Your step by step guide to buying your first home

The generations before you built wealth through property - the so-called great Australian dream. Now you've decided the time has come for you to take the first steps towards buying your first home.

And while the classic double-brick on a quarter-acre block may no longer be realistic for many buyers, the desire to secure a place of your own hasn't faded. If anything, the urgency has increased.

Perhaps renting has worn thin or living with the parents has run its course. Or maybe you simply want the stability that comes from knowing your housing future isn't determined by a landlord.

But once you begin seriously looking, you quickly realise buying a home comes with its own language, deadlines and emotional highs and lows. There's jargon, paperwork and negotiation, and a whole cast of professionals to consult along the way.

This timeline walks you through each stage, from early research to the moment you collect the keys.

12 months out: Start your research

Before you surrender your Saturday mornings to driving around and viewing homes for sale, the process begins with a cheeky scroll.

You browse listings, track suburb prices, compare commute times and check school zones, often building spreadsheets without meaning to.

You notice which homes linger online and start asking why.

Domain and realestate.com.au remain the main search platforms, while AllHomes and property.com.au broaden your options. These sites offer suburb guides, price trends and calculators that help you balance affordability with lifestyle.

Some buyers also use paid valuation tools, such as Cotality, to get a clearer sense of market value.

This research phase continues throughout your journey. As you learn more about budgets, neighbourhood quirks and your own priorities, your idea of a home that ticks the boxes for you starts to evolve.

9 months out: Get your money in order

This is where the search becomes real. Understanding what you can borrow (and what you can comfortably pay) usually requires expert guidance.

Bianca Patterson, director of Calculated Lending, says first-home buyers should speak to a mortgage broker as soon as they begin thinking seriously about buying.

"Early conversations give buyers clarity around what they can safely afford, what they may need to do to become 'purchase-ready', and which government incentives they might be eligible for," she says.

"We explain how much deposit is needed, help review budgets and build savings plans, highlight financial risks or roadblocks, and guide buyers toward loan structures and features that support their long-term goals."

While mortgage brokers can provide credit assistance and guidance, they don't offer broader financial advice.

That's where a financial adviser comes in. They help buyers understand how a mortgage fits within their long-term financial wellbeing.

"A lot of first-home buyers focus on what the bank will lend them, not what their lifestyle can sustainably support," says Jackson Millan, director of Aureus Financial.

"My role is to show how a mortgage intersects with savings goals, insurance needs and future plans, so they're not overcommitting on day one."

Working with both professionals can be helpful: the adviser sets your financial boundaries, and the broker finds loans that fit within them.

3 months out: Lock in pre-approval

Pre-approval is a lender's early indication of how much they may lend. It's not a guarantee, but it gives you a firm budget and signals to agents that you're serious.

You'll provide payslips, bank statements, ID and a breakdown of expenses. Your broker packages the application to meet lender requirements. Pre-approval typically lasts about 90 days.

Patterson says home buyers should exercise significant caution when it comes to making financial changes after receiving pre-approval.

"Even seemingly minor decisions such as opening a new credit card or interest-free payment facility, taking out a personal loan, using savings for a large one-off purchase, or paying out an existing liability without advice can materially affect their borrowing position," she says.

"The same applies to major changes, including switching jobs, reducing hours, moving from full-time to part-time or casual work, changing industries, becoming a contractor or self-employed, or altering income structures."

8 weeks out: Hit the open homes

With pre-approval sorted, open homes become your weekend routine.

You'll meet real estate agents, skilled negotiators who work for the seller (and not for you) but can still offer helpful local insight.

It's also the right time to shortlist conveyancers who review contracts and manage settlement. Your broker or adviser can usually recommend a few.

6 weeks out: Make an offer

Once you've found the right property, things move fast.

Your conveyancer handles the legal side of transferring ownership and ensures the process runs smoothly. They'll review the contract for potential issues such as easements, unusual clauses or unapproved structures.

Melissa Barlas, founder of Melbourne conveyancing firm Conveyed, says it's worth considering whether you need a conveyancer or a lawyer.

"Both can do conveyancing - the legal work behind making you the property's legal owner," she says.

"But if you need representation, face a dispute or require legal advice, that's where a lawyer is handy."

Barlas says having a lawyer from the start can save thousands because conveyancers aren't qualified or insured to provide legal advice.

"Conveyancers are generally more cost-effective for standard transactions," adds Barlas.

"But many law firms charge similar rates to conveyancing firms. It really depends on the expertise you need and who you feel comfortable with for the transaction."

At this stage, your broker reconfirms your borrowing capacity and you submit your offer. In competitive markets, expect counter-offers.

If accepted, you'll pay a small holding deposit.

2 weeks out: Prepare for settlement

Settlement preparation involves signing loan documents, organising building insurance and confirming your funds.

Your conveyancer coordinates with your lender, the vendor's lawyer and the settlement platform to ensure everything is ready.

A pre-settlement inspection, usually 24-48 hours beforehand, lets you confirm the home is exactly as agreed.

Check appliances, ensure repairs have been completed and make sure all keys, remotes and fixtures are still in place.

You'll also need to cover several additional fees, including the loan application fee, mortgage registration fee, transfer fee and any outstanding council and water rates linked to the property.

Settlement day

Settlement day is when the handover happens. Your lender transfers the funds, the property title is registered in your name and the home legally becomes yours. Your conveyancer manages the entire process. Once complete, the agent hands over the keys.

For the conveyancer, lender and agent, it's routine paperwork. For you it's one of the biggest emotional and financial milestones of your life.

Broker or banker?

For generations, home buyers paid a visit to their local bank to arrange their home loan.

Today, the landscape has shifted with nearly 80% of Australian home loans processed through mortgage brokers.

Patterson says one of the biggest first-home buyer misconceptions is that going straight to your existing bank is easier or that loyalty secures a better deal.

"A bank can only offer their own products and policies. Brokers, however, can compare multiple lenders and must act in your best interests by law."

This broader view can make a meaningful difference to first-home buyers.

"Not all lenders participate in schemes like the First Home Guarantee," she says, "If you walk into the wrong bank, you might end up paying lenders mortgage insurance unnecessarily when another lender could have waived it."

Settling in

Move-in day is when the property finally becomes your home. Over the first few weeks, you'll discover its quirks - the morning light, the hot water temperament, the friendly (or noisy) neighbours.

Your adviser may check in to guide you on the next steps in your financial journey, while your broker can help set up offset accounts, arrange extra repayments or discuss refinancing strategies.

"Buying the property is one milestone," says Patterson. "Managing the loan well is the next."

Buyers agents?

At this point, buying a home can feel overwhelming, especially when dealing with seasoned real estate agents whose job it is to secure the highest price for the seller.

"They know the tricks, the psychology and the pressure points to help get the vendor the highest possible price," says Mark Mendel, co-founder of buyers agency Moove.

That's where a buyers agent can help. Their role is to represent the buyer's interests: researching properties, assessing value, negotiating with agents and helping to avoid costly mistakes.

They can also bid at auctions and provide advice on strategy, which is particularly useful in competitive markets or for buyers short on time or buying interstate.

Fees typically range from 1.5% to 2.5% of the purchase price, though some agencies offer flat-fee packages.

Get stories like this in our newsletters.