1. Decide: Should You Buy Right Now?

Most people skip this step — and regret it later.

✔ Financial reality

• Compare rent vs total cost of ownership
  (mortgage + strata + maintenance + insurance)

• Check your true borrowing comfort, not just maximum capacity

• Factor in interest rate changes

✔ Lifestyle reality

• How long do you realistically plan to stay?
  (Buying generally makes more sense at 5+ years)

• Career stability and flexibility

• Future life changes (family, relocation, etc.)

✔ Personal drivers

• Are you buying for:

  • Stability?

  • Pressure from others?

  • Fear of missing out?

👉 If this step isn’t clear → it may be worth waiting or strengthening your position first

👉 Not fully confident buying is right for you? Start here instead:

2. Understand Your Financial Position

✔ Deposit & costs

• Savings available

• Stamp duty (significant in NSW)

• Legal + inspection costs

• Buffer (3–6 months recommended)

✔ Borrowing position

• Speak to a mortgage broker

• Understand:

  • Borrowing range

  • Monthly repayment impact

✔ Pre-approval

• Strongly recommended before serious searching

• Helps you act quickly and confidently

3. Define Your Strategy (Your “Buy Box”)

Before you start searching, get clear on:

• Location(s)

• Property type (apartment, house, etc.)

• Budget ceiling (not your max borrowing limit)

✔ Market awareness

• Focus on sold prices, not listing prices

• Track:

  • Time on market

  • Supply vs demand

• Attend inspections to build real understanding

4. Build Your Team Early

This step is often rushed — don’t leave it too late.

• ✔ Mortgage broker

• ✔ Conveyancer / solicitor (especially important in NSW)

• ✔ Building & pest inspector

• ✔ (Optional) Buyer’s agent

5. Inspect Properties Properly

Look beyond surface presentation.

✔ Key things to assess:

• Layout and functionality

• Natural light and ventilation

• Noise and surroundings

• Build quality and condition

✔ Ask questions:

• Why is the owner selling?

• Any known issues or defects?

• Strata details (if applicable)

6. Due Diligence (Where Decisions Are Made)

This is one of the most important stages.

✔ Contract review (NSW)

• Have your solicitor review before making an offer

✔ Key checks:

• Title and ownership

• Zoning and restrictions

• Easements

• Strata records (if applicable)

✔ Inspections:

• Building inspection

• Pest inspection

7. Making an Offer

✔ Understand the process:

• Private sale → negotiation

• Auction → no cooling-off

✔ Be clear on:

• Your walk-away price

• Market value vs asking price

✔ NSW note:

• Cooling-off period: typically 5 business days

• 0.25% deposit payable if you withdraw

8. Exchange of Contracts

• Contracts signed by both parties

• Deposit paid (typically 10%)

👉 At this point, the agreement becomes legally binding

9. Finalise Finance

• Formal loan approval

• Bank valuation completed

• Loan documents signed

10. Pre-Settlement Checks

• Final inspection of the property

• Confirm:

  • Condition is unchanged

  • Fixtures included are present

11. Settlement

• Funds transferred

• Ownership officially changes

👉 You now own the property

12. After Settlement

• Set up insurance (building + contents)

• Arrange utilities

• Understand strata obligations (if applicable)

⚠️ NSW-Specific Considerations

• Stamp duty can significantly impact upfront costs

• Auction purchases have no cooling-off period

• Legal review of contracts should happen before committing

• Conveyancer involvement early is critical

✨ Want a more structured version?

👉 A printable version of this checklist (with deeper guidance and prompts) is coming soon.

👉 Not fully confident buying is right for you?

Start here instead: