First Home Buyer Checklist: Your Step by Step Guide

Buying your first home is exciting, but let’s be honest, it can also feel like a lot. There’s finance, contracts, inspections and about a hundred other things all happening at once. I remember my first time buying one and I leant heavily on self research, brokers, conveyancers and family to steer me in the right direction. Having a checklist ticks off the important stuff so nothing slips through the cracks.

I’ve broken this down into the order you’ll actually encounter these tasks: before you start looking, while you’re house hunting, once you’re ready to buy, and after your offer is accepted.

Before You Start House Hunting

▢ Talk to a mortgage broker or bank to find out how much you can actually borrow. There’s no point falling in love with a $900,000 property if your borrowing capacity is only $650,000.
▢ Get pre-approval for your loan. This gives you a real budget to work with and shows agents and sellers you’re a serious buyer.
▢ Check your credit score and clean up anything that might drag it down – speak to an experienced broker to make sure there are no red flags
▢ Work out your deposit. How much you have lying around to use, make sure you have an emergency buffer 
▢ Check if you’re eligible for any government schemes, like the First Home Guarantee or stamp duty concessions in your state (a mortgage broker can help with this) 
▢ Research suburbs and property types that suit your budget and lifestyle – check sold costs to have a realistic view of affordability 

While You’re House Hunting

▢ Attend open homes and private inspections. Take photos and notes, you’ll forget which house had what after the fifth one.
▢ Look up comparable sales in the area so you know roughly what similar properties are actually selling for (see my post on How to Value a Property).
▢ Shortlist your favourites and go back for a second look before you get serious 

Ready to Make a Move

▢ Engage a conveyancer or solicitor. You’ll want them in your corner before you even make an offer – so they’re ready once you receive a contract 
▢ Find a reputable local building and pest inspector. Ask around or check reviews, make sure they are happy to talk to you on the phone about results after
▢ Confirm your pre-approval is still current and reflects your actual budget.
▢ Make your offer, with the right conditions attached (see my post on How to Make an Offer).

Between Offer Acceptance and Settlement

▢ Organise your building and pest inspection if it was a condition of your offer.
▢ Get formal (unconditional) loan approval – tell your broker as soon as your offer is accepted/contracts exchanged
▢ Arrange building insurance to start from the date the contract becomes unconditional, not settlement day. 
▢ Let your conveyancer do their thing. They’ll run title searches, check for anything hiding in the contract, and liaise with the seller’s side.
▢ Organise your deposit funds and any other upfront costs (see my post on Upfront Costs of Purchasing Property) so they’re ready to go.

Settlement Day and Beyond

▢ Do a final inspection before settlement to make sure the property is in the condition it should be.
▢ Connect your utilities (electricity, gas, internet) so they’re ready when you move in.
▢ Collect your keys once settlement is confirmed.
▢ Budget for ongoing costs like council rates, insurance and maintenance (see my post on Ongoing Costs of Property).

The Bottom Line

This might seem like a lot but if you have the right people to hold your hand through it all and you’re organised – it’ll be easier than you think. The 3 people you need to engage early on is a Mortgage Broker, a Conveyancer and a Building/Pest inspector.