Ready to start the journey to a new home? This guide gives a clear view of the full buying process, from budgeting to settlement. You’ll learn how a realistic savings plan and a sensible deposit target shape the loan you need.

Many buyers aim for a 20% deposit to avoid Lenders Mortgage Insurance. If that feels out of reach, the Australia first home buyer 5% initiative can help eligible people purchase sooner while avoiding extra LMI costs.

Pre-approval usually lasts 3–6 months and defines a sensible price range. Auctions need an immediate deposit and have no cooling-off period, so plan offers and funds carefully.

Before settlement, arrange building and pest inspections, a contract review, and final checks. For personalised advice on scheme eligibility, deposit strategy and next steps, contact Kingsman Accountants — they can liaise with your bank, broker and conveyancer to keep things on track.

Key Takeaways

Set a budget and savings plan; a larger deposit lowers loan costs.
The 5% Deposit Scheme can speed up entry for eligible first home buyers.
Get pre-approval to set your search window and show sellers you’re serious.
Auctions differ from private sales — know deposit and cooling-off rules.
Do inspections, valuations and a contract review before settlement.
Speak with Kingsman Accountants for tailored help with eligibility and paperwork.

Buying Your First Property in Australia

Start by setting a clear budget and a practical savings goal. Research local market prices so your expectations match what suburbs actually sell for. This gives you a sensible price range and helps shape loan choices.

Seek pre-approval from a bank or lender to lock a provisional borrowing limit; it usually lasts three to six months. Pre-approval saves time at opens and makes offers more credible. Remember auctions need an immediate deposit and have no cooling-off, while private treaty often allows a short cooling-off period depending on state rules.

Feature	Auction	Private sale
Deposit timing	Immediate on contract	Usually within a few days
Cooling-off	No cooling-off	Cooling-off may apply by state
Risk	Higher bidder pressure	More negotiation levers
Best for	Clear timeline and decisive buyers	Buyers who need conditions or inspections

Map the buying process from budget to settlement.
Arrange inspections, a lender valuation and a solicitor review of the contract.
Prep documents to speed up loan approval and reduce delays.

The 5% initiative can be an entry point for eligible buyers. For tailored guidance on scheme eligibility, loan options and timeline planning, contact Kingsman Accountants early to clarify choices and next steps.

Set your budget and savings plan for a deposit

Knowing how much to save removes surprises when you apply for a home loan.

Work out a deposit amount that fits your budget and the time you can commit. Compare a 20% target, which usually avoids Lenders Mortgage Insurance, with the 5% pathway offered by the government for eligible first home buyers.

The 5% Deposit Scheme lets eligible applicants enter the market sooner without paying LMI. It does not remove other upfront costs, so factor in fees, inspections and stamp duty when you set a price target.

Use simple savings tools and a dedicated account. Automate transfers right after payday and trim recurring subscriptions to build progress each month.

Set a clear deposit target and timeline based on recent local sale prices.
Keep payslips and bank statements tidy to satisfy a lender during a loan check.
Weigh waiting for 20% against using the 5% option — each affects monthly mortgage repayments.

Pathway	Typical deposit	Key trade-off
20% deposit	20%	Avoids Lenders Mortgage Insurance; lower monthly mortgage costs
Government 5% scheme	5%	Enter market sooner; must meet eligibility and cover other upfront costs
Savings plan tips	Variable	Automate savings, cut recurring costs, set milestones and review progress

If you’re unsure which amount you’ll need, Kingsman Accountants can map a deposit roadmap and liaise with your bank or lender to align timing and pre-approval.

Understand the Australian Government 5% initiative

The 5% Deposit Scheme helps eligible buyers enter the market with a much smaller deposit. It removes Lenders Mortgage Insurance (LMI) for qualified applicants while the lender still checks ability to repay.

Who can apply and key conditions

Eligibility depends on being a first home buyer who meets income and ownership tests. There are property price caps and other conditions that affect what you can buy.

How it works with lenders, brokers and approval

Start with pre-approval from a bank or home loan provider; this usually lasts three to six months. Lenders assess serviceability, then your broker or bank helps match eligible loans to the scheme.

