Buying your first home involves a lot of people: lenders, agents, conveyancers, inspectors, and sometimes government agencies. It's easy to lose track of what comes next. This checklist puts every step in order so you know what to do, and when.
Stage 1: Get your finances ready (3 to 12 months out)
- Check your credit report. Get a free copy from Equifax, Experian or illion. Fix any errors and pay overdue bills.
- Cut down credit limits. Lenders count your credit card limit, not your balance. Reduce or close cards you don't need.
- Clear or reduce Buy Now Pay Later accounts. They can count against your borrowing power.
- Track your spending. Lenders will look at three months of bank statements. Big takeaway and gambling transactions get noticed.
- Build genuine savings. Keep your deposit in one account and add to it regularly.
- Look into FHSS. If you're a year or more away, the First Home Super Saver scheme could boost your deposit.
Stage 2: Work out your budget (1 to 3 months out)
- Find out what you can borrow. Use our borrowing power calculator, then speak to a broker for a lender-accurate figure.
- Check which schemes you qualify for. The 5% Deposit Scheme, Help to Buy, stamp duty exemptions and the First Home Owner Grant can change your budget a lot.
- Add up upfront costs. Stamp duty (if any), conveyancing, inspections, loan fees, moving.
- Decide your comfortable repayment. Not the maximum a bank will lend, but what you can pay without stress.
Stage 3: Get pre-approval
Pre-approval is a lender's conditional agreement to lend up to a certain amount. It usually lasts 90 days, sometimes longer.
You'll typically need:
- ID (driver licence, passport)
- Two recent payslips, or two years of tax returns if self-employed
- Three months of bank statements
- Details of debts, credit cards and assets
- Evidence of your deposit
If you're using a government scheme, your broker can also reserve your place through the participating lender.
Stage 4: House hunting
- Make a must-have list and a nice-to-have list.
- Check flood, bushfire and zoning maps. On the NSW South Coast and in parts of Western Sydney this matters a lot for insurance.
- Look at recent sales, not just asking prices. Sites like realestate.com.au and Domain show sold prices.
- Ask questions at inspections. Strata levies, council rates, why the owner is selling.
Stage 5: Before you sign or bid
- Get the contract reviewed by a conveyancer or solicitor.
- Book a building and pest inspection. For apartments, also get a strata report.
- Negotiate a cooling-off period if buying by private treaty. In NSW it's 5 business days by default.
- For auctions, finance must be ready. There's no cooling-off period and the contract is unconditional.
Stage 6: Exchange and formal approval
- Pay your deposit, often 10% in NSW, though agents may accept 5% if you ask early. A deposit bond can help.
- Your broker submits for formal approval. The lender orders a valuation.
- Arrange building insurance from exchange or settlement, depending on your contract.
Stage 7: Settlement
- Sign your loan documents and return them promptly.
- Do a final inspection a day or two before settlement.
- Your conveyancer and lender settle electronically, usually 6 weeks after exchange in NSW.
- Collect your keys from the agent.
Stage 8: After you move in
- Set up your offset account if you have one, and move your savings into it.
- Update your address with the electoral roll, ATO, banks and insurers.
- Keep the residence rules in mind. Stamp duty exemptions and grants require you to live there for set periods.
- Review your loan every year. Lenders often reward new customers more than loyal ones. We'll remind you.
Frequently asked questions
How long does the whole process take?
From pre-approval to keys, often 2 to 4 months, depending on how long you search. Settlement itself is usually about 6 weeks after exchange.
When should I talk to a mortgage broker?
Before you start looking. Pre-approval sets your budget and makes you a stronger buyer.
Can I buy at auction as a first home buyer?
Yes, but make sure your finance and inspections are done beforehand. We cover this in our post on buying at auction.
Want a broker to walk you through each stage? Call Finfident on 0424 545 654. We'll stay with you from pre-approval to settlement day.
This article is general information only and doesn't take into account your objectives, financial situation or needs. Figures, rates and scheme rules are current as at October 2026 and can change. Finfident Finance Brokers (ABN 94 679 280 801) is Credit Representative 569374 of Outsource Financial Pty Ltd (ACN 131 090 705), Australian Credit Licence 384324.