🧭 Step-by-Step Guide to Buying Property in Australia

by LoansLab

Whether you’re a first home buyer or a seasoned investor, this guide helps you navigate the Australian property market with confidence. Built by real-life investor and mortgage strategist Perry Sareen, this no-fluff walkthrough is your shortcut to clarity.

Step 1: Get Your Financial Foundations Right

Before you look at homes, know what you can afford.

• Understand your borrowing power

• Review your savings, including deposit and buffers

• Check your credit score and existing debts

• Start budgeting like you already have a mortgage

💡 Pro tip: Lenders look for consistency — avoid big financial moves (new car, job switch) right before applying.

Step 2: Get a Broker, Not Just a Bank

The right broker does more than find you a loan — they shape your whole strategy.

• Compare 30+ lenders, not just one bank

• Structure your loan to align with your goals (e.g. interest-only for investors)

• Get help with pre-approval, loan options, and government grants

• Save time, stress, and thousands over the life of your loan

📞 Ready to chat with a broker who’s also an investor? Book a free review with LoansLab

Step 3: Define Your Property Strategy

Not all properties are equal — the best one depends on your goals.

• Are you buying to live in, invest, or renovate and flip?

• What is your risk appetite and timeline?

• Do you want capital growth, cashflow, or a mix?

• Consider location, infrastructure, vacancy rates, and tenant appeal

📌 Avoid decision fatigue: Clarity beats chasing trends.

Step 4: Build the Right Team Around You

Buying a property is a team sport.

• Mortgage Broker – to optimise your finance

• Conveyancer/Solicitor – to manage contracts

• Buyer's Agent (optional) – to find and negotiate properties

• Property Manager (for investors) – to manage tenants and protect your asset

• Accountant – especially if you plan to invest or buy via a trust

🧠 Don’t DIY just to save money — it often costs more in the long run.

Step 5: Choose Your Buying Structure

The way you buy matters — and affects tax, lending, and future strategy.

• Individual name (most common)

• Joint ownership (spouse or family)

• Trusts / Companies – for asset protection or tax planning (get advice!)

• SMSF – for investing via superannuation

💼 LoansLab helps you plan finance based on your structure and future goals.

Step 6: Get Pre-Approval

This gives you clarity and bargaining power.

• Confirms your borrowing limit

• Shows agents and sellers you’re serious

• Helps you move fast when the right property appears

• Valid for ~3–6 months (can be renewed)

🎯 Pre-approval ≠ unconditional approval – don’t skip due diligence.

Step 7: Property Search & Due Diligence

Now the fun (and legwork) begins.

• Inspect multiple properties — don’t fall for the first one

• Compare recent sales, rental yields, and growth trends

• Order a building & pest report

• Understand strata fees (for units/townhouses)

• Ask the right questions before making an offer

🔍 Due diligence today prevents regret tomorrow.

Step 8: Make the Offer & Finalise Finance

Once you're confident, act decisively.

• Negotiate based on facts, not emotion

• Understand cooling-off periods and subject to finance clauses

• Notify your broker as soon as offer is accepted

• Complete loan application and provide all documentation

📄 Unconditional approval is the green light to move forward.

Step 9: Settlement & Ownership

You're almost there.

• Conveyancer handles legal transfer

• Final inspection ensures the property is as agreed

• Settlement day = keys + mortgage begins

• Update utility accounts, insurances, and council

🎉 Congratulations — you’re now a property owner!

Bonus: What Happens After You Buy

Owning is just the beginning.

• Set up offsets/redraw to reduce interest

• Track market value and equity annually

• Plan for next steps: debt reduction, renovation, next purchase

• Review your loan every 12–24 months — you may be able to refinance for a better deal

🧾 Want This Guide as a Downloadable PDF?

📥 [Click here to download the full guide]

👋 Ready to Chat?

Whether you’re unsure where to start, or ready to take the next step — LoansLab can help.

👉 Book your free 15-minute call