Example and repayment impact

Purchase price	Deposit (5%)	Notes
$680,000	$34,000	Deposit only — other upfront costs still apply
Smaller deposit	Higher loan amount	Increases mortgage repayments over time
Lender checks	Serviceability	Approval depends on income, expenses and credit

Plan paperwork early — ID, payslips and bank statements speed the process. Contact Kingsman Accountants to confirm eligibility and coordinate with your lender or mortgage broker when you find a suitable property and sign a contract.

Work out your borrowing power and financial situation

A clear view of income and commitments shows your realistic borrowing limit. Gather payslips, bank statements and a list of regular expenses to map what you can afford.

Income, expenses, credit score and serviceability

Map income and outgoings so you know how much a loan might be. Lenders look at salary, rent, living costs and any debts when they test serviceability.

Tidy your credit profile. Pay cards down, keep bills current and hold steady savings for several months. This strengthens a mortgage application and improves the chance of approval.

Stress-testing repayments if interest rates rise

Run a simple test: add 2% to the current interest rate and recalc repayments. If the result fits your budget, you are better prepared for market moves.

Factor	What lenders check	Why it matters
Income	Pay, bonuses, allowances	Determines maximum loan
Expenses & debts	Living costs, cards, loans	Affects serviceability
Valuation & deposit	Lender valuation, deposit size	Can change approved loan and price target

Compare likely outcomes from a bank and a broker panel. Ask Kingsman Accountants to model scenarios, including the 5% pathway, so you can set a confident timeline to contract stage.

Compare home loan options and interest rates

Small rate differences can reshape what you pay across a 25–30 year mortgage. Choosing the right mix of fixed, variable or split options helps balance certainty and flexibility.

Fixed, variable and features that matter

Fixed rates give payment certainty for a set term. They suit buyers who value stable repayments and can accept break costs if refinancing early.

Variable loans offer flexibility, redraw and offset accounts. They let you benefit from rate falls and often support salary deposits to reduce interest.

Why small differences matter over the loan period

Even a 0.5% change in interest can add thousands to the total mortgage cost. Compare headline rates, fees, and package benefits to see real value.

Compare fixed vs variable, offset and redraw features based on how long you’ll hold the home.
Check break costs, refix timing and how a lender values the property — valuation rules can alter borrowing capacity.
Confirm settlement-ready timelines so a rate offer stays valid until you sign the contract.
Ask banks and brokers how they assess applications and what documents speed decisions.
Kingsman Accountants can cross-check figures and liaise with your mortgage broker or bank to compare structures.

Feature	Fixed	Variable
Payment certainty	High	Lower
Flexibility & features	Limited	Offset, redraw, split options
Refinance / break costs	Possible fees	Typically lower

Pre-approval: set your price range and timeline

A pre-approval letter helps you target a sensible price range and shows agents you’re serious. It indicates how much a lender may let you borrow but is not a final approval for settlement.

What pre-approval means and typical 3–6 month validity

Pre-approval usually lasts around 3–6 months. During this time your home loan offer holds while you search.

Remember that final approval depends on a valuation and meeting all lender conditions before the contract exchange.

Documents your lender or mortgage broker will need

Photo ID, recent payslips and employer details for the application.
Bank statements and proof of savings to show deposit readiness.
Tax returns if self-employed and any existing loan statements.
Tell your broker about job changes, new debts or large purchases that may affect approval.

Kingsman Accountants can pull these documents together, time your application to the 5% initiative and liaise with a mortgage broker or bank so you move fast when the right home appears.

Choose your support team: mortgage broker, bank, and real estate agent

Choose the right team early so paperwork, budgets and bids move smoothly. A clear support network reduces delays and helps you act quickly when a suitable home comes up.

Broker vs bank: pros, cons and lender policy differences

Mortgage broker access means one point to compare several loan products and features. Ask which lenders the broker works with and how they’re paid so advice is transparent.

Bank direct deals can suit buyers who prefer a single contact and known service levels. Check how each lender treats overtime, rent or boarder income — policy quirks change borrowing power.

Working with a real estate agent and buyer’s advocate

Pick an estate agent or buyer’s advocate who knows local sale benchmarks and auction tactics. A buyer’s advocate can bid at auctions and negotiate private sales on your behalf.

