First Home Buyer's Guide
Your Journey to Home Ownership
A step-by-step visual guide to buying your first home in Queensland, from research to settlement and beyond.
Journey Phases
Research & Preparation
Before you even start looking at properties, get your finances in order and understand what you can afford.
Key Actions:
- Check your credit score and address any issues
- Calculate your budget including all buying costs (not just the purchase price)
- Get pre-approval from your lender
- Research suburbs and property types
- Understand first home buyer grants and stamp duty concessions
- Choose a conveyancer or solicitor
Tips:
- Pre-approval typically lasts 3-6 months
- Budget for 4-6% of purchase price in additional costs
- Consider future needs - will this home suit you in 5 years?
Find Your Property
Attend open homes, do your research, and find the property that's right for you.
Key Actions:
- Attend open homes and inspections
- Research the property's history and comparable sales
- Check the property's zoning and any development applications nearby
- Consider the location, transport, schools, and amenities
- Get a feel for the neighbourhood at different times
Tips:
- Don't rush - the right property is worth waiting for
- Look beyond cosmetic issues to the fundamentals
- Ask the agent questions about the property's history
Make an Offer
When you find the right property, make an offer and negotiate the terms.
Never sign a contract without your solicitor reviewing it first
Key Actions:
- Discuss your offer strategy with your solicitor
- Make a written offer through the agent
- Negotiate price and conditions
- Sign the contract when terms are agreed
- Pay the initial deposit (typically $1,000-$5,000)
Tips:
- Your offer should include conditions for finance and building inspection
- Don't let emotion drive you to overpay
- Consider the settlement date that works for you
Cooling-Off Period
You have 5 business days to change your mind. If you terminate, you forfeit 0.25% of the purchase price.
The clock starts from the contract date - act fast on inspections
Key Actions:
- Have your solicitor thoroughly review the contract
- Arrange building and pest inspection immediately
- Apply for formal finance approval
- Review the disclosure documents
- Decide whether to proceed or terminate
Tips:
- This is your safety net - use this time wisely
- Cooling-off can be waived with a solicitor's certificate
- The 0.25% penalty is a small price for peace of mind if issues arise
Building & Pest Inspection
A professional inspection can reveal hidden problems that could cost thousands to fix.
Key Actions:
- Book a licensed building inspector
- Book a separate pest inspector (or combined report)
- Attend the inspection if possible
- Review the report carefully with your solicitor
- Decide whether to proceed, renegotiate, or terminate
Tips:
- Expect to pay $400-$800 for combined B&P inspection
- No property is perfect - focus on structural issues
- Use findings to negotiate if significant issues are found
Finance Approval
Your lender needs to formally approve your loan, including a valuation of the property.
If finance isn't approved by the finance date, you must give notice to terminate before the deadline expires
Key Actions:
- Submit all required documents to your lender immediately
- Lender orders a property valuation
- Respond promptly to any requests for additional information
- Receive formal (unconditional) approval
- Notify your solicitor once finance is approved
Tips:
- Track your finance date carefully - it's a hard deadline
- Stay in close contact with your broker/lender
- Don't make any major financial changes during this time
Contract Goes Unconditional
Once all conditions are satisfied, the contract is unconditional and legally binding.
If you fail to complete an unconditional contract, you may lose your entire deposit
Key Actions:
- Pay the balance of the deposit (if applicable)
- Arrange building insurance from contract date
- Your solicitor conducts property searches
- Review search results for any issues
- Start planning your move
Tips:
- You're now committed - there's no turning back without penalty
- Building insurance is essential from this point
- Start getting quotes from removalists
Searches & Due Diligence
Your solicitor conducts various searches to ensure there are no surprises with the property.
Key Actions:
- Title search confirms ownership and encumbrances
- Rates and water searches for adjustments
- Body corporate searches (if applicable)
- Review search results with your solicitor
- Authorise any additional optional searches
Tips:
- Most searches are standard and included in our fee
- Additional searches may be recommended for some properties
- Ask questions if anything in the searches concerns you
Prepare for Settlement
Sign all necessary documents and ensure everything is ready for settlement day.
Key Actions:
- Sign the transfer documents
- Sign your mortgage documents with your lender
- Verify your identity (VOI process)
- Confirm final settlement figures
- Ensure your lender is ready to fund
Tips:
- Keep your ID documents handy
- Double-check settlement figures carefully
- Confirm the agent's contact details for key collection
Pre-Settlement Inspection
Your final chance to inspect the property before taking ownership.
Don't skip this inspection - it's your last chance to identify problems
Key Actions:
- Book inspection through the agent
- Check the property is in the same condition as when purchased
- Ensure all included items are present (fixtures, appliances)
- Test lights, taps, appliances if possible
- Report any issues to your solicitor immediately
Tips:
- Take photos for your records
- The property should be empty unless otherwise agreed
- Minor wear is expected, but significant damage is not
Settlement Day
Ownership officially transfers to you. Your lender pays the seller, and you become the legal owner.
Key Actions:
- Settlement occurs electronically via PEXA (usually late morning)
- Funds transfer from your lender to the seller
- Transfer is registered with Titles Queensland
- You receive confirmation from your solicitor
- Collect keys from the real estate agent
Tips:
- Settlement usually completes by early afternoon
- Have the agent's number ready for key collection
- Arrange access to utilities in your name from settlement date
After Settlement
Congratulations! You're now a homeowner. Here's what to do next.
Key Actions:
- Change the locks for security
- Set up utilities in your name
- Update your address with banks, employers, etc.
- Apply for First Home Owner Grant (if eligible)
- Keep all settlement documents in a safe place
Tips:
- Take photos of the property for your records
- Review your home insurance coverage
- Introduce yourself to the neighbours
Ongoing Responsibilities
Homeownership comes with ongoing responsibilities. Stay on top of them.
Key Actions:
- Pay your council rates on time
- Maintain your building insurance
- Keep up with mortgage repayments
- Maintain the property to protect your investment
- Review your loan regularly for better rates
Tips:
- Set up automatic payments for rates and mortgage
- Keep a maintenance fund for unexpected repairs
- Review your insurance annually to ensure adequate coverage
Ready to Start Your Journey?
Use our interactive tools to calculate your costs, track your progress, and stay organised throughout the process.
First Home Buyer Benefits in Queensland
First Home Owner Grant (FHOG)
$30,000 grant for eligible first home buyers purchasing or building a new home valued up to $750,000.
Learn more about FHOGStamp Duty Concession
First home buyers may be eligible for a stamp duty concession on homes valued up to $700,000, with full exemption for homes under $500,000.
Calculate your stamp dutyQuestions about buying your first home? Contact our team