First Home Buyer Checklist: Step-by-Step Guide

Buying your first home follows a logical order, even though it feels like everything happens at once. This checklist walks you through it stage by stage: get pre-approval and line up your team, make a written offer with conditions, use the first week and your cooling-off period for inspections and contract review, then move to exchange and settlement. The same fundamentals apply everywhere in Australia, with cooling-off rules being the main thing that changes by state.

Quick definitions

• Pre-approval: a lender's early sign-off on roughly how much you can borrow, before you've found a home.
• Conveyancer: the licensed professional who handles the legal side of the purchase.
• Cooling-off period: a short window after signing when you can still pull out (it varies by state).
• Vendor statement: the seller's disclosure document (Section 32 in Victoria, Form 1 in South Australia).
• Exchange of contracts: when both signed copies are swapped and the deal becomes binding.
• Settlement: the final step where you pay the balance and get the keys.

If you've ever seen a couple find a place, get their offer accepted, and only then realise they have no conveyancer lined up and don't understand their state's cooling-off period, you know how stressful the scramble is. A bit of prep up front keeps the whole thing calm.

Before you start house hunting

Get home loan pre-approval

Sort this before you search. Pre-approval means a lender has looked at your finances, you know your budget, your offer carries more weight, and you can move fast when the right place appears.

Choose your conveyancer early

Don't wait until you've made an offer. Research conveyancers in your area, check reviews and credentials, get fee quotes, and have one ready. See how to choose a good conveyancer. Costs and processes vary by state, so pick someone who knows yours.

Line up building and pest inspectors

Keep a shortlist of three to five qualified inspectors, with rough quotes, so you know who to call the moment your offer lands. See the building and pest inspection guide.

Learn your state's cooling-off rights

Know how long your cooling-off period is, when it applies, and what it costs. Roughly:

• NSW, QLD, ACT: 5 business days
• VIC: 3 business days
• NT: 4 business days
• SA: 2 business days
• WA, TAS: none (you can ask for one to be added)

Full detail in the cooling-off period guide.

Understand your state's disclosure document

States call the seller's disclosure different things (Section 32 in Victoria, Form 1 in South Australia) with different rules. See the vendor statement and contract guide.

When you find a property: making an offer

Do your homework first

Before you offer, gather the property's sale history, comparable sales nearby, any available vendor statement, and local information (schools, transport, amenities).

Get the contract reviewed if you can

If the seller has the contract and vendor statement ready, request them and send them to your conveyancer before you commit. If they're not ready, you can still offer, but include conditions.

Put your offer in writing

Your offer should be in writing (not just verbal), state the price, list any conditions, and give the seller a deadline to respond. Good conditions to include:

• Subject to a satisfactory building and pest inspection
• Subject to a satisfactory contract review
• Subject to finance approval
• Subject to a satisfactory body corporate report (for apartments)

Wait for acceptance

Once you've submitted, you can still withdraw (it isn't binding yet), the seller can counter, and other buyers might be offering too.

After your offer is accepted: the first week

This is the busy part. Move quickly.

Day 1: Request the signed contract and the vendor statement, and notify your conveyancer. Documents should arrive within 3 to 5 business days.

Day 1 to 2: Send everything to your conveyancer and agree a timeline for their review. Call your inspectors and book the inspection for the next few days, confirming access with the agent. Plan to attend.

Day 2 to 3: Your conveyancer gives you an initial review: a summary of the contract, any unusual clauses, and what searches they'll run. Ask whether there are any major issues and what happens next.

Day 2 to 4: The building inspection happens (usually one to two hours). Be there, ask what the major issues are and how serious they are, and expect the report within 24 hours.

During your cooling-off period

Track your deadline from day one

Work out your exact deadline and mark it straight away, with a reminder the day before:

• NSW: 5 business days from exchange of contracts
• QLD: 5 business days from when you receive the contract
• VIC: 3 business days from when you sign
• SA: 2 business days from when you receive Form 1 (or sign, whichever is later)
• ACT: 5 business days from when you sign
• NT: 4 business days from when the contract is signed and exchanged
• WA, TAS: none, unless a clause was added

It expires fast. See the cooling-off period guide.

Review the reports

Read the building inspection report properly (don't skim), highlight the major items, and share it with your conveyancer. Then go through your conveyancer's full contract analysis: is the title clear, are there easements or restrictions, and are there any red flags? Finally, check the vendor statement for disclosed defects, planned works, council notices, and (for apartments) special levies and the body corporate's finances.