Decide to go direct to a bank or use a broker to widen loan choices.
Set communication rules with your agent for quick updates and inspections.
Confirm how lenders want documents submitted to avoid contract delays.
Ensure a conveyancer reviews the contract early so you can bid or offer with confidence.

Tip: Use Kingsman Accountants to coordinate your broker, bank and conveyancer. They can keep numbers clear, documents accurate and conditions met so the loan and contract process stays on track.

Research the market: property type, location, and value

Look beyond listings: recent sold prices tell the real story of a suburb’s value. Use that data to set realistic expectations before you inspect or bid.

Must-haves vs nice-to-haves to refine your search

Define must-haves first — size, commute time, public transport and school zones shape long‑term value.

Nice-to-haves such as high-end fittings or landscaping can add cost without boosting resale value.

Understanding local market conditions and recent sale price data

Browse major real estate portals, talk to a local estate agent and track recent sales to see true price ranges.

Compare house, townhouse and apartment costs and note strata fees or maintenance that affect ongoing value.

Stick to your pre-approved range to avoid overpaying.
Ask an agent for comparable sales to gauge fair market value.
Be flexible with suburbs to find more value or space for the same purchase budget.
Request building and strata details early so you can move quickly when time matters.

Kingsman Accountants can sanity-check your budget against local price data so you only chase homes that fit the plan.

Build, buy established, or purchase off-the-plan

Deciding between building on vacant land, buying an established house or signing an off‑the‑plan contract shapes timeline, costs and risk.

Buying land and building: staged payments, approvals, warranties

Building gives customisation and energy efficiency but needs staged payments that affect loan drawdowns and cash flow. Check council approval timeframes and builder warranties so delays and defects are covered.

House-and-land packages: inclusions, exclusions, estate considerations

Packages often bundle land and a standard design. Review inclusions closely — landscaping, driveways and extras may be excluded and add to the final price.

Consider estate location: distance to transport, shops and services will affect long‑term value.

Off-the-plan: deposits, timeline risks and valuation changes

Off‑the‑plan needs a deposit up front but settlement may be months or years away. Be aware that valuation changes at settlement can alter loan terms or require extra cash if there’s a shortfall.

Established homes: speed to settlement and what to check

Established homes usually settle faster and show real condition. Prioritise building and pest inspections to uncover issues before signing the contract.

Talk to Kingsman Accountants to compare cash flow for staged building versus buying an established home so you can pick the best route for price, loan timing and long‑term value.

Private treaty vs auction: how the buying process differs

Deciding whether to bid at auction or negotiate privately changes how quickly you must act and what protections you keep. Each route affects deposit timing, cooling-off and how a lender approaches valuation and final approval.

Making an offer, conditions, and cooling-off periods by state

In a private sale you can usually lodge a conditional offer. Typical conditions include finance approval, valuation and building inspections.

Check the cooling-off period that applies in your state so you know how much time you have for due diligence and to withdraw if needed.

Auction day readiness: no cooling-off, deposit, and contract exchange

Auction sales require immediate exchange and a deposit on the spot — often around 10% — and there is no cooling-off period. Be ready to pay and sign.

Aspect	Private sale	Auction
Offer type	Conditional offers allowed	Unconditional on successful bid
Cooling-off period	Varies by state	None
Deposit timing	Usually within a few days	Immediate at exchange
Lender action	Valuation & approval before exchange if conditioned	Pre-approval and valuation checks recommended before auction

Practical tip: Ask the real estate agent for a copy of the contract early. Have Kingsman Accountants and your conveyancer review the contract and finance items before you make an offer or bid. That alignment reduces risk and saves time.

Due diligence: inspections, valuation, and contract of sale

Run practical checks on any home before you sign so surprises don’t derail settlement. A quick plan for inspections, legal review and valuation keeps risks clear and costs predictable.

Building and pest inspection: uncovering structural and pest issues

Book a building and pest inspection early. These reports reveal structural defects, damp, electrical faults or termite activity.

If problems appear, estimate repair costs and ask for quotes before you decide. You can renegotiate conditions or withdraw while the contract still allows it.

