1. Get your finance pre-approval

Getting pre-approval for your home loan is an important step in the home buying journey as it allows you to search for your new block or home with confidence about your budget. Pre-approval is an indication (not a guarantee) from the bank as to how much you can borrow.

2. Sign a contract of sale

This is the written agreement outlining the terms and conditions of the sale, including the price you are offering and the settlement period. It will be either a conditional offer (containing specific conditions on which the sale relies) or an unconditional offer (when the purchaser has funds immediately available).

3. Exchange contracts

Once the price and conditions are agreed, both the purchaser and seller sign the contract of sale document.

4. Pay a deposit

This is held in a trust account and cannot be accessed by the developer until settlement.

5. Find a settlement agent

You will need to appoint a settlement agent/solicitor who will handle the paperwork involved with your purchase.

At this point you will need to clarify any special terms and conditions of the sale.

6. Finalise your loan arrangements

You will need to finalise and sign all your mortgage documents. Your lender or mortgage broker will assist you with this process.

7. Sign a transfer of land document

After the exchange of contract you will be asked to sign a transfer of land document. The document is then registered with the Land Titles Office / Register of Titles (by the owner or developer) so the property can be transferred into your name.

8. Register the land title

This is an official record of ownership of the land and is kept by the Land Titles Office / Registrar of Titles. Once the purchase is officially registered, final settlement takes place, your mortgage becomes active and the property is yours!