Establish your budget prior to searching for a property. Pre-approval gives you peace of mind that you can act quickly on a property you are interested in. It may even offer you a better negotiating position over other potential buyers without pre-approved finance.

Research properties based on local property prices, potential capital growth, current and future infrastructure advantages and proximity to schools and public transport. For out of town buyers, consider a professional valuation before committing to buy.

Make an offer on a listing or purchase a property at auction. Once you have signed a Contract of Sale, you can secure your purchase terms such as subject to finance approval, pest inspection and building inspection. It is generally a six-week settlement, sometimes shorter in Queensland. Once a full valuation of the property has been successfully carried out, the lender will give you final approval for the loan to purchase the property.

Employ a conveyancer or solicitor to complete the sale for you. They will check all the rates and taxes have been paid, check land use or building approvals for the property and order any necessary searches. On the settlement day, they will ensure the correct amount of money has been transferred from your lender to the seller and Stamp Duty and other fees are paid so you can take legal ownership of the property.

After both partied sign the Contract of Sale, you will need to arrange a deposit from your savings or elsewhere to secure the property. You may also be able to arrange a deposit bond until settlement.