The typical steps are: determining your budget and deposit, securing pre-approval for finance, developing your buying strategy, searching for a property, due diligence, negotiations (or bidding at auction), contract review and preparation (inspections, title searches, contract review and special conditions), signing the contract, paying the deposit, and finally settlement.

A common target is around 20% of the purchase price to avoid lenders' mortgage insurance, though many buyers proceed with smaller deposits if they meet lender criteria, using schemes like the First Home Guarantee Scheme with 5%.

Beyond your mortgage repayments, you should allow for stamp duty (if applicable), legal/conveyancing fees, building/pest inspections, property insurance, maintenance/repairs, rates (council, water), and for many buyers—moving and ongoing utilities.

A buyer’s agent works for the buyer, handling research, negotiation, contracts, and advocacy. A selling agent represents the vendor. A buyer’s agent provides expert support, due diligence, better terms, and access to off-market properties.

Consider your lifestyle: commute times, public transport, schools, amenities, future infrastructure, resale potential, and how the area aligns with your long-term plans. Visiting the area, doing research and comparing similar properties helps.

When buying by private treaty, you usually get a cooling-off period (with penalties), but at auction, there’s none. Always review contract terms — settlement date, inclusions, and conditions for the sale to become unconditional. Each State or Territory has its own rules, so understand the contract before proceeding.

It varies widely depending on the contract, the state, and the vendors situation, etc., but many settled transactions in Australia take around 4-12 weeks from contract signing.

Good criteria include location (proximity to services, infrastructure, transport), block size and zoning, quality of construction, layout and appeal, rental demand (if relevant), growth of the suburb, and overall market competitiveness. We have a full due diligence checklist to cover this.

Lenders will assess your income, expenses, credit history, deposit, and the servicing capacity of the loan (including buffer for interest rate rises). You’ll typically require ID, payslips, bank statements, tax returns (if self-employed), details of other liabilities, and evidence of deposit savings. Pre‐approval gives you a guide of what you can borrow.

Due diligence protects you from unexpected issues (structural, pest, regulatory, ownership/title problems). It enables informed decisions and negotiation of terms (or withdrawal). Skipping these steps increases risk. It also very important to carry out flood, fire and zoning checks just to name a few.

Stamp duty (or transfer duty) is a state/territory tax and varies depending on purchase price, property type, location and whether you’re a first home buyer. Legal and conveyancing fees cover contract review, settlement, title search and transfer. These combined sum should be budgeted for in addition to purchase price.

Undertake market research, compare recent sales in the area, engage a buyer’s agent or property adviser, avoid emotional decisions, budget for contingencies, inspect multiple properties and clearly define your criteria (must-haves vs nice-to-haves).

After purchase you’ll need to manage ongoing costs, periodic maintenance, insurance, potential renovations, and if you’re renting the property out you’ll need property management. Consider establishing an eligible maintenance reserve and hire professional services as required.