Home Buyer’s Ultimate Checklist

A step‑by‑step, practical guide to buying property in Sydney with confidence in 2026.

Stage 1: Financial Preparation

1.1 Budget & Affordability

• Define a purchase range (conservative, target, stretch) accounting for deposit, borrowing capacity, and buffers.
• Calculate total cost of ownership (principal & interest, strata/council rates, utilities, insurance, maintenance).
• Stress‑test repayments against potential interest rate rises, job changes, or life events.

1.2 Deposit & Savings Strategy

• Confirm minimum deposit requirements (e.g., 20% for lowest LMI risk; understand LMI for <20%).
• Automate savings with separate high‑interest/offset accounts; track monthly progress.
• Account for upfront fees (conveyancing, inspections, lender application/settlement fees).

1.3 Loan Options & Features

• Compare fixed vs variable, split loans, and introductory offers.
• Assess features: offset account, redraw, extra repayments, portability, break costs.
• Understand comparison rate vs headline rate, and how fees impact real cost.

1.4 Credit & Eligibility

• Check your credit score/report; fix errors and reduce unsecured debt.
• Stabilise income documentation (PAYG slips, tax returns, BAS for self‑employed).
• Avoid new credit applications while preparing for pre‑approval.

1.5 Government Schemes & Grants (if eligible)

• Research first‑home buyer concessions (stamp duty relief, shared‑equity programs).
• Confirm eligibility criteria early (price caps, residency, property type limits).
• Prepare documentation to claim applicable concessions at settlement.

1.6 Risk Management & Buffers

• Build a 3–6 month emergency fund.
• Consider income protection/life insurance aligned to mortgage commitments.
• Plan for unexpected repairs (roof, plumbing, electrical) post‑purchase.

Stage 2: Research & Property Selection

2.1 Location & Lifestyle Fit

• Map commute, schools, healthcare, parks, shops, transport corridors.
• Assess noise, traffic, and future infrastructure (rail lines, road upgrades).
• Check local amenities (childcare waitlists, sports facilities, community services).

2.2 Market Intelligence

• Review recent comparable sales and on‑market times; identify pricing patterns.
• Track clearance rates for auction suburbs and seasonal demand cycles.
• Analyse rental yields & vacancy rates (even if owner‑occupying, for resale value).

2.3 Property Type & Condition

• House vs townhouse vs apartment: land content, strata levies, shared services.
• Age & build quality: look for damp, subsidence, roof condition, electrical compliance.
• Energy efficiency: insulation, glazing, solar potential, orientation.

2.4 Strata & Community Title (if applicable)

• Understand levies (admin & sinking fund) and historical special levies.
• Review by‑laws (pets, renovations, parking, short‑stay restrictions).
• Check the strata’s financial health and planned capital works.

2.5 Future Value & Resale Considerations

• Neighbourhood trajectory: gentrification, infrastructure, school zoning.
• Floor plan flexibility: ability to add rooms, improve flow, or create outdoor living.
• Street appeal & block attributes: frontage, slope, drainage, aspect.

Stage 3: Legal & Conveyancing

3.1 Engage Your Conveyancer Early

• Select a licensed conveyancer or property lawyer with local experience.
• Define scope & fees (fixed fee vs disbursements; urgent review pricing).
• Share priorities: timing, risk tolerance, planned renovations, investment goals.

3.2 Contract of Sale Review

• Key inclusions/exclusions (fixtures, appliances, garden sheds).
• Special conditions & deadlines (finance approval, building/pest, settlement date).
• Penalty clauses & default scenarios (finance fall‑through, delayed settlement).

3.3 Searches & Certificates

• Title search & plan: easements, covenants, encumbrances.
• Council & planning: zoning, permitted use, development approvals/compliance.
• Environmental checks: flood/fire overlays, contamination, heritage listings.
• Utilities & services: water/sewer, electricity, NBN, gas availability.

3.4 Cooling‑Off, Auctions & Private Treaties

• Cooling‑off rights: duration, fees payable if rescinding.
• Auction rules: no cooling‑off; arrange pre‑auction contract review.
• Private treaty negotiation: price, settlement terms, deposit, inclusions.

3.5 Stamp Duty & Other Government Costs

• Estimate duty based on price and eligibility for concessions.
• Budget for registration/transfer fees and electronic settlement platform fees.
• Understand timing: when duty is assessed and payable relative to settlement.

