A first home buyer's checklist from offer to keys

Before you make an offer

1. Have your finance pre-approved. Know your borrowing limit and your deposit.
2. Check which first home buyer help you may qualify for.
3. Ask the agent for the contract as soon as you are interested in a property.
4. Send the contract to your solicitor or conveyancer to read.
5. Research recent sales of similar properties. Do not rely only on the advertised price guide.

Making the offer

1. Make your offer in writing where you can. A written offer is easier to track.
2. You may be asked for an expression of interest deposit. It is refundable. It does not reserve the property or take it off the market.
3. Remember the agent acts for the seller, not for you.
4. Ask for any changes you want in the contract. Only a solicitor or licensed conveyancer can change the contract.

Exchange of contracts

1. Have your finance approval, or know the date your lender needs, before you exchange.
2. Sign the contract and pay the deposit. It is usually 10% of the price. A smaller deposit, such as 5%, can be agreed with the seller.
3. Contracts are exchanged. From this point, you are bound, subject to the cooling-off period.
4. For most private sales, you have 5 business days to cool off. If you withdraw, you forfeit 0.25% of the price.
5. There is no cooling-off period if you buy at auction, or if you give a 66W certificate.

During the cooling-off period

1. Have the building and pest inspection done. NSW Fair Trading recommends inspections during this period.
2. For a unit, read the strata records.
3. Confirm your finance with your lender.
4. If you find a problem, speak to us before the period ends.

From exchange to settlement

1. We order searches and check the title.
2. You complete the Revenue NSW first home buyer forms, if you qualify, and give them to us with proof of identity.
3. Transfer duty, or the exemption, is dealt with by settlement, or within 3 months of the contract, whichever comes first.
4. Ask your lender what it needs from you before settlement, including any insurance it requires.
5. We prepare for electronic settlement with your lender and the seller's representative.

Settlement and the keys

1. Settlement takes place electronically on the agreed day, usually about 6 weeks after exchange.
2. Rates and other bills are split at the settlement date.
3. The title passes to you and you collect the keys.
4. If you used the first home buyer duty help, move in within 12 months and live there for at least 12 continuous months.

Common questions