First Home Buyer Checklist: Everything You Need to Do

Calculate your total savings and separate what is available as a deposit from your emergency fund.

Check your credit score and address any errors or overdue accounts before applying for a mortgage.

Research first home buyer grants, stamp duty concessions, or government schemes available in your state or country.

Calculate the true cost of buying: deposit, stamp duty, legal fees, inspection fees, moving costs, and upfront repairs.

Avoid taking on new debts, changing jobs, or making large purchases in the months before applying for a mortgage.

Build a monthly budget that includes mortgage repayments, council rates, body corporate fees if applicable, insurance, and maintenance.

Compare home loan interest rates, offset accounts, redraw facilities, and fixed versus variable options across at least three lenders.

Get pre-approval in writing before making any offers. Pre-approval confirms your borrowing capacity and strengthens your position.

Define your non-negotiable criteria: number of bedrooms, proximity to work or school, and maximum commute time.

Separate must-haves from nice-to-haves so you can make faster decisions when properties come up.

Research median prices in your target suburbs over the past 12 months to understand real market value.

Visit properties in person even if you have already seen them online. Photos routinely flatter and conceal.

Attend open homes at different times of day to observe traffic noise, natural light, and street activity.

Check the proximity of the property to flood zones, bushfire overlays, or flight paths using council or government mapping tools.

Research planned infrastructure, zoning changes, or development applications near the property that could affect amenity or value.

Walk around the neighbourhood at different times, including evening, to get a realistic sense of safety and atmosphere.

Hire a qualified building inspector before making an unconditional offer. Never skip this step to save money.

Hire a pest and termite inspector separately from the building inspector unless the same firm covers both.

Read the full building and pest report yourself rather than relying on a summary. Understand what is major versus minor.

For strata or apartment properties, review at least two years of strata meeting minutes to identify known issues or disputes.

Check the strata levy amount, the sinking fund balance, and whether any major works are planned.

Ask the agent directly: why is the vendor selling, how long has it been on the market, and have there been any previous offers.

Verify that the property boundaries match the title and that there are no encroachments, easements, or caveats that concern you.

Have your conveyancer or solicitor review the contract of sale before you sign anything.

Include a finance condition in your offer if your pre-approval is not yet unconditional.

Include a building and pest inspection condition unless you have already completed it and are comfortable with the result.

Negotiate repairs, inclusions, or a price reduction based on findings from the building report rather than walking away without trying.

Confirm the settlement date and what fixtures and fittings are included in the sale.

Understand the cooling-off period in your jurisdiction and what financial penalty applies if you withdraw within it.

Submit your full mortgage application promptly once the offer is accepted to avoid delays at settlement.

Respond to any lender requests for additional documents within 24 to 48 hours.

Arrange building insurance to take effect from the date of exchange, not settlement.

Arrange a final inspection of the property within 24 to 48 hours of settlement to confirm its condition.

Confirm settlement date, time, and transfer amount with your conveyancer and make sure funds are in place the day before.

Confirm key handover arrangements with the agent for settlement day.

Change all locks on the property. Previous owners, agents, or tradespeople may still hold copies of keys.

Take meter readings for electricity, gas, and water on day one and photograph them.

Set up electricity, gas, internet, and water accounts in your name immediately after settlement.

Test smoke alarms and carbon monoxide detectors and replace batteries.

Locate the fuse box, water mains stopcock, and gas meter so you can act quickly in an emergency.

Update your address with your bank, employer, electoral roll, Medicare or health providers, and any government departments.

Introduce yourself to immediate neighbours. Good relationships with neighbours prevent most disputes before they start.

Create a priority maintenance list based on what the building inspection flagged and get quotes in the first month.