buying a house checklist

Melbourne is a great place for settling down. In fact, the whole state is. I’ve been a mortgage broker for a long time and I can understand why we get such huge migration numbers. It’s got the great weather, amazing coastlines, fun sports events, rich cuisine… oh, and did I mention the fine wine? Whatever it is that tickles your fancy, Victoria will never disappoint.

However, you have to understand that buying a house anywhere in Australia is a complicated process. It’s not the same as buying a new shirt or a pricey smartphone. Before you dive into it, there are things you will need to prepare. I’ve made this buying a house checklist to make things a lot easier for you.

Go over your finances

You need to be aware of what you can and can’t afford when making your buying a house checklist. I’ve seen a lot of first time home buyers make the mistake of only saving up for the property cost. What they don’t know is that buying a home also comes with other expenses. This includes stamp duty, inspection fees, and more. Be sure to add these items to your buying a house checklist!

Check for grants

Why cash in all your savings for buying a house when you can apply for a grant? Get in touch with the State Revenue Office. They have a complete list of all the discounts and concessions you might qualify for.

Prepare a deposit

Typically, this would start at 5% of the total cost of a house. For now, you can set up a savings account to get your finances in order. Think about how much money you can put aside per month to reach your goal. If you’re struggling with the cost, there are initiatives set by the government to help you.

Get pre-approved

A lot of people jump to house listings from the get-go when buying a house in Victoria. They wouldn’t make a buying a house checklist nor would they do any research. I wouldn’t advise you to do that. You should work closely with your mortgage broker and when they give you the go-ahead then you can start shopping!  Sometimes, you can get the pre-approval straight from the broker if they believe your position is strong.  As a mortgage broker, if I think there are potential hurdles with the loan I will advise to get a fully assessed pre-approval from a lender.

Choose the type of property

Have you thought of what exactly you want your house to be like? Do you have a certain preference? It’s vital to have a clear picture of what you’re looking for. This is where having a “buying a house checklist” really helps. It lets you stay on top of your paperwork and narrows down your search. Consider the location, neighborhood, style, and features you want your house to have.

Attend property inspections

It’s easy to get swayed by a positive emotional response when you first enter a lot for sale. Don’t get too invested, though, before a structural inspection takes place. After all, you need to make sure all the utilities are in working order before making an investment.

Check in with an expert

Does the whole process of buying a house in Victoria still leave you feeling confused? Overwhelmed? Do you feel like there’s so much you need to list in your buying a house checklist that you barely have enough time for anything else? If your answer is yes, don’t worry! It’s normal to feel that way. The good news is that you don’t have to go through all this on your own.

As a mortgage broker for over 13 years, I can guide you through the whole process of buying a home. If you have questions or concerns, go ahead and send me an email so we can start working on getting you pre-approved!


Will Bell Mortgage Broker is a mortgage and finance broker based in Melbourne specializing in residential home loans.  Will is all about the average Australian understanding just enough of the broader economy to take action on your own personal economy.  He is the host of the My Personal Economy Podcast which you can check out here.

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