17 steps to buying a home


Buying a home is one of the most exciting and confronting moments in your life. While the blizzard of paperwork can seem overwhelming, don’t get caught up in the magnitude of the task. Take it one step at a time. There’ll be many people on your journey to help you, including your financial adviser, solicitor or conveyancer and a professional real estate agent keen to help you make the right purchase.

Save for your deposit

This is an essential first step. You’ll prove to yourself you have the financial capacity and discipline to meet your mortgage repayments. Lenders are looking for at least 10% of your requested loan amount to be covered by a deposit, although ideally it should be 20%. If you have less than 20%, your lender will insist on you taking out lender’s mortgage insurance (LMI). This protects them from you defaulting on the loan but costs you tens of thousands of dollars over the lifetime of a loan.

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