hub

This article provides general information only. Property purchasing involves legal obligations that differ by state. For advice tailored to your situation, speak with a licensed mortgage broker, financial adviser or solicitor. Find one through MoneySmart.