First Home Buyer Checklist: Your Step-by-Step Guide

Introduction

Buying your first home is exhilarating and overwhelming in equal measure. Between mortgage pre-approval, house hunting, making an offer, and managing legalities, there's a lot happening simultaneously. And if you're buying in a different state, the rules change!

When Sarah and Tom found their perfect two-bedroom townhouse in Melbourne's inner suburbs in late 2024, they thought they had everything sorted. Pre-approval? Check. Deposit saved? Check. But when their offer was accepted, they realized they had no conveyancer lined up, hadn't researched building inspectors, and didn't fully understand Victoria's 3-day cooling-off period. What should have been exciting became stressful scrambling.

The good news? The process follows a logical sequence, and the same fundamentals apply across all states. Understand the stages and what to focus on at each, and you'll navigate it with confidence—whether you're in Victoria, NSW, Queensland, or anywhere else in Australia.

This guide pulls together everything you need to know into one step-by-step checklist.

Before You Start House Hunting

Get Mortgage Pre-Approval

Before searching, arrange mortgage pre-approval. This means:

• A lender has assessed your financial situation
• You know your budget
• Your offer carries more weight with sellers
• You can move quickly when you find the right property

Research and Choose Your Conveyancer

Don't wait until you've made an offer. Choose your conveyancer early:

• Research conveyancers in your area
• Check credentials and reviews
• Get fee quotes
• Have them ready before you need them

Detailed guide: How to Choose a Good Conveyancer

Note: Costs and processes vary by state—conveyancers familiar with your state are important.

Identify Building and Pest Inspectors

Keep a list of 3-5 qualified inspectors ready:

• Google reviews and credentials
• Check they're properly qualified for your state
• Get rough quotes
• Know who to contact when needed

Detailed guide: Building and Pest Inspection Guide

Understand Your State's Cooling-Off Rights

Know that you'll likely have a cooling-off period after signing a contract (though not all states have them). Understand:

• How long the period lasts in YOUR state
• When it applies
• What it costs if you use it
• How to exercise it

Detailed guide: Cooling-Off Period Explained

Note: Your state's cooling-off period varies:

• NSW, QLD, ACT: 5 days
• VIC: 3 days
• SA: 2 days
• NT: 4 days
• WA, TAS: None (but can request)

Understand Your State's Disclosure Requirements

Different states call vendor statements different things (Section 32, Form 1, etc.) and have different requirements.

Detailed guide: Understanding Vendor Statements and Contracts

When You Find a Property: Making an Offer

Review Available Information

Before making an offer, gather:

• Property sale history (previous prices)
• Comparable properties in the area
• Any publicly available vendor statement or disclosures
• Local area information (schools, transport, amenities)

Have Contract Reviewed (If Possible)

If the seller has a Contract of Sale and Vendor Statement ready:

• Request them before making an offer
• Send to your conveyancer
• Have them reviewed before committing

If not available, proceed with your offer but include conditions.

Make Your Offer in Writing

Your offer should:

• Be in writing (not verbal)
• Include the purchase price
• Specify conditions (if any)
• Include a time frame for seller response

Ideal conditions to include:

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

Wait for Acceptance

Once your offer is submitted:

• You retain the right to withdraw (it's not binding)
• The seller can counter-offer
• Other buyers might make offers too
• The seller will notify you of their decision

After Your Offer Is Accepted: The Critical First Week

Day 1: Confirm Acceptance and Get Documents

Immediately after verbal acceptance:

• Request the signed Contract of Sale
• Request the Vendor Statement (Section 32, Form 1, etc. depending on your state)
• Confirm receipt timeline (should be within 3-5 business days)
• Notify your conveyancer

Day 1-2: Contact Your Conveyancer

Send everything you have to your conveyancer:

• Signed contract
• Vendor statement (if received)
• Any agent communications
• Your offer details

Discuss:

• Timeline for their review
• What they'll check
• When you'll hear back
• Your budget and any concerns

Day 1-2: Schedule Your Building and Pest Inspection

Call your building inspectors:

• Request availability in next 3-5 days
• Confirm property access with agent
• Plan to attend the inspection
• Get estimate of report timing

Detailed guide: Building and Pest Inspection Guide

Day 2-3: Receive Conveyancer's Initial Review

Your conveyancer should contact you with:

• Summary of contract terms
• Any unusual clauses
• What searches they'll conduct
• Timeline for full review
• Any concerns

Key questions to ask:

• Are there any major issues?
• What happens next?
• When will you have full review?
• What's my role in this process?

