How do you buy a house in Australia
A simple, step-by-step guide on the Australian home buying process, from securing finance to settlement. Start your journey with clarity and confidence.
How Do You Buy a House in Australia? Step by Step Guide
Learn how to buy a house in Australia—from saving your deposit and choosing a loan to settlement. A clear guide for buyers in Australia.
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What is the first step when buying a house?
The first step in buying property in Australia is securing your finances. Determine how much you can borrow, budget for costs like stamp duty and LMI and get formal pre-approval. This confirms your budget, shows sellers you’re serious and makes the rest of the process smoother. Starting your search without financial clarity is a common mistake.
Calculate costs: Include your deposit, LMI and government fees.
Prepare documents: Gather proof of income, savings and employment.
Get pre-approval: Confirms your budget and borrowing power.
HeyNest connects you with an independent mortgage broker who compares hundreds of loans to get the best pre-approval quickly, so you can start your search with confidence.
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How to find and secure the perfect property
Once your finances are sorted, it’s time to find the right home. Research recent sales in your target suburbs, then make an offer (private treaty) or bid (auction). Always complete due diligence, get inspections done and have your solicitor review the contract before signing. Stick to your budget and buying strategy.
Market research: Compare recent local sales.
Due diligence: Get building and pest inspections.
Contract review: Have a solicitor review before signing.
Offer or bid: Negotiate, but don’t exceed your limit.
After your offer is accepted, move quickly to formal loan approval. Your HeyNest broker ensures loan paperwork is processed fast and accurately, helping you progress smoothly to settlement.
Stop Stressing: Why a Broker is the 'Smart, Chill' Way
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Traditional Bank
Access to many lenders
Compares and negotiates the best market rates for you.
Dedicated, personalized guide every step of the way.
Only offers their own limited products.
Standard, often non-negotiable in-house rates.
Standardized service; often no single dedicated contact.
What happens between signing and settlement?
After signing, your solicitor and lender handle the legal and financial details. Your solicitor manages title transfer, while your lender finalizes the loan and prepares fund transfer. A final inspection confirms the property’s condition before settlement. Coordination between all parties ensures a smooth handover.
Conveyancing: Handles title transfer.
Formal approval: Final bank confirmation.
Final inspection: Ensure property condition is unchanged.
Settlement: Official key and ownership transfer.
Your HeyNest-connected broker coordinates with your solicitor and lender to streamline settlement, managing logistics for a stress-free path to home ownership.
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Frequently asked questions
How much deposit do I need to buy a house in Australia?
While 20% avoids LMI, many lenders accept as little as 5% with compulsory Lenders Mortgage Insurance.
Do I need a mortgage broker to buy a house in Australia?
No, but a broker compares many lenders, negotiates terms and provides impartial advice, saving you time and potentially money.
What is stamp duty?
A state government tax paid by the buyer, calculated based on the property's purchase price or market value.
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