Strata reports for apartments, townhouses, and villas

For apartments and townhouses, order a strata report. It shows levies, sinking fund status, maintenance plans and any disputes that affect future costs.

Contract review by a solicitor or conveyancer

Have a solicitor or conveyancer check the contract of sale. They clarify inclusions, exclusions, settlement dates, deposit terms and penalty clauses.

Confirm special conditions that protect you if inspections reveal major issues.

Lender valuation and how it affects final approval

A lender’s valuation can change your approved loan amount. If the valuation comes in lower than the agreed price, you may need a bigger deposit or a renegotiated price.

Keep loan documents current so final approval proceeds smoothly after valuation.

Book a building and pest inspection early to flag defects or pests.
Order a strata report for shared estate management and levies.
Get a contract reviewed to clarify conditions and costs.
Understand how valuation may alter loan size and deposit needs.
Ask Kingsman Accountants to model finance effects from inspection or valuation findings.

Tip: File reports and contract versions together and share them with your conveyancer and Kingsman Accountants. That coordination helps you act fast and protects your budget.

Settlement steps and timeline to getting the keys

Settlement day is the final handover — funds move, title changes hands and you collect the keys.

What happens on settlement day and who does what

On the agreed contract date the lender transfers funds to the seller through your conveyancer. The title is registered and the mortgage commences.

The bank and conveyancer coordinate the final money movements. Allow extra time for any last-minute application checks or documents.

Final inspection checklist before you authorise payment

Confirm the settlement date in the contract and ensure documents are signed before the period ends.
Complete a final walk-through with the agent to check agreed inclusions and condition.
Arrange building insurance so cover is active by settlement — some lenders require it.
Review the settlement statement for rates adjustments, fees and loan figures for accuracy.
Plan logistics: movers, utilities and immediate repairs for the first week at your new home.

Tip: Ask Kingsman Accountants to reconcile figures and liaise with your lender and conveyancer ahead of time so settlement runs smoothly and delays are avoided.

Upfront and ongoing costs you need to plan for

Estimate all upfront fees early so the true cash needed is clear before you sign. This helps you compare the total cost to the deposit and any loan offer.

Stamp duty by state and when you need to pay

Stamp duty is a state tax and applies differently across each jurisdiction. Use official calculators to estimate the amount and to see the date you need pay after settlement.

Conveyancing, inspections and application fees

Budget for conveyancing, building and pest inspections, mortgage registration, transfer fees and lender application fees. These one-off costs add to the upfront costs beyond the deposit.

Typical upfront item	Estimated range	Why it matters
Conveyancer & searches	$800–$2,000	Legal checks and settlement handling
Inspections & reports	$400–$1,000	Uncovers defects and informs negotiation
Loan application & registration	$200–$1,200	Fees charged by bank and state titles office

Home and contents insurance

Arrange building and contents insurance from settlement day one. Lenders often require evidence of cover before final loan payout.

Rates, strata, maintenance and ongoing amounts

Plan for council rates, strata levies and regular maintenance so monthly money flows remain stable. Keep a contingency fund for repairs found after settlement.

List every upfront cost so your home budget is accurate.
Use state stamp duty calculators to check how price affects duty brackets.
Ask your bank for a full fee schedule tied to the loan and application process.
Kingsman Accountants can total all costs, model cash flow and show how the 5% initiative alters the overall picture.

Ownership structures and legal considerations

Decide how you want title and control recorded: this affects tax, inheritance and refinancing.

Joint tenants vs tenants in common

Joint tenants hold equal shares with a right of survivorship. If one owner dies, the other automatically inherits the whole home.

Tenants in common allow unequal shares and let owners pass their share via their estate. This suits people who contribute different amounts or need estate planning flexibility.

Special conditions in contracts and negotiation levers

Use special conditions in a contract to protect yourself. They can extend settlement, alter deposit size or require specific repairs be completed before handover.

Negotiate price and inclusions with the agent using recent comparable sales and inspection reports. Always check lender acceptance of your chosen structure, as some loan or mortgage terms need extra paperwork.

