First home buyer checklist

1. 01 Work out your budget Set what you can realistically spend, including a buffer for rate rises and the costs beyond the price. Worth knowing: The purchase price is not the total cost; stamp duty, conveyancing, and inspections add up.
2. 02 Save your deposit Aim for a deposit that keeps your borrowing workable, factoring in whether lenders mortgage insurance applies. Worth knowing: A deposit under 20% usually means paying LMI, unless a grant or guarantee applies.
3. 03 Check grants and concessions See which first-home benefits you qualify for before you buy, as some have price caps and timing rules. Worth knowing: The stamp duty concession and First Home Owner Grant have eligibility limits worth confirming early.
4. 04 Get mortgage pre-approval A lender's written indication of what you can borrow, so you shop with a real number. Worth knowing: Pre-approval can be reduced if the property values low or your circumstances change.
5. 05 Line up a conveyancer Choose your conveyancer early so they can review documents before you sign. Worth knowing: Booking one only after you've found a place leaves no time for a proper review.
6. 06 Inspect properties View homes with a critical eye, and book a building and pest inspection before you commit. Worth knowing: An open home is not a building inspection; serious faults need a qualified inspector.
7. 07 Read the Section 32 Have your conveyancer review the Vendor's Statement and contract before you sign or bid. Worth knowing: The Section 32 discloses title, easements, overlays and outgoings you can't see at an inspection.
8. 08 Understand cooling-off Know your three-business-day cooling-off right in a private sale, and that it does not apply at auction. Worth knowing: Buy at auction and you are committed at the fall of the hammer, with no cooling-off.
9. 09 Make your offer or bid Offer or bid to a firm limit you set in advance and won't exceed. Worth knowing: Auction pressure is designed to push you past your number; decide it beforehand.
10. 10 Sign and pay the deposit Sign the contract, pay the deposit, and let any cooling-off period run. Worth knowing: Do your due diligence before signing, not during the short cooling-off window.
11. 11 Finalise finance and insurance Move from pre-approval to unconditional approval, and arrange building insurance from the contract date. Worth knowing: Finance approval is not guaranteed until the lender values the specific property.
12. 12 Settle and get the keys Your conveyancer runs settlement; you provide the balance of funds and collect the keys. Worth knowing: Do your pre-settlement inspection in the days before, while issues can still be raised.

General information only. This checklist is a general guide to buying a first home in Victoria. It is not legal or financial advice and does not replace a licensed conveyancer, broker, or financial adviser.