Detailed guide: Conveyancer Guide

Day 2-4: Schedule and Conduct Building Inspection

Your building inspector should:

• Visit the property (typically takes 1-2 hours)
• Check structure, plumbing, electrical, pest
• Explain findings while present
• Deliver report within 24 hours

Be present for the inspection. Ask:

• What are the major issues?
• How serious are they?
• Can they be fixed?
• Would you buy this property?

Detailed guide: Building and Pest Inspection Guide

During Your Cooling-Off Period (Varies by State)

Track Your Cooling-Off Timeline

Calculate your cooling-off period based on your state:

• NSW: 5 business days from when you sign
• QLD: 5 business days from when you receive contract
• VIC: 3 business days from when you sign
• SA: 2 business days from when you receive Form 1
• ACT: 5 business days from when you sign
• NT: 4 business days from when you sign
• WA/TAS: None (check contract for any added clause)

Mark your calendar immediately. Your period expires fast.

Detailed guide: Cooling-Off Period Explained

Review Building Inspection Report

Once you receive the report:

• Read carefully (don't skim)
• Highlight any major items
• Share with your conveyancer
• Discuss implications

Key questions:

• Are there structural issues?
• Is there termite damage?
• Are there water or electrical problems?
• Will these affect your decision?

Review Conveyancer's Full Contract Analysis

Your conveyancer should provide:

• Written summary of key points
• Explanation of any unusual clauses
• Details of any title issues
• Explanation of your rights and obligations

Key questions:

• Is the title clear?
• Are there any easements or restrictions?
• What happens at settlement?
• Are there any red flags?

Detailed guide: Vendor Statement and Contract Review

Review Vendor Statement Disclosures

Focus on what the seller has disclosed:

• Any building work planned
• Any special levies (for apartments)
• Any known defects
• Any council notices

For apartments, carefully review:

• 10-year maintenance plan
• Financial health of body corporate
• Any planned major works
• Special levies

Make Your Decision

By end of Day 2 of your cooling-off period, decide:

• Proceed unconditionally: Satisfied with property and all information
• Negotiate: Ask seller to fix issues, reduce price, or clarify concerns
• Cool off: Withdraw from purchase (costs vary by state)

If Negotiating: Provide Counter-Offer

If issues from building inspection or vendor statement warrant it:

• Provide written counter-offer to seller
• Specify what you're asking for (price reduction, repairs, etc.)
• Include deadline for response
• Have your conveyancer draft this

Options for negotiation:

• Price reduction (seller keeps costs of repairs)
• Seller pays for specific repairs
• Seller provides allowance for issues
• Seller completes work before settlement

If Cooling Off: Provide Written Notice

If you decide to withdraw:

• Draft written notice
• Deliver to seller or their agent
• Keep proof of delivery
• Include your signature and contact details
• Deliver well before your cooling-off deadline

Do NOT delay. It's better to cool off on Day 2 than Day 3.

Detailed guide: Cooling-Off Period Explained

After Cooling-Off Period: Committed to Purchase

Confirm Contracts Are Exchanged

Your conveyancer will:

• Confirm the contract is now binding
• Outline settlement requirements
• Confirm settlement date (usually 30-60 days away)
• Explain financial requirements

Confirm Your Mortgage

Contact your lender:

• Confirm loan is proceeding
• Provide any additional information they request
• Confirm loan amount and terms
• Plan for pre-settlement inspection

Arrange Title Transfer

Your conveyancer will handle this, but understand:

• All debts on the property must be cleared at settlement
• Title will be transferred to your name
• This happens on settlement day

Pre-Settlement Inspection

Typically 1-2 weeks before settlement:

• Visit the property
• Verify promised repairs have been completed
• Confirm no new damage has occurred
• Check seller is leaving agreed items (if any)

Prepare for Settlement

Work with your conveyancer to:

• Arrange settlement funds
• Understand settlement statement
• Plan who will attend settlement
• Arrange removalist if needed

Settlement Day: Final Steps

Confirm All Details

Before settlement, confirm:

• Settlement time and location
• All parties will be present
• Documents are ready
• Funds are arranged

