First-Home Buyer’s Guide to Purchasing Property in Australia
Buying your first property is equal parts exciting and overwhelming, mostly because property advice and finance advice tend to live in separate corners of the internet. This guide brings the two together, step by step.
1. Work out what you can actually afford
Before you look at a single listing, get a realistic sense of your borrowing capacity. We go into the mechanics of this in how borrowing capacity is actually calculated, but the short version: lenders look at income, expenses, existing debt, and the property itself, not just your savings balance.
2. Budget for more than the deposit
Stamp duty, conveyancing, building and pest inspections, and moving costs all add up. We’ve broken these down in detail in stamp duty and other hidden buying costs.
3. Decide how you’re buying: auction, private treaty, or with help
The sale method changes your negotiating position significantly — see our comparison of auction vs private treaty if you’re not sure which you’re dealing with.
4. Consider whether a buyer’s agent makes sense for you
Not everyone needs one, but for time-poor or first-time buyers a good buyer’s agent can pay for themselves in a better price or a purchase you don’t come to regret. Firms like Alcove and Aus Property Professionals operate in this space — our guide on what a buyer’s agent actually does explains what to expect.
5. Understand the cooling-off period before you sign
Rules vary by state, so don’t assume the cooling-off period you’ve heard about applies everywhere. We explain the general shape of it in our cooling-off period guide — always confirm the specific rule for your state before signing anything.
The bottom line
There’s no single ‘right’ way to buy your first home, but there is a right order to do your homework in: finance first, process second, negotiation third. Start with our guides on each.
