Ready to purchase a property?
Here’s your step-by-step process.

Determine how much can you spend

The first step is all about you.

Take the time to consider your current finances, plans – and how much you can afford for repayments. One way to do this is by subtracting your expenses from your total monthly, post-tax income.

Your calculations should also consider the income you’re likely to earn from your investment.

The result will give you a fairly good idea of what you can afford each month.

Discover how much you can borrow

Now you know what you can afford, it’s time to learn how much you can borrow. To help identify your borrowing limit, you can:

Use online calculators to forecast different investment scenarios, mortgage repayments and any associated costs.

Consult a mortgage broker who can reach out to their lender network to determine how much you can borrow, based on your assets, debts and income.

Research, research, research

After you have a better idea of your budget, you can start searching for a home.

Learn what you can about different suburbs, look at past sales results – and check the internet regularly for new properties as they hit the market.

After you have settled on your suburbs of interest, it’s time to connect with a real estate agent who specialises in your chosen areas.

When you partner with Holliez, we can:

• Offer greater insight into your selected neighbourhoods

• Show you recent sales prices

• Present you with off-the-market opportunities

• Plan property showings that suit your unique needs

Inspect everything

When you inspect a property, make sure to take the necessary steps to uncover any hidden and costly issues that may exist.

If you identify any faults, add the repair costs to the sale price so you can make a more informed decision.

Your inspection is also an opportunity to learn more about the broader aspects of the property. These could include:

• The materials used in construction

• Whether it is built over an easement

• Nearby transport, shops and other amenities

• Information on zoning and the surrounding environment

As a valuable resource, your real estate agent can answer any questions you may have – and boost your confidence in your buying decision.

Find the right loan – and get pre-approval

Once you have chosen your property and set your budget, it’s time to find the right loan. Here are some tips to help you:

Learn about the home loan market: Greater knowledge in interest rates, establishment fees and other factors can boost your negotiation skills.

Take advantage of a mortgage broker’s network: If you go through a mortgage broker, you will have instant access to a large network of lenders – increasing your chances of securing the best possible deal.

Don’t be afraid to ask: The finance market is very competitive, so lenders will often compete for your business. This gives you an opportunity to ask for more.

To get pre-approval, you must present all necessary documents to your lender or broker, and attend an interview.

Depending on the lender, you will then receive a Home Loan Guarantee Certificate or a Pre-Approval Certificate. This means your loan has or will be approved – subject to certain conditions, such as a property valuation.

Loan pre-approvals typically last 6-12 months.

Read the Contract of Sale carefully

Once you have received the contract, make sure you and your lawyer read it thoroughly for any special conditions before you make an offer or bid on auction day.

Time to buy

If your offer or bid is successful, you will need to pay a deposit – which is 10% of the sale price. Once paid, you are legally bound to proceed with the sale unless either party breaches the contract.

There are two ways you can purchase your property:

Private sale
This is either a private treaty or sale through your real estate agent.

The most common tactic is a written offer made to the seller’s real estate agent.

If your offer is accepted and you have formally exchanged contracts, you must pay the deposit. The real estate agent holds this until the sale is finalised.


Is the property you love going to auction? Then make sure you have your deposit ready – and your finance pre-approved.

Remember, your bid is binding. So think carefully before you raise your hand. Additionally, the name that you give the auctioneer is the name that will go on the contract. It cannot be changed later.

So if someone else is bidding for you, inform the auctioneer in writing beforehand.

It’s time to settle

Won the sale? Then here are some important tasks to complete leading up to settlement (which your lawyer can help you with):

• Make sure all parties are happy with the settlement terms

• Sign all your loan documentation and ensure the money is ready

• Arrange conveyancing to transfer the property title over to you

When you reach settlement, your lawyer or lender will exchange the money for clear ownership of the property. At this final stage, you must also inform the government about the transfer.

Finally, remember to cherish this moment. You are officially a property owner.