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Our practical eight-step guide walks you through the home-buying process, covering your finances, available government assistance, loan options, property checks, contract requirements, loan approval and settlement.
Fact-checked 3 November 2026 · General information · Approximately 14 minutes
Before you rely on this guide: keep in mind that property laws, purchasing procedures, taxes, concessions and government grants vary between Australian states and territories and may change over time. This content is general information only and should not be treated as legal, tax or financial advice. Seek personalised credit assistance and independent professional advice where necessary.
Start by determining what you can comfortably afford to repay without compromising your everyday expenses or financial security. The maximum amount a lender is prepared to offer may be higher than what suits your household budget, so it is not automatically the right option.
Calculate your regular income and household expenses, including existing debts, credit limits, insurance, childcare, transport and occasional annual bills. Reviewing recent bank statements and invoices can help you estimate your actual spending more accurately.
Consider how your budget would change if interest rates increased above your initially offered rate. This personal stress test can help you understand whether you could continue meeting repayments under less favourable circumstances. It is separate from the lender’s own assessment of your borrowing capacity.
Set aside funds for unexpected repairs, moving expenses, ongoing ownership costs or interruptions to your income. Avoid using all your savings for the deposit and purchase expenses without allowing for emergencies.
A 20% deposit is a common benchmark, but it is not compulsory for every home buyer. If you borrow more than 80% of a property’s value, Lenders Mortgage Insurance (LMI) may apply unless an eligible government guarantee, lender policy or guarantor arrangement changes the requirement.
Illustration only. It assumes the property price equals the lender's valuation and excludes LMI, capitalised fees, purchase costs and government support. It is not a credit assessment, approval or quote.
Government assistance can help eligible buyers enter the property market, but each program has its own eligibility requirements, property price limits, occupancy conditions & application procedures. Participating lenders & application timing may also affect access.
A mortgage broker can explain published requirements & help coordinate your application but cannot guarantee eligibility or approval. The assessment arrangements vary: participating lenders assess eligibility for the Australian Government 5% Deposit Scheme, Help to Buy applications involve both the participating lender & Housing Australia, and state or territory grants & concessions are assessed by the relevant government authority.
Eligible first home buyers may be able to purchase a property with a deposit of at least 5% without paying Lenders Mortgage Insurance under the scheme. Eligible single parents and legal guardians may qualify with a deposit of at least 2%. Property price limits, owner-occupier requirements, participating lenders and other eligibility conditions apply.
The FHSSS helps eligible buyers fund a first home using voluntary super contributions and associated earnings. Contribution limits of $15,000 per financial year and $50,000 overall apply. Release amounts depend on contribution type, and tax may apply. Check eligibility and release requirements with the ATO.
Help to Buy allows eligible buyers to purchase with a minimum 2% deposit & government equity support of up to 30% for existing homes or 40% for new homes. The government shares in changes in property value, and borrowers must eventually repay its contributions. Eligibility, price caps & ongoing conditions apply. State & territory grants & stamp duty concessions are separate, with varying eligibility & rules on combining assistance.
Do not assume programs can be combined. Before committing to a purchase, confirm eligibility, compatibility and application deadlines with the relevant scheme administrator, participating lender and your solicitor or conveyancer.
Buying your first home? Read our first-home buyer’s guide for a closer look at deposit options, government assistance and preparing your application.
Online mortgage broking can provide a convenient way to explore home loan options without attending every meeting in person. However, loan applications involve sensitive personal and financial information, so verify the identity and credentials of the person or business you are dealing with before sharing documents or following payment instructions.
Different financial institutions can reach different lending decisions for the same applicant. Their serviceability calculations, income assessments, expense allowances, and credit requirements differ, and property policies aren’t necessarily identical.
For a more detailed checklist, read our guide to the documents needed for a home loan.
Home loan pre-approval can provide an indication of your potential purchasing budget and commonly remains valid for approximately three to six months, depending on the lender. It is conditional and not a guarantee of final approval, so a reassessment may be necessary if your financial circumstances, chosen property or lender policies change.
Before changing debts or credit limits, speak with your broker or lender about possible consequences. Lowering an unused credit card limit could improve your borrowing assessment in certain circumstances, but cancelling or modifying financial accounts is not automatically beneficial for every applicant.
Use the lower amount between your comfortable repayment capacity and current lending assessment as the basis for your property search. Remember to reserve enough money for purchasing expenses rather than viewing your maximum pre-approved borrowing amount as a recommended spending limit.
Financing a construction project generally involves progress payments and additional lender assessments compared to purchasing an established residence. Nice Builds, affiliated with Nice Loans, offers building services throughout Greater Brisbane. However, purchasing construction services through Nice Builds or any recommended provider is entirely optional. Compare alternative builders, construction agreements and pricing, and seek independent professional advice before proceeding.
Commercial relationship disclosure: Nice Loans and Nice Builds are related businesses. Your choice of builder should not determine which loan is assessed as suitable.
Before signing an agreement or participating in an auction, consult a qualified solicitor or conveyancer to understand the contract’s conditions, payment deadlines, deposit requirements, included fixtures, settlement arrangements and any special clauses.