Make your decision

By day 2 of your cooling-off period, decide:

• Proceed: you're happy with the property and the paperwork
• Negotiate: ask the seller to fix issues, drop the price, or clarify concerns
• Cool off: withdraw (the cost depends on your state)

If you negotiate

Have your conveyancer draft a written counter-offer that spells out what you're asking for (a price cut, specific repairs, or an allowance) with a deadline.

If you cool off

Draft written notice, deliver it to the seller or their agent well before the deadline, and keep proof of delivery. Don't leave it late; cooling off on day 2 beats day 3.

After cooling-off: committed to the purchase

Once your cooling-off period passes without withdrawal, the contract is binding. From here:

• Confirm the exchange with your conveyancer and note the settlement date (usually 30 to 60 days away)
• Confirm your mortgage with your lender and provide anything they still need
• Understand the title transfer: all debts on the property are cleared at settlement and the title moves into your name
• Do a pre-settlement inspection one to two weeks before, to check any promised repairs are done and no new damage has appeared
• Prepare for settlement: arrange your funds, read the settlement statement, and book a removalist if you need one

Settlement day

Settlement is when the money and title documents change hands, your conveyancer handles the paperwork, and ownership officially transfers to you. After it completes, you get the keys and the property documents. Then update your home and contents insurance into your name and switch the utilities across.

Your timeline at a glance

Red flags: when to stop and reconsider

• Your conveyancer raises major concerns
• The building inspection reveals structural issues
• The vendor statement discloses building work done without permits
• The seller won't answer something you've asked
• Special levies are unexpectedly high
• Your mortgage approval is shaky
• You feel pressured to waive conditions
• You don't understand what you're signing

If something feels wrong, it usually is. In most states, cooling-off exists for exactly this. Use it.

State-by-state reminders

Cooling-off periods below are in business days.

• NSW: 5-day cooling-off; a Section 66W certificate waives it (risky); 10 days for off-the-plan; get your own inspection rather than the agent's.
• VIC: 3-day cooling-off that can't be waived; review the Section 32 carefully; body corporate checks matter for units.
• QLD: 5-day cooling-off; standard REIQ contracts usually include a building and pest clause; licensed inspectors.
• WA: no cooling-off; ask for one to be added; inspect before you offer; termite risk is real.
• SA: 2-day cooling-off (shortest); Form 1 timing sets your clock; usually no penalty to cool off.
• ACT: 5-day cooling-off, much like NSW; ACT-specific contracts.
• NT: 4-day cooling-off with no penalty; high termite risk; book inspectors early.
• TAS: no cooling-off; a pre-purchase inspection is essential; limited inspector availability, so plan ahead.

Your team: contacts to save

• Mortgage broker
• Conveyancer
• Building and pest inspector
• Real estate agent

For a wider view of costs and checks, see the due diligence guide. The government's Moneysmart buying a home pages are a good, plain-English reference too.

Key takeaways

• Prepare early: choose your professionals before you need them
• Know your state's rules: cooling-off and disclosure vary a lot
• Move fast once your offer is accepted
• Get inspections done early in the cooling-off period
• Ask your conveyancer to explain anything unclear
• Decide early, not on the final day
• Know when to walk away

Frequently asked questions

What's the first thing to do when buying a first home?

Get home loan pre-approval and line up your team (conveyancer and a couple of building inspectors) before you start house hunting. Pre-approval tells you your budget and makes your offer stronger, and having a conveyancer ready means you won't scramble when an offer is accepted.

How long does it take from offer to settlement?

Once contracts are exchanged, settlement is usually 30 to 60 days later. Before that, expect a first busy week of inspections and contract review, then your cooling-off period (2 to 5 business days, or none in WA and Tasmania).

When do I do the building inspection, during cooling-off?

Ideally book it the day your offer is accepted so the report lands early in your cooling-off period, leaving you days to review it and decide. In WA and Tasmania, where there's no cooling-off, get the inspection done before you make the offer.

Deep dives into each stage

• Building and pest inspection guide
• How to choose a good conveyancer
• Cooling-off period by state
• Vendor statement and contract guide
• Costly mistakes first home buyers regret

Buying your first home is stressful, but it doesn't have to be chaotic. Follow the checklist, use your professionals, and trust your instincts. If something feels wrong, it probably is, and in most states you have a cooling-off period to fall back on.