Issue	Joint tenants	Tenants in common
Shares	Equal	Can be unequal
Inheritance	Survivorship applies	Passes via estate
Effect on loan	Lender may require consent	Lender reviews shares and docs

Recommendation: Seek legal review and financial advice from Kingsman Accountants before finalising ownership or adding special conditions. Keep clear purchase documents to protect value and avoid disputes.

Government support beyond the 5% initiative

Many state and territory programs sit alongside national schemes and can reduce the cash needed at settlement. These include the First Home Owner Grant and targeted stamp duty relief that vary by jurisdiction.

First Home Owner Grant eligibility and state-based conditions

The First Home Owner Grant is national but administered by each state and territory. Amounts and rules differ, for example whether the grant applies to new builds or established homes and the maximum price allowed.

Core eligibility usually includes being a first home buyer, aged 18 or over, and an Australian citizen or permanent resident who will live in the home for at least six months.

Stamp duty concessions and exemptions

Many states offer stamp duty concessions or exemptions for eligible buyers. These can significantly lower upfront costs but often include price caps and other conditions.

Check how grant amount and stamp duty relief apply to build versus established purchases.
Prepare ID, income evidence and contract details to speed any application.
Ask your bank how grants affect your loan structure and deposit needs.

Tip: Use official state resources to confirm current rules and contact Kingsman Accountants to check eligibility and align approvals with your settlement timeline.

Get tailored advice and next steps with Kingsman Accountants

Act early to align documents, pre‑approval windows and contract milestones for a smoother move.

Map your deposit strategy, borrowing power, and scheme eligibility

We’ll help you match a deposit plan to a typical pre‑approval window of three to six months. That keeps deposit targets and the 5% pathway aligned with lender checks.

Gather ID, payslips and bank statements now so your application and approval run faster when you find a suitable home.

Coordinate with your lender, mortgage broker, and conveyancer

Kingsman Accountants will liaise with your bank and mortgage broker to keep the home loan application complete and accurate. We track valuation, inspection and contract dates to reduce delays between offer and settlement.

Practical next steps and what we’ll do for you

Confirm eligibility for the 5% initiative and list documents you’ll need for the application.
Model loan repayments at different rates so you hold a sensible cash buffer.
Coordinate with your broker and lender to finalise pre‑approval, then monitor any required updates if your search runs long.
Review costs before exchange and stay on top of contract milestones to avoid surprises at settlement.

Contact Kingsman Accountants for personalised planning. We’ll guide the deposit steps, complete your loan paperwork and stay with you through to settlement so the purchase and move‑in are as smooth as possible.

Conclusion

This guide wraps up a clear checklist so you can move from saving to settlement with confidence.

Set a budget and deposit goal, consider the 5% initiative if eligible, and secure pre‑approval (typically three to six months). Research local market price data, compare loan features and run inspections plus a legal contract review before exchange.

Plan for stamp duty, insurance and settlement steps so cash flow stays steady after purchase. Focus on the items that add most value: deposit planning, pre‑approval and careful due diligence.

Contact Kingsman Accountants, for a personalised plan, eligibility check for the 5% initiative and help lining up lenders, brokers and conveyancers.

FAQ

What deposit will I need — is 20% always required or can I use a 5% pathway?

You can aim for a 20% deposit to avoid Lenders Mortgage Insurance (LMI), but the Australian Government’s 5% Deposit Scheme lets eligible buyers purchase with just 5% deposit while the government guarantees a portion of the loan. Eligibility, lender rules and the purchase price cap vary by state and property type, so check scheme limits and speak with a mortgage broker or lender about LMI, interest rate implications and total loan costs.

How do I save faster and set a realistic timeline for my deposit?

Start with a simple budget that tracks income and expenses, set a weekly or monthly savings target, and automate transfers to a high‑interest savings account. Reduce discretionary spending, use government incentives like First Home Owner Grant when eligible, and consider salary sacrificing or a family pledge to speed progress. Aim for a timeline in months or years depending on your deposit goal and local market prices.

Can I avoid Lenders Mortgage Insurance with a smaller deposit?

Avoiding LMI usually means having at least 20% deposit or using a guarantor or family pledge. The 5% Deposit Scheme removes some LMI need by providing a guarantee, but lenders may apply different fees or stricter serviceability checks. Discuss options with a mortgage broker to see which strategy suits your finances and long‑term plans.

