First Home Buyer Checklist: From Deposit to Settlement

Step 1 — Get clear on your numbers (4–8 weeks before searching)

• Pull together 3 months of bank statements, payslips and existing debts.
• Estimate your true 'genuine savings' — the deposit lenders care about.
• Use a borrowing power calculator to get a rough cap.

Step 2 — Talk to a broker (don't go to your bank first)

A broker compares 40+ lenders. Your bank can only offer you their own products. The same payslips can result in a $90,000 difference in borrowing capacity between lenders — this is where you find that out.

Step 3 — Get pre-approved

Pre-approval is a conditional yes from a lender, valid for 60–90 days. It tells real estate agents you're serious and gives you a hard ceiling for offers.

Step 4 — Search with discipline

• Stick to suburbs that align with your budget — not your wishlist.
• Always inspect twice (once during the day, once on the weekend).
• Order a building & pest inspection before signing anything.

Step 5 — Make an offer

Your broker will help you confirm the offer is within your pre-approval. You'll typically pay a 0.25–10% deposit on contract signing (varies by state).

Step 6 — Formal approval & valuation

Once your offer is accepted, the lender orders a valuation and issues unconditional approval. This usually takes 5–15 business days.

Step 7 — Conveyancing

A conveyancer or solicitor reviews the contract, runs title searches and prepares settlement documents. Budget $1,000–$2,000.

Step 8 — Settlement day 🔑

Funds are transferred, the title is registered in your name, and you collect the keys. Most settlements are now electronic via PEXA.