Stage 4: Inspections & Due Diligence

4.1 Building & Pest Inspection

• Scope: structural integrity, moisture ingress, termite activity, roof/pier condition.
• Get a written report with photos and a priority defect list (urgent, medium, cosmetic).
• Use findings to renegotiate or request repairs prior to settlement.

4.2 Specialist Assessments (if needed)

• Electrical & plumbing checks: switchboard, wiring, water pressure, drainage.
• Structural engineer for cracking, subsidence, retaining walls.
• Asbestos/lead paint risk in older properties; removal cost implications.

4.3 Strata Due Diligence (apartments/townhouses)

• Independent strata records inspection (minutes, defects, disputes, arrears).
• Insurance coverage & claims history; adequacy of sinking fund.
• Upcoming capital works (lift, roof, façade) and likely levy impacts.

4.4 Boundary & Title Verification

• Confirm lot boundaries against the plan; check encroachments/fencing disputes.
• Survey (if uncertainty) for accuracy prior to settlement.
• Vehicle access/driveway rights; shared access easements.

4.5 Environmental & Location Risks

• Flood/fire mapping; proximity to bushland or flood plains.
• Noise/odour sources (industrial zones, flight paths, nightlife precincts).
• Insurance implications: premiums for risk‑exposed locations.

Stage 5: Finance Finalisation & Pre‑Settlement

5.1 Loan Approval & Documentation

• Convert pre‑approval to formal approval with updated property details.
• Provide valuation access; respond to lender queries quickly.
• Check loan offer terms (rate, fees, settlement conditions) before signing.

5.2 Settlement Planning

• Confirm settlement date/time with conveyancer, lender, and seller’s rep.
• Organise funds flow (deposit, balance, duty, fees) through trust/e‑settlement.
• Review settlement statement: rates/taxes adjustments, disbursements, payouts.

5.3 Insurance & Risk Protection

• Activate home building insurance from exchange (often a lender requirement).
• Consider contents insurance and landlord cover (if investing).
• Document serial numbers & photos of major fixtures for claims.

5.4 Final Inspection (Pre‑Settlement)

• Schedule 24–48 hours before settlement.
• Verify contract inclusions present & working (appliances, lights, taps).
• Check condition hasn’t changed (new damage, leaks, removals).

Stage 6: Settlement, Handover & Moving

6.1 The Day of Settlement

• Conveyancer confirms exchange of funds & transfer.
• Keys released by agent once settlement completes.
• Obtain receipts & confirmations (duty, registration, e‑settlement IDs).

6.2 Handover Essentials

• Collect manuals, warranties, codes (alarms, garage, intercom).
• Record utility meter readings at handover.
• Secure the property: change locks (if needed), test smoke alarms.

6.3 Moving Logistics

• Book removalists early; confirm insurance for transit.
• Create a room‑by‑room packing plan; colour‑code boxes for easy placement.
• Arrange cleaners for vacate and new‑home freshen‑up.

6.4 Setup & Personalisation

• Connect utilities & internet (allow lead times).
• Plan immediate fixes: safety items, child/pet proofing, external lighting.
• Schedule minor upgrades (paint, blinds, tapware) before full move‑in.

Stage 7: Post‑Settlement & Ownership Optimisation

7.1 Admin & Notifications

• Update address with banks, ATO, insurers, licences, electoral roll.
• Redirect mail and update subscriptions.
• Store legal documents (contract, title, inspection reports) securely.

7.2 Home Maintenance & Safety

• Create a maintenance calendar (gutters, HVAC, pest checks, smoke alarm tests).
• Set aside annual maintenance budget; track actuals vs plan.
• Review safety: trip hazards, pool compliance, balcony integrity.

7.3 Financial Efficiency

• Maximise your offset/redraw to reduce interest over time.
• Consider extra repayments or fortnightly schedule to cut loan term.
• Review utilities & insurance annually for better rates.

7.4 Long‑Term Value

• Plan renovations with approvals and budget contingencies.
• Monitor local market trends for equity growth.
• Maintain documentation (receipts, approvals) to support future sale.

Why Choose Chamberlains?

At Chamberlains Law Firm, we combine expertise with transparency to make conveyancing straightforward and predictable. Our team conducts thorough contract and title checks, explains costs upfront, coordinates settlement seamlessly, and stays available through mobile‑first communication. Whether you’re buying at auction, off‑the‑plan, or under tight timelines, we tailor our approach to your needs, so you can move forward with certainty and a clear plan.