What is the 5% Deposit Scheme and who can apply?

The National Housing Finance and Investment Corporation’s 5% Deposit Scheme helps eligible first‑home buyers with low deposits by providing a guarantee so the buyer can avoid lender‑paid mortgage insurance. Applicants must meet income, savings and property price caps, and typically be Australian citizens or permanent residents; check the NHFIC website and state rules for full details.

How does the 5% scheme affect the purchase price and repayments?

The scheme sets purchase price caps by region; you must buy below the cap. With a smaller deposit, your loan amount is larger so monthly repayments rise and total interest paid increases. Use a loan repayment calculator or ask a lender to model repayments at current interest rates and under potential rate rises to see the impact.

How does the scheme work with lenders, brokers and pre‑approval?

Not all lenders participate in the scheme. A mortgage broker can identify participating lenders and arrange pre‑approval showing your borrowing power under the scheme. Pre‑approval gives you a price range and typically lasts 90–180 days, depending on the lender.

Can you give an example of a 5% deposit and its repayment impact?

For example, on a 0,000 purchase a 5% deposit is ,000 versus 0,000 at 20%. The loan difference dramatically increases monthly repayments and total interest over a 30‑year term. Exact figures depend on interest rate, loan features and fees, so get personalised quotes from lenders or a broker.

How do I work out borrowing power and assess my financial situation?

Lenders assess income, living expenses, existing debts, credit history and serviceability. Gather payslips, bank statements, tax returns and statements for any debts. Use online borrowing calculators for a quick estimate, then get a lender or broker pre‑approval for an accurate figure based on current lending policies.

How should I stress‑test repayments if interest rates rise?

Re‑run repayment scenarios adding 1–3 percentage points to your current rate and check if you can still cover repayments plus living costs. Lenders usually do this, but you should model worst‑case scenarios to ensure you can handle rate rises without financial strain.

What home loan types should I compare and which features matter?

Compare fixed vs variable rates, offset accounts, redraw facilities, repayment flexibility and fees. Fixed rates give certainty for a set term while variable rates offer flexibility and potential savings. Small rate differences matter over 25–30 years, so look at the comparison rate, ongoing fees and any incentives.

How can I find a lower interest rate and why do small differences matter?

Shop around, use a mortgage broker to access multiple lenders, and consider switching if fees and exit penalties are low. Even a 0.5% difference can save tens of thousands over the life of the loan, especially on large balances and long terms.

What does pre‑approval mean and how long is it valid?

Pre‑approval is a provisional commitment from a lender based on your financial details, giving you a price range to bid within. Typical validity is 90–180 days, but confirm the exact period with your lender as conditions vary and market changes can affect final approval.

What documents will a lender or mortgage broker need for an application?

Common documents include ID, recent payslips, bank statements, tax returns (if self‑employed), Centrelink statements (if applicable), employment details and summaries of existing debts. Providing accurate, up‑to‑date paperwork speeds approval.

Should I use a mortgage broker, go direct to a bank, or both?

A broker compares many lenders and can save time; banks may offer in‑house deals to existing customers. Weigh broker fees, lender product menus and your comfort level. Many buyers use a broker for options and a bank for final loan offers if preferred.

What role does a real estate agent or buyer’s advocate play?

Real estate agents sell properties and represent vendors; buyer’s advocates act for purchasers by finding homes, negotiating offers and advising on market value. Use a buyer’s advocate if you need local market expertise or limited time for property searches.

How do I decide on must‑haves vs nice‑to‑haves when searching?

List essentials that affect daily life — commute, schools, number of bedrooms — and secondary items like future reno potential or landscaping. Prioritise location and structural soundness; compromise on aesthetics if budget or market constraints require it.

How can I understand local market conditions and recent sale prices?

Use state property portals like realestate.com.au and Domain for sold data, review local council statistics and consult agents for suburb comparables. Auction results and RP Data reports also show recent sale prices and trends.

What’s the difference between building new, buying off‑the‑plan or purchasing established?

