How to Buy a House in Australia: 14-Step Guide [2026]

You might have a deposit underway and a suburb in mind, but be unsure what to do next. I'd start with the loan and your buying budget before spending weekends looking at homes.

Lauren's experience shows why. She'd changed jobs and received a pay rise, yet her borrowing power had dropped from about $580k to $496k. Higher rates and the way her lender assessed HECS had changed what she could buy. Comparing another lender gave her a way forward without clearing the whole student debt.

I'd work through your purchase in this order:

The 14 steps below sit within those five stages. This is an Australian buying guide, with extra Queensland detail where contract rules differ.

Finding the property may take weeks or months. After signing a private sale contract, settlement is often around 30 to 60 days away, although your contract sets the timing.

Owning can give you a stable home and a chance to build equity. It also ties up savings and brings costs such as rates, insurance and repairs. I'd think about how long you expect to stay and whether your work or family plans could mean another move soon.

If buying in your preferred area is out of reach, you could compare a different location or rentvesting. Buying an investment while renting elsewhere has its own tax, tenancy and cash-flow considerations, so it needs a separate budget.

Start with what you want the home to do for you. More space, school access, a shorter commute and security can all matter. Then check what you can afford to commit without giving up the savings you'd need if something changes.

I'd work backwards from a repayment you can manage alongside normal life. The maximum a bank offers can be more than you want to spend each month.

We can compare how lenders assess your income and debts, then calculate the cash needed at settlement. These are different parts of the budget: qualifying for the loan doesn't mean your savings cover every purchase cost.

Our mortgage fee guide explains the common loan costs. I'd also run the repayments at higher rates and keep emergency savings outside the deposit. Banks commonly assess at least 3% above the actual rate, but you still need a budget that fits your household.

Government support can change how much cash you need. Check the scheme, grant or concession against the home you want to buy before relying on it.

Australian Government 5% Deposit Scheme. Eligible first home buyers can apply with a minimum 5% deposit and no LMI. Eligible single parents and legal guardians can apply with a minimum 2% deposit. There are no income caps or waitlists, but the home must meet the location's price cap and the participating lender must approve the loan. Our 5% Deposit Scheme guide explains eligibility and the property limits.

Help to Buy. This separate scheme uses shared equity. With at least a 2% deposit, eligible buyers can receive a Government contribution of up to 30% for an existing home or 40% for a new home. That reduces the bank loan, while the Government shares in changes to the property's value.

For 2026/27, the annual taxable-income limits are $103k for an individual and $165k for joint applicants or a single parent, using the FY2026 notice of assessment. There are 10,000 places a year. Applicants must be Australian citizens and meet the property and ongoing scheme requirements. Income thresholds are indexed annually. See the Government's current thresholds and our Help to Buy guide.

First Home Super Saver scheme. Eligible voluntary super contributions can help build a first-home deposit. Up to $15k of eligible contributions in a financial year and $50k overall can count. Your employer's compulsory contributions aren't available through this scheme. Check the ATO's determination and release process before signing a contract.

State grants and duty concessions. These have separate eligibility rules. Queensland buyers can start with our First Home Owner Grant guide. Ask your conveyancer to calculate the duty for your contract and ownership history.

A non-repayable cash gift may increase your deposit. The lender can ask for evidence that the money is a gift, and loans with smaller deposits may still have genuine savings requirements.

A guarantor instead uses equity in their property to support part of your loan. Their property can be at risk if you can't repay. Compare the commitments in our guarantor loan guide, no-deposit guide and LMI guide.

I'd compare what suitable lenders offer for the same loan amount and term. That means checking the rate, repayments, upfront and ongoing fees, deposit required and features you'd use.

First, though, the lender needs to fit your circumstances. Its treatment of overtime, business earnings or a recent job change can affect the amount available. It also needs to accept the property and be able to work within the finance deadline.

For features, think about how you'll manage your money. An offset may suit if you'll keep savings in it. Fixed repayments may help with budgeting, but check extra-repayment restrictions and possible break costs. Our guides to home loan features and using a broker or going directly to a bank explain the comparisons.

We'll come back with the proposed borrowing amount, repayments and cash needed so you can set your search range.

Some pre-approvals involve a credit assessor reviewing your documents. Others rely heavily on an automated result. I'd ask what the lender has checked before using it to make an offer.

Confirm the income and debt assessment, outstanding conditions, property restrictions and expiry date. Many pre-approvals last around 3 months. Extensions vary: some lenders can extend the existing approval, while others require a new application and credit check.

Pre-approval still leaves work to complete. The lender must accept the property, valuation and any updated information before final approval. Tell us about changes to your job, debts, card limits or deposit while you're looking. Read our pre-approval guide before considering an unconditional offer.

Choose your solicitor or conveyancer now. Ask who will look after your contract, how quickly they can review an offer and which searches their fee includes. Our lawyer and conveyancer guide explains their roles.

Write down what you need before inspecting. Bedrooms, parking, access, school travel and the commute are harder to change than paint or a kitchen finish.

