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Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Buying a home in Australia means planning your budget and finance, checking the property and contract, then completing settlement. The broad sequence is similar nationwide, but transfer duty, concessions, contract rules and cooling-off rights depend on the state or territory. Get local legal advice before you sign or bid.
1. Work out what you can afford
Start with your income, regular spending, savings and the costs of buying—not just the advertised price. Research recent prices in the areas you are considering, then set a maximum price before you negotiate or bid. Allow room in your budget for ongoing expenses such as council and water rates, insurance and, for strata properties, strata fees.
MoneySmart recommends aiming to save 20% of the purchase price plus buying costs. It says a 20% deposit avoids lenders mortgage insurance (LMI); a smaller deposit may still be possible, but the lender’s requirements and costs will depend on your circumstances. See MoneySmart’s guide to buying a house.
How much deposit do you need?
The Australian Government’s First Home Buyers FAQ asks, “How much deposit do I need?” There is no single deposit that applies to every buyer: your lender, loan, finances and any scheme eligibility all matter. For eligible buyers, the Australian Government 5% Deposit Scheme page sets a minimum deposit of 5% for eligible first-home buyers and 2% for eligible single parents or legal guardians. Those are scheme thresholds, not guarantees of approval or deposits available to all buyers. Check the current scheme conditions and speak to a participating lender.
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2. Plan your buying costs
Budget for costs beyond your deposit. Their amount can depend on the property, your loan and where you buy. Transfer duty—also called stamp duty—and first-home buyer concessions differ across states and territories, so there is no reliable single Australia-wide duty figure. Use the relevant state or territory calculator and check the rules that apply to the property and your circumstances.
| Cost | What to allow for |
|---|---|
| Transfer duty | State or territory charge; rates, exemptions and first-home concessions vary by jurisdiction. |
| Conveyancing or legal advice | Fees for contract review, searches, title and settlement work. Confirm the scope and fee with your solicitor or conveyancer. |
| Building and pest inspections | Professional report fees; arrange inspections before you commit where possible, especially before an auction. |
| Loan costs and insurance | Ask the lender about loan-related charges and insurance requirements. LMI may apply if your deposit is below 20%, depending on the lender and loan. |
| Ongoing property costs | Allow for council and water rates, insurance, and strata fees where applicable. |
MoneySmart links to state and territory duty calculators in its buying-a-house guide. If you are buying in Victoria, the Victorian Government’s first home buyer guide explains local guidance and concessions.
3. Explore finance and assistance
Talk to lenders about your borrowing capacity and loan options, and consider seeking pre-approval before making offers. Pre-approval is not final loan approval: the lender still assesses your application and the property. Do not make an offer on the assumption that a government scheme will guarantee a loan.
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5% Deposit Scheme
Applications for the Australian Government 5% Deposit Scheme are made through participating lenders, not directly to Housing Australia. Eligibility includes conditions relating to citizenship or permanent residency, owner-occupier use, property price caps and lender credit approval. The scheme guarantee does not remove your responsibility to repay the loan or pay other costs. The official guidance says a pre-approved buyer has 90 days to find a home and sign a contract; confirm current terms and location caps with a participating lender before relying on them. See the scheme guidance.
Help to Buy and other assistance
The separate Australian Government Help to Buy Scheme offers shared-equity support for qualifying buyers and properties, with its own criteria and conditions. First-home concessions and other assistance also vary by state or territory. Check current official eligibility, price caps, availability and obligations before choosing a property or signing a contract.
4. Understand the sale method before you commit
Find out whether the property is being sold by private treaty or auction. The method affects what you can negotiate and the risks of committing before finance and inspections are settled.
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| Private treaty | Auction | |
|---|---|---|
| How you agree a price | You make an offer and negotiate with the seller; the contract sets the terms. | You bid in a public auction; if you win, you generally enter an unconditional commitment under the MoneySmart guide’s description. |
| Finance or inspection conditions | An offer may be conditional on finance, valuation or inspections if the seller agrees and the contract includes those conditions. | Do not assume a finance or building/pest condition applies. Complete checks and arrange finance beforehand. |
| Cooling-off | Rights and exceptions depend on the jurisdiction and circumstances; check local rules and the contract. | MoneySmart says there is no cooling-off period for an auction purchase, and the sale is not subject to finance or a building or pest inspection. |
These are practical distinctions, not a substitute for local legal advice. Contract procedures and any exceptions are jurisdiction-specific. Read MoneySmart’s auction guidance and have a solicitor or conveyancer explain the rules that apply where you are buying.
5. Check the property and contract before offering or bidding
Inspect the home, ask for the contract and available property reports, and arrange professional checks. For an auction, do this before bidding: do not rely on being able to add conditions or withdraw after a winning bid.
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- Building inspection: Use a qualified professional to check for issues such as structural problems, damp, electrical safety concerns and repairs that may be needed.
- Pest inspection: A qualified professional can check for termites and other pest activity.
- Strata records: For an apartment or other strata property, review the strata report and fees, and investigate the ongoing costs and any relevant issues before committing.
Reports can help you understand the property’s condition; ask your solicitor or conveyancer what findings mean for the contract and your decision. Do not treat an inspection as a guarantee that a property has no defects.
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Have the contract reviewed
Before signing, ask a solicitor or conveyancer to explain the contract, including conditions, deposit amount and timing, settlement date, and searches or checks relevant to the property. Conveyancing may also cover title, arrears, planning or authority interests, unapproved work, duty, mortgage documents and adjustments at settlement. The precise process depends on the jurisdiction; the NSW Government conveyancing guide outlines local buyer and seller steps.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.6. Make an offer or bid with the commitment in mind
For a private sale, make an offer that reflects your budget and the property checks. If you need protection while finance or inspections are pending, discuss possible conditions with your legal adviser and ensure they are included in the contract if agreed with the seller. A verbal agreement or an offer alone does not tell you what legal obligations apply; have your adviser explain when the contract becomes binding in your jurisdiction.
At auction, set a firm ceiling and complete your due diligence first. MoneySmart warns that an auction has no cooling-off period and is not subject to finance or building/pest inspection conditions. The winning bid generally creates an unconditional commitment, so do not bid unless your finance, contract review and checks are in order.
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7. Finalise finance and settle
After the contract is signed, meet its deadlines and work with your lender and conveyancer to prepare for settlement. Your conveyancer coordinates the legal and payment steps with the seller’s side and lender. At settlement, the balance is paid, title transfers and your mortgage begins; you then receive the keys. Ask your conveyancer to explain any settlement adjustments and what you need to pay by the due date.
8. If you are a foreign buyer, check the rules before contracting
Foreign investment rules can affect whether you may buy a residential property and whether you need approval or an exemption certificate before entering a contract. The ATO says a foreign person must obtain approval or an exemption certificate before contracting unless an applicable exemption applies. Its page, last updated 30 March 2025, describes a restriction from 1 April 2025 through 31 March 2027 on foreign persons purchasing established dwellings, subject to limited exceptions; vacant land and new dwellings remain possible application categories. Eligibility and exemptions depend on your status and circumstances. Check directly with the ATO and the Foreign Investment Review Board before making an offer or signing.
Quick Recap
Before you commit: a practical checklist
- Set a maximum price that includes buying costs and ongoing expenses.
- Ask lenders about borrowing capacity, pre-approval and any scheme application.
- Confirm the sale method and applicable local contract and cooling-off rules.
- Obtain professional building and pest reports, and review strata records where relevant.
- Have a local solicitor or conveyancer review the contract before signing or bidding.
- Check current duty, concessions, scheme eligibility and any foreign-buyer requirements for the property’s location and your circumstances.
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