Building lets you customise but involves staged payments, council approvals and longer timelines. Off‑the‑plan can lock in price early but carries completion and valuation risks. Established homes offer quicker settlement and clearer condition assessments. Each has different finance, warranty and valuation considerations.

What should I check with house and land packages or staged building payments?

Confirm contract inclusions/exclusions, fixed price clauses, build timelines, warranties (like Home Building Compensation), and milestone payment schedule. Check strata or estate covenants and whether variations incur extra costs.

How do off‑the‑plan deposits and timeline risks affect me?

Off‑the‑plan often requires an initial deposit (commonly 5–10%) with balance due on completion months or years later. Market shifts can change valuation and borrowing capacity. Ensure lender comfort with completion risk and have contingency plans if finance conditions change.

What’s the buying difference between private treaty and auction?

Private treaty allows negotiation, possible conditions and a cooling‑off period (state dependent). Auctions are unconditional at exchange — no cooling‑off — and require buyer readiness with pre‑approved finance and deposit on the day. Each suits different strategies and risk tolerance.

How do cooling‑off periods and contract conditions vary by state?

Cooling‑off rules and lengths differ across states and territories; some auction purchases have no cooling‑off. Contracts may include finance, building inspection or subject‑to‑sale conditions. Always get a solicitor or conveyancer to review state‑specific terms before signing.

What inspections and reports should I get before exchange?

At minimum arrange a building and pest inspection to identify structural or termite issues. For units, request the strata report and meeting minutes. A lender valuation is also common. Have a solicitor review the contract to flag special conditions and liabilities.

How does a lender valuation affect final loan approval?

Lenders order valuations to confirm market value. If the valuation is lower than the purchase price, the lender may reduce the loan amount or require a larger deposit. Ensure you factor valuation risk into offers, especially in rapidly changing markets.

What happens on settlement day and who coordinates it?

Conveyancers, solicitors and the lender coordinate final payments, title transfer and registration. You’ll do a final inspection, confirm repairs, and once funds clear, keys are released. Settlement timelines vary but are managed by your conveyancer and the selling party’s representative.

What should I check during the final inspection before authorising payment?

Verify agreed repairs are completed, check that inclusions (appliances, fixtures) match the contract, test services (hot water, heating/cooling) and inspect for new damage. Report any issues immediately to your conveyancer before settlement authorises payment.

What upfront and ongoing costs should I budget for besides the deposit?

Upfront costs include stamp duty (state dependent), conveyancing, building and pest inspections, lender application and valuation fees, and initial insurance. Ongoing costs include mortgage repayments, council rates, strata fees, maintenance, home and contents insurance, and utility bills.

When do I need to pay stamp duty and are concessions available?

Stamp duty timing and amounts vary by state; it’s usually payable at settlement or within a set period. Many states offer concessions or exemptions for first‑home buyers, new builds or off‑the‑plan purchases — check your state revenue office for eligibility and deadlines.

What insurance is essential when purchasing a home?

Lenders typically require building insurance from exchange or settlement. You should also consider contents insurance and, where relevant, strata insurance levies. Insure early to cover construction or damage risks between exchange and settlement.

How do ownership structures like joint tenants vs tenants in common differ?

Joint tenants share equal ownership with rights of survivorship — when one co‑owner dies, the other inherits. Tenants in common allow unequal shares and individual wills to determine distribution. Choose structure based on tax, inheritance and financial goals; consult a solicitor for personalised advice.

What special contract conditions and negotiation levers can I use?

You can include finance and building inspection conditions, settlement date flexibility, or seller contributions to repairs or settlement costs. Use independent valuations and recent sale data as negotiation tools; a conveyancer can draft protective conditions.

What other government support exists besides the 5% initiative?

State and territory programs include the First Home Owner Grant, stamp duty concessions or exemptions, and first‑home buyer stamp duty reductions for new builds or regional purchases. Eligibility rules differ by state, so check the relevant revenue office and NHFIC for updated support options.

How can Kingsman Accountants help with my deposit strategy and eligibility?

An accountant can map tax‑effective strategies, confirm savings capability, assess eligibility for government schemes and coordinate with your broker and conveyancer. They can also model repayments, cashflow and long‑term financial impacts to help you make an informed decision.