Steps to buying a property

Buying a home is a big moment, and having a clear plan makes it easier. This home buyer guide walks you through the steps to buying a property, from budgeting and finance to inspections, negotiation, settlement and moving day. You’ll find practical tips, cost checklists and helpful tools from Ray White and our partners so you can navigate the buying a home process with confidence.

Whether you’re after a family home or an investment, this guide to buying a house explains the process of buying a house in plain English. If you’re searching for a simple way to understand how to buy house in Australia, you’re in the right place.

Here's eight steps to help you on your journey to buying a property.

1. Understand how much you can borrow and secure your financing

Start with a realistic look at your money to set a comfortable price range and work out your deposit target. A 20 per cent deposit helps you avoid Lenders Mortgage Insurance (LMI), but plenty of buyers purchase with less. Keep an emergency buffer so you’re not stretched after settlement. First home buyers may also be eligible for the Home Guarantee Scheme to purchase their first home with just a five per cent deposit. Read more about the five per cent deposit scheme.

Budget for potential upfront and ongoing costs such as stamp duty, legal fees, valuation fees, building and pest inspections, and moving costs.

Check for government support. First Home Owner Grants, first home buyer stamp duty concessions and some shared equity schemes can reduce your costs. Eligibility varies by state or territory, property price and whether you’ll live in the home or rent it out.

A strong finance plan lets you act quickly and negotiate with confidence. From first home buyers to experienced property investors, our mortgage experts at Loan Market can compare lenders, explain criteria and help you find competitive rates and features tailored to your situation. It’s a simple way to make sense of the buying a home process from a finance point of view.

Through your broker, you can apply for loan pre-approval to give you a clear price range and to show sellers you’re serious when it’s time to make an offer or bid at auction.

2. Define your property criteria and research the property market

With your budget in place, get clear on what you are looking for in a property. Distinguish must-haves from nice-to-haves and focus on value for your lifestyle or investment plan.

List your non-negotiables. That could be the number of bedrooms, parking, outdoor space, access to public transport, school catchments or, for investors, rental yield and vacancy trends. Keep your criteria aligned to your budget so you don’t overextend.

Research locations and suburbs. Compare median prices, recent growth, local amenities, commute times and future infrastructure. Investors should also review vacancy rates, rental demand and typical tenant profiles. Visit at different times of day and chat to locals to get a feel for the area.

Using Ray White's market insights, including the Ray White Now monthly report, is a great place to start to better understand the property market. Each month you can track buyer demand, listing volume, price trends and auction insights through our economics team's analysis. Ray White agents also have access to a localised report to provide you with market insights on your local area - ask your agent about Ray White Localised.

3. Talk to your local agent

Reach out to your local Ray White agent early. With over 12,000 property specialists across Australia, you have a genuine advantage with the expertise and commitment of our agents. Use our office locator to find your nearest Ray White agent.

Our agents are local experts that know the streets, schools and recent sales in detail, giving you a real edge. They can alert you to upcoming listings, share price guidance and help you plan whether you’ll buy via private treaty or at auction.

If you’re following the steps to buying a property for the first time, having a trusted contact makes the process of buying a house feel far less daunting.

4. Attend open homes and evaluate properties

Ready to start looking? Open homes are your chance to assess condition, layout and liveability. Take notes and photos, and ask the agent about comparable sales, the vendor’s preferred terms and the level of buyer interest.

Use Ray White property search to see the latest listings from Ray White offices across the country.

For homes on your shortlist, arrange a second viewing at a different time to check for noise, light and traffic changes.

This stage is where a home buyer guide is most useful: keep your checklist handy so each property is measured against the same criteria.

5. Building and pest inspections

Most contracts of sale will require you to complete a building and pest inspection before finalising your property purchase.

A pre-purchase building inspection is recommended to ensure the condition of a property is what appears to meet the eye. This report will identify issues such as structural movement, moisture ingress, termite activity and safety hazards. Use the report to negotiate repairs, adjust your offer or walk away if risks are too high.

Let Ray White Concierge take the hard work out of finding a qualified, licensed and trustworthy building and pest inspector in your local area.

• Receive up to three free quotes from professionals then you choose the best one

• There is 100% no obligation to hire

• No need to ring around and research - the professionals will come to you

6. Make an offer or bid at auction

Go into negotiations with clear limits and an evidence-based view of value from recent comparable sales and your due diligence.

For private treaty sales, submit a written offer with price, deposit, settlement period and any conditions, such as finance or building and pest. The agent will present your offer to the vendor and manage negotiations, which may involve several rounds and can take days or weeks longer than an auction.

If you’re buying at auction, prepare well. Set a firm maximum bid, sort your deposit transfer, and make sure your pre-approval and legal checks are complete. Observe a few auctions first to understand the pace and styles of bidding. Register to bid as required in your state or territory and bring identification. Remember, auctions are typically unconditional, and many jurisdictions have no cooling-off period.

Don’t forget the terms. Settlement timeframes, inclusions (for example, appliances or specific fixtures), deposit amount and access for trades can all be negotiated. Being responsive and clear keeps momentum in your favour.

7. Finalise the purchase and prepare for settlement

Once your offer is accepted or you win at auction, the focus turns to contracts, conditions and settlement logistics. Staying organised will help you meet every deadline.

You may need to engage a lawyer or conveyancer to help you with your contract negotiation and signing. Pay the deposit as agreed. If you purchased by private treaty with conditions, work with your lender, broker and conveyancer to satisfy finance and inspection clauses within the time frames set out in the contract.

Book a pre-settlement inspection to confirm the property’s condition matches expectations and that agreed repairs or inclusions have been addressed. You're entitled to take a tour of your purchased property before it settles to make sure it's in the same condition as when you signed the contract of sale. Test appliances, taps, lights, heating and cooling, and confirm all fixtures match the contract.

Your conveyancer will coordinate settlement, working with the vendor’s representative and your lender to transfer funds and lodge the transfer of ownership. On settlement day, you’ll receive confirmation and can collect the keys from the agent.

Plan your move. Book removalists, arrange insurance from the contract date as advised by your conveyancer, and schedule utility connections. Create a change-of-address checklist for services, subscriptions and institutions so nothing is missed.

8. Moving day - welcome home

A little planning takes the stress out of moving. Pack room by room, label boxes clearly and keep essentials like documents, chargers, medication and basic tools with you. Protect floors and walls during the move and record meter readings when you arrive.

Ray White Concierge can help make your moving process simple and stress-free. Concierge can arrange top-rated service providers from insurance to removalists, to tradespeople and even pet sitting, so you can focus on settling in to your new home. Some of their services include:

• Home, landlord, tenant and car insurance

• Finding a removalist

• Finding storage solutions

• Finding a tax specialist

• Finding a solar power specialist

See more of the Concierge services.