Your Path to Home Ownership
There’s no pathway to home ownership that looks identical to any other – they’re all different. For that reason, this short description should be considered broad and not exhaustive. Before you make any decisions, you should understand what you can afford, what you can borrow, and what your specific process might look like. We’d encourage you to call us for an early discussion that’ll guide your efforts.
Step 1: Arrange a Pre-Approved Loan
Before you begin house-hunting, securing a pre-approved is often recommended. A pre-approval:
Provides a clear understanding of your spending limits.
Strengthens your position when negotiating with sellers.
Enables you to move quickly when you find the right property..
Helps you avoid properties outside your budget.
Important: Even with a pre-approval, always include a ‘subject to finance’ clause in any contract to protect yourself in case final approval is declined.
Step 2: Find Your Property
When searching for the right home or investment property, there’s a large number of considerations (some of which are introduced in our Property Module), but early in the process you should consider the following (for a start):
Location: Proximity to work, schools, transport, and amenities.
Market Trends: Research median prices, rental yields, and capital growth potential.
Future Infrastructure: Check for upcoming developments that may impact value..
Property Type: House, apartment, or townhouse—each has different financial and lifestyle implications.
If you’re unfamiliar with property values in a specific area, consider obtaining an independent valuation from us and/or a registered valuer before making an offer.
Step 3: Make an Offer & Sign the Contract of Sale
Once you’ve found the perfect property:
Private Sale: You negotiate an offer and sign a Contract of Sale with terms and conditions.
Auction: You bid, and if successful, sign an unconditional contract immediately.
Key Considerations:
Always include conditions such as lender approval, building inspections, and pest inspections.
Be aware that a pre-approved loan still requires the lender to complete a valuation of the chosen property before granting full approval.
Step 4: Appoint a Conveyancer or Solicitor
A conveyancer or solicitor handles the legal aspects of transferring property ownership, including:
Conducting property searches.
Checking for outstanding rates, taxes, or legal restrictions (including title searches).
Arranging necessary inspections and approvals.
Managing settlement and ensuring all financial transactions are completed correctly.
Engaging a conveyancer early can help avoid costly mistakes and legal complications.
Step 5: Pay a Deposit
A deposit is required once the Contract of Sale is signed.
It is typically 5-10% of the purchase price.
Funds come from savings or a deposit bond.
You won’t yet have access to your home loan, so plan ahead for deposit requirements.
Step 6: Understand the Cooling-Off Period
If you didn’t purchase at auction, you may have a cooling-off period, which allows you to withdraw from the sale under certain conditions (state-specific regulations apply). However, penalties may apply if you choose to cancel.
Important: Auctions do not include a cooling-off period, meaning buyers must be fully prepared before bidding.
Step 7: Avoid Unconditional Contracts Without Finance Approval
An unconditional contract means you’re committed to purchasing the property, whether or not you secure financing.
Never bid at an auction or sign an unconditional contract unless you are certain you can obtain finance.
Consider obtaining legal advice before signing any sale contract.
Important: If your loan is not approved due to a low property valuation, you may be legally bound to complete the purchase or risk losing your deposit.
Step 8: Settlement – The Final Step!
Settlement is the process where ownership officially transfers from the seller to you. It involves:
Finalising loan documents and ensuring all funds are transferred correctly.
Your conveyancer ensuring that all legal and financial obligations are met.
Paying stamp duty and other associated costs.
Receiving the keys to your new property!
Note: In most states, settlement typically occurs 30-90 days after signing the Contract of Sale.
