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Purchase Process

As well as being a major financial undertaking, for many people a property purchase also involves an unfamiliar process. For that reason, we've created this simple guide so you'll have a better idea of what to expect.

Steps to buying a property

Step 1: Finding the home that's right for you

You can make things easier and focus your search for a suitable property by asking yourself a few simple questions:

  • - How much can I borrow?
  • - What are the associated costs such as Stamp Duty
  • - What type of property would you like to live in (e.g. apartment or house)?
  • - Where would you like to live?

Step 2: Organise your finances

You should always make sure you have pre-approval for a home loan before you make an offer or go to an auction. So if you would like to meet with one of our Personal Lending Managers about getting a loan pre-approval now, simply Contact Us.

Step 3: Research and take time to look for a suitable property

Once you've answered the questions in Step 1, you now need to search for a property that meets your criteria.

Step 4: Find an experienced solicitor or conveyancer

Ideally you should contact the most experienced solicitor or conveyancer you can find. They can then review the purchase contract, arrange for inspections, and advise you on your loan documents. The fees they charge can vary widely, so make sure you agree to the costs up front.

Step 5: Consider professional inspections

When you find a property you're interested in, you should have building, strata and pest inspections carried out by independent qualified professionals who have insurance. They may discover issues with the property that require attention and add to the overall cost.

Step 6: Making an offer on the property or bidding at an auction

The most common ways of buying a property are:

  • - Private treaty through an agent where you agree a price with the owner
  • - Private treaty directly with the owner
  • - Auction

Step 7: Exchange of contracts

The solicitor or conveyancer you appointed in Step 3 should examine your "contract for the sale of land" carefully and raise any concerns they have with you. If you decide to proceed with the purchase, a deposit will need to be paid. Your solicitor or the agent will exchange the contracts for you.

Step 8: Settlement

Settlement takes place when you pay the balance of the purchase price and all other outstanding fees. After that, the property is yours. Congratulations!

This is a guide only. You should contact your solicitor, accountant or financial adviser for a detailed explanation on purchasing property. Please also see our website disclaimer.