What Happens After You Buy a Property? A Step-by-Step Guide for First Home Buyers

kathrynasmussen
Sep 13
2 min read

Purchasing your first home is exciting – but once your offer is accepted, what happens next? Many first home buyers are surprised to learn there’s still a detailed process before they get the keys. To help you feel confident, here’s a clear breakdown of the steps from purchase through to settlement.

1. Signing the Contract of Sale

Once you’ve had your offer accepted, both you and the seller will sign a Contract of Sale. This legally binding document includes the purchase price, settlement date, and any special conditions (like subject to finance or building inspections).

Tip: Always have your solicitor or conveyancer review the contract before signing.

2. Paying the Deposit

You’ll usually pay a deposit (often 5–10%) to secure the property. This money is held in trust until settlement.

3. Formal Loan Approval

If you’ve had pre-approval, this is when your lender will finalise the loan. They’ll:

Review the contract and valuation of the property.
Check your financial situation again (payslips, bank statements).
Issue a formal approval letter once everything checks out.

4. Arranging Your Conveyancer or Solicitor

A conveyancer manages the legal side of buying a home, including:

Ensuring the property title is clear.
Handling stamp duty and government fees.
Preparing documents for settlement.

5. Insurance

Most lenders require you to take out building insurance from the date of signing the contract, not from settlement. This protects both you and the bank if something happens before you move in.

6. Pre-Settlement Preparation

In the weeks leading up to settlement, your conveyancer and lender work together to ensure:

Loan funds are ready.
All conditions of the contract are met.
Final settlement figures are calculated (including rates, stamp duty, and adjustments).

7. Pre-Settlement Inspection

As the buyer, you’re entitled to a final inspection of the property. This ensures it’s in the same condition as when you agreed to purchase.

8. Settlement Day

On settlement day, your lender transfers the funds to the seller, and your conveyancer registers the title in your name. Once completed, you’re officially the homeowner – and you’ll get the keys!

9. After Settlement

Update your address with banks, utilities, and government services.
Set up direct debits for your home loan repayments.
Celebrate – you’ve achieved one of life’s biggest milestones! 🎉

Final Thoughts

The journey doesn’t stop once your offer is accepted – but with the right support from your mortgage broker, conveyancer, and lender, the process can run smoothly.

At Kardinia Finance, we specialise in guiding first home buyers through every step, from loan approval to settlement and beyond.

👉 Ready to take the first step toward your first home? Let’s chat about your options today.