Follow these steps to help you find the right property to meet your needs.

On this page:

• Research the property market 
• Budgeting - costs and finance
• Inspections 
• Property documents
• Sustainable property features 
• Buying a property options 
  • Self-representation 
  • Property finder
  • Buyer’s agent 
  • Conjunctional agents 
• Using a licensed property professionals 
• What selling agents must tell you 
• Sale and loan contracts 
• Property scams
• Buying a property checklist 

Research the property market

Consider what kind of property you are looking for – an established home, apartment, unit or vacant land – and make a list of:

• your preferred areas
• essential features
• your wish list of extra features that would be nice to have

Budgeting - costs and finance

Consider:

• your financial commitments and what you can afford to repay
• any future plans that might change your income
• other possible changes, like interest rate rises.

MoneySmart website has useful budgeting tools and tips for choosing a home loan and saving for a deposit

Costs

Consider the costs of buying and maintaining a property, including:

• legal and settlement fees
• loan establishment fees
• government charges, such as transfer duty and other taxes
• foreign buyers duty (if applicable) 
• building and pest inspection fees
• moving costs
• building and contents insurance (if applicable)
• maintenance
• property rates and taxes.

Check for any payments you may be eligible for, such as:

• the first home owner grant
• home buyers assistance account 

Finance 

Before getting a home loan:

• Decide how much you want to borrow
• Use MoneySmart’s mortgage calculator to see how long it will take to pay off your loan and what the repayments will be
• Check terms and conditions of several lenders before deciding on one. Cheap rates or cash backs at the start may sound good with but may end up costing you more in long term loans . Use the comparison rate to help you decide on which loan is best for you.
• Ask your lender about any fees and charges.

Inspections 

The property inspection checklist may be helpful when comparing properties. 

Property documents

Landgate produces the following documents which cover detailed information about the property. A licensed real estate agent or sales representative may be able to provide you with a free or low-cost copies.

Certificate of Title (CoT) - contains details about the mortgage and the land boundaries. It will include any restrictions may impact how the owner can use the land e.g. footpaths, sewage and electricity lines.

Property interest (PI) report –covers further detail about the legal restrictions and responsibilities of the property. It will include heritage listings, zoning information, environmental or government restrictions.

Sustainable property features

There is a six-star energy efficiency environmental standard for all new homes, renovations, additions and relocations of existing homes.

When buying a pre-owned home, consider the advantages of sustainable features. These can lower living costs, reduce greenhouse gas emissions, and increase the property's value.

To find out more see Energy efficency of residential buildings.

Buying a property options

Self-representation

Representing yourself means handling all tasks involved in buying a property, including:

• finding a property,
• negotiating the purchase price and contract terms and
• monitoring the settlement process.

Property finder

You can hire a property finder to gather a list of properties based on your criteria.

Property finders:

• are not licensed under the REBA Act.
• can only perform limited tasks such as find property listings.
• cannot negotiate purchases.

Buyer’s agent

Buyer’s agents represent buyers in the sale of a property. Buyers agents must be a licensed real estate agent or sale representative. 

They offer a variety of services including:

• researching properties,
• liaising with selling agents, contractors and settlement agents,
• negotiating on your behalf,
• arranging building and pest inspections,
• explaining contract conditions to you,
• monitoring the settlement process,
• overseeing final inspections.

A buyer’s agent is useful if you are unfamiliar with the market. They can also be an objective third-party to help you to negotiate for a property you have found

Use our licence search to find a licensed agent or to check your agent's credentials.

Buyer’s agents fees

The fee structure may include:

• an engagement or activation fee;
• a standard fee for particular services, such as bidding at auction; and/or
• a variable fee, such as a percentage of the purchase price.

Make sure you specify what tasks you want them to perform and ask if there are any additional fees or charges. This includes access copies of documents from the local council, landgate or a strata. Clearly state you want to pre-approve any additional costs.

Under the ACL, the agent must provide a single price fee. The total amount quoted should include GST. If the GST is stated separately, a total including GST must also be provided.

More information is available on the Buyer's agent fact sheet.

Conjunctional agents

'Conjunctional agents' are also known as a 'buyer managers'. They are sub-agents of the seller who introduce buyers to properties. They can make offers on behalf of buyers to the seller’s agent. They are not buyer’s agents.

• Conjunctional agents must act in the seller's best interests
• If the buyer purchases the property, both seller and conjunctional agents share the seller's commission
• You should assume an agent is working for the seller if you are not paying them
• A buyer's agent should not have a conjunctional arrangement with the listing agent, as it could be a conflict of interest.

Using a licensed property professionals 

When you use a licensed person, you have the ability to claim against the Fidelity Guarantee Account if the agent does not follow the property laws.

A buyers agent cannot provide you with financial advice unless they hold an Australian Financial Services licence.

What selling agents must tell you 

Agents must give prospective buyers any information which could influence their decision.

Agent's must tell you if the property:

• was used as a drug laboratory
• has structural issues
• had any major repairs in its history
• has planning and zoning restrictions or if changes are being proposed
• has hazards such as asbestos
• was affected by major incidents such as fire or flood

If you have any concerns about a property, ask the selling agent. Agents must answer your questions honestly.

Sale and loan contracts 

Make sure you read and understand any loan documents or contracts of sale before signing

• If something is unclear, ask for an explanation or seek independent advice before signing
• Get any verbal agreement in writing
• Keep a copy of all signed documents

More information is on Property contracts page.

Property scams

Property scams can be very costly for both buyers and sellers. Make sure you are aware of common tactics. Read more on our property scams page.  

Buying a property checklist

Home buyers survival guide is a comprehensive guide to assist buyers planning to buy a property. It covers alternatives to buying, planning to buy, buying process, building, and case studies.