Attend Settlement (or Arrange Proxy)

Settlement typically involves:

• Exchange of money and title documents
• Your conveyancer handling paperwork
• You receiving keys and property documents
• Official transfer of ownership

Receive Keys and Documents

After settlement:

• You receive property keys
• You receive title documents
• You receive vendor statement and other paperwork
• You're now the legal owner

Update Insurance and Utilities

After settlement:

• Update home and contents insurance (now in your name)
• Update mortgage insurance
• Contact utilities to update owner details
• Register with council if needed

Your Complete Timeline: Quick Reference

Red Flags: When to Reconsider

Stop and reconsider if:

• Your conveyancer expresses major concerns
• Building inspection reveals structural issues
• Vendor statement discloses building work without permits
• Seller won't disclose something you ask about
• Special levies are unexpectedly high
• Your mortgage approval is uncertain
• You feel pressured to waive conditions
• You don't understand what you're signing

Remember: Cooling-off periods exist for a reason (in most states). If something doesn't feel right, use it.

Your Protection: Key Reminders

• You have time: Cooling-off gives you 2-5 days to think (state dependent)
• You have experts: Your conveyancer and building inspector protect you
• You have leverage: Before settlement, you can negotiate
• You have information: Vendor statements disclose known issues
• You have escape routes: If major issues arise, you can withdraw (with costs varying by state)

Essential Contacts: Your Team

Save contact details for:

• Your mortgage broker: _________________
• Your conveyancer: _________________
• Your building inspector: _________________
• Real estate agent: _________________
• Seller's agent: _________________

State-Specific Reminders

New South Wales

• 5-day cooling-off period
• Section 66W certificate waives it (risky!)
• 10 days for off-the-plan
• Be cautious of agent-arranged inspections

Victoria

• 3-day cooling-off period
• Cannot be waived by contract
• Section 32 review crucial
• Body corporate checks very important

Queensland

• 5-day cooling-off period
• REIQ standard contracts
• Licensed inspectors required
• Building and pest clause usually included

Western Australia

• No statutory cooling-off period
• Must request one be added
• Inspection before offer essential
• Termite risk significant

South Australia

• 2-day cooling-off period (shortest!)
• Form 1 timing affects your clock
• Usually no penalty for cooling off
• Very buyer-friendly in this regard

Australian Capital Territory

• 5-day cooling-off period
• Similar to NSW
• ACT-specific contracts
• Professional advisor important

Northern Territory

• 4-day cooling-off period
• No penalty for cooling off
• High termite risk
• Limited inspector availability

Tasmania

• No cooling-off period
• Pre-purchase inspection essential
• No safety net after signing
• Book inspectors early (limited availability)

Key Takeaways

• Prepare early: Choose professionals before you need them
• Know your state's rules: Cooling-off and disclosure vary significantly
• Act fast: When offer is accepted, move quickly
• Get inspections done: Early in cooling-off period
• Understand your documents: Ask conveyancer to explain
• Make decisions early: Don't wait until final days
• Use your protections: Conditions and cooling-off are safety nets
• Don't rush: Take time to review everything
• Know when to walk: If something feels wrong, it probably is

Next: Deep Dives into Each Area

For detailed guidance on specific topics:

1. Building and Pest Inspection Guide — When to inspect, finding inspectors, what to expect, costs by state
2. How to Choose a Conveyancer — What they do, evaluating them, red flags, costs by state
3. Cooling-Off Period Guide — Your rights by state, costs, how to exercise, special considerations
4. Vendor Statement and Contract Review — What to look for, red flags, state variations, legal documents

Final Thought

Buying your first home is stressful, but it doesn't have to be chaotic. Follow this checklist, use your professionals wisely, trust your instincts, and know your state's specific requirements. If something feels wrong, it probably is. You have protections (cooling-off periods in most states)—use them if you need to.

Good luck with your purchase. You've got this. 🏡

Need State-Specific Help?

• NSW: Check cooling-off and Section 66W details
• VIC: Remember you can't waive cooling-off
• QLD: Ensure REIQ contracts and building clause present
• SA: Take advantage of no penalty for cooling off if needed
• WA/TAS: Get inspection BEFORE offer (no cooling-off)
• Other states: Refer to detailed guides for your state

Your state's rules matter. Make sure your conveyancer knows them!