I'd separate essentials from things you'd enjoy and things that would rule a home out. Include upkeep: a bigger garden or older house can mean more work and spending after you move.

Keep your agreed price range beside that list. A home that only works if you stretch to the bank's maximum may leave little room for repairs or changes at work.

If you're buying with a partner, agree on contributions, ownership and what happens if one person's circumstances change before purchasing.

Use recent settled sales for comparable homes when working out a price. An online estimate or advertised asking price is a starting point. Compare land size, layout, condition, parking, aspect and location rather than relying on the suburb median.

Visit the street at different times. Check traffic, nearby development, access, planning restrictions, easements and exposure to flooding or bushfire. Insurance cost and availability are worth checking before you commit too.

For an apartment or townhouse, have the body corporate or strata records reviewed. Levies, defects, disputes, insurance and planned work can affect both the purchase and your ongoing budget.

Our property research guide and valuation guide explain how to compare homes. In Brisbane, use the FloodWise Property Report guide and flood-awareness guide to check the address and surrounding access routes. Your solicitor can advise which searches are needed.

Go back for another inspection if you can. Look for damp, water damage, drainage problems, movement, retaining walls and the condition of the roof and gutters. Check noise, access and the parts of the property that could be expensive to fix.

A building and pest inspector has a defined scope. They may not test every appliance, power point, tap or air conditioner. Ask what's included and whether another specialist needs to check an issue they've identified.

For pools, extensions or work that looks unapproved, ask your solicitor what records and searches to obtain. For units, keep the body corporate checks alongside the physical inspection.

Use our property inspection checklist on your next visit. Discuss important findings with your solicitor before an inspection condition expires.

Send the contract and disclosure documents to your solicitor or conveyancer. Ask them to explain anything that affects how you can use the property, costs you will take on and the dates you need to meet.

The selling agent represents the seller. Your legal adviser can explain the conditions that protect your position and any changes to request. We'll separately check that the proposed finance deadline is workable for the lender.

Your offer needs a price, deposit, settlement date, finance and inspection conditions, and any inclusions you expect to stay. Put the buyer names and your legal representative's details in it too.

In Queensland, you may be asked to sign the proposed contract as your offer. Have the wording reviewed first. The way an offer becomes binding differs between states and sale methods.

Before increasing the price, consider the other terms the seller wants and what you can meet. Our making an offer guide explains how to prepare the price and conditions together.

Buying at auction needs earlier preparation. There generally won't be finance or inspection conditions to complete afterwards, and Queensland auctions have no cooling-off period. Arrange finance checks, legal review and inspections before bidding. Our auction guide covers that process.

Ask your solicitor what happens if finance is delayed or an inspection finds a problem. A clause only helps if its wording covers the situation and you act within the required time.

For most standard Queensland residential sales, the cooling-off period is 5 business days. It starts when you or your representative receive the contract signed by both parties, with timing adjustments for weekends and public holidays. Cancelling during that period can cost up to 0.25% of the purchase price.

There is no cooling-off period at auction. The exclusion also covers a private sale entered into within 2 business days of an unsuccessful auction where the buyer was a registered bidder. Have your solicitor confirm the deadline and process before relying on a cancellation right. Queensland's cooling-off guidance explains the rules.

Once both parties have signed, send the complete contract to us and your legal adviser. We'll organise the lender's final assessment and valuation. Your solicitor or conveyancer will manage the legal searches, contract conditions and settlement requirements.

Book inspections promptly. If a problem appears, speak to the relevant adviser before agreeing to a change, trying to end the contract or letting a condition expire.

In Queensland, you usually become responsible for the property from 5pm on the next business day after the contract date. That can be weeks before settlement. Ask your solicitor to confirm the position under your contract and arrange cover in time.

The lender will also need suitable building cover before settlement. Apartments and townhouses may have building insurance through the body corporate, so check what it covers and what separate cover you need. Queensland's insurance guidance explains why waiting until you collect the keys can leave a gap.

After final approval, the lender issues the loan documents. Read and return them promptly, including any supporting information requested.

Your conveyancer will confirm the final contribution and buying costs. Make sure the money will be cleared and available by the required date. Check with us before taking out credit, changing jobs or moving large amounts of savings while the lender is preparing settlement.

Arrange a final inspection and raise any issue with your solicitor quickly. Confirm the property is in the agreed condition, the inclusions remain and the tenancy or vacant-possession arrangements match the contract.

Our contract-to-settlement guide explains what happens after signing and who handles each part.

At settlement, the legal and lending teams complete payment and the transfer. Wait for confirmation that it has happened before arranging key collection with the agent.

Once you've moved in, add the ownership costs to your budget. Put the next rates notice, insurance renewal and any body corporate levies in your calendar. Keep money aside for maintenance and start rebuilding the savings used for the purchase.

Check your first repayment date and how the offset or redraw works before making extra payments. We can help you understand the loan setup and review it as your circumstances change.