Ask your solicitor or conveyancer when responsibility for the property passes to you & arrange appropriate insurance from that date onward. This can occur before settlement. In QLD, buyers generally become responsible from 5 pm on the next business day after the contract date, although your contract and circumstances should be checked.
Ask your legal representative to investigate ownership records, easements, restrictive covenants, planning restrictions, seller disclosures and the implications of any finance, inspection or property sale conditions included in the agreement.
Depending on the property’s characteristics and location, consider building and pest inspections, strata and body corporate record assessments, boundary and land surveys, planning and development investigations, risk assessments and specialist property investigations.
A lender valuation allows the financial institution to assess the property securing the mortgage and determine the applicable LVR. It should not be confused with an independent building inspection, property condition report or guaranteed market valuation. A shortfall can increase the cash you need or change the loan.
Offers and auctions: never agree to remove or change a contractual condition based solely on general information. Your solicitor or conveyancer should explain the legal consequences and appropriate contract wording, while your broker can clarify the potential impact on finance approval. Remember that auction purchases may involve signing an unconditional contract, depending on the applicable jurisdiction and circumstances.
After the purchase agreement has been signed, where applicable, your lender will undertake further checks involving your financial position, property details and valuation before making its final lending decision. Nice Loans can assist with organising outstanding paperwork and communicating with the lender throughout this stage. However, the financial institution remains responsible for assessing the application and deciding whether to approve the loan.
Before loan settlement, verify the required payment amounts, final inspection arrangements, insurance obligations and procedures for collecting your property keys. Your solicitor or conveyancer will generally manage the legal transfer process and coordinate settlement adjustments between the lender and seller’s representatives.
Settlement periods are not identical across Australia. The time between signing a purchase contract and completing the property transfer depends on the agreed conditions, jurisdiction, finance arrangements and transaction requirements. Your solicitor or conveyancer should confirm the specific date and obligations.
There is no standard timeframe that applies to every property purchase. Preparing savings, obtaining loan pre-approval and finding an appropriate property can take several months. Once a contract is signed, the settlement period depends on the agreed terms, relevant state or territory regulations, finance approval, inspection requirements and transaction circumstances. Auction purchases, building projects and off-the-plan properties may involve different timeframes.
A 20% deposit is a commonly recommended target because it may help borrowers avoid Lenders Mortgage Insurance. However, certain lenders offer home loans with smaller upfront contributions. Eligible buyers may also access government deposit assistance or suitable guarantor arrangements.
For a property valued at $500,000, a 20% deposit would equal $100,000, while a 5% contribution would be $25,000. These amounts represent deposit calculations only, not the complete funds required to finalise the purchase.
Australian lenders do not have one universal credit score requirement that guarantees mortgage approval. Financial institutions generally evaluate your credit history and score alongside repayment behaviour, employment stability, earnings, household expenses, existing liabilities, available deposit, property details and their internal lending criteria.
No. Pre-approval generally provides an initial indication of your borrowing eligibility, subject to specified conditions and a limited validity period. Formal approval usually follows further verification of your financial information and property assessment, lender valuation and completion of outstanding lending requirements.
Obtaining independent legal guidance before signing a contract or bidding at auction is a sensible precaution. Property agreements can contain important conditions, financial obligations and deadlines, while cooling-off rights and auction requirements differ between Australian states and territories. While a mortgage broker can assist with home loan comparisons and credit applications, it does not provide a substitute for independent legal advice from a qualified solicitor or conveyancer.
For most standard residential home loan applications, Nice Loans does not generally charge borrowers a separate brokerage fee. Instead, the business typically receives a commission from the lender when the mortgage successfully settles.
However, certain specialised lending products or more complicated applications may involve additional broker fees. Any applicable charges and commission arrangements will be explained and disclosed in accordance with relevant requirements.
Nice Loans can explain published eligibility criteria & help prepare your application but can’t guarantee access to a government scheme or grant. Assessment arrangements vary by program. The participating lenders assess eligibility for the Australian Government 5% Deposit Scheme, while Help to Buy applications involve both the participating lender & Housing Australia. State & territory grants & concessions are assessed under the relevant authority’s rules.
Material lending, deposit and government-support claims were checked against current official sources. Scheme rules, lender policy and state or territory settings may change, so confirm them before acting.
Principal Mortgage & Finance Broker at Nice Loans, Chermside. Suman is a credit representative (CRN 499665), authorised under Australian Credit Licence 390261, and is listed by Nice Loans as an MFAA member with 15+ years’ finance-industry experience.
3 November 2026
Australia
General Information
On material change
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Nice Loans Pty Ltd · ABN 56 678 609 151 · ACN 678 609 151 · Credit Representative 560610 authorised under Australian Credit Licence 390261. Principal broker Suman Nepal · Credit Representative 499665. General information only; not legal, tax or financial advice. Credit assistance is subject to an assessment of your circumstances. Approval, rates, fees, features and policies are determined by the lender and can change. Privacy Policy · Feedback and Complaints
