Buying your first home can be an exciting but daunting process. Here’s CML Lawyers easy to follow checklist tailored for first home buyers to make the buying process as easier as possible:

1.       Financial Assessment completed
Calculate your budget: Determine how much you can afford to spend on your first home. Consider factors like your income, savings, expenses, and potential mortgage repayments
Get pre-approved for a mortgage: This can give you a clear understanding of your borrowing capacity and make you a more competitive buyer
2.       Resource
Explore different neighbourhoods: Consider factors like proximity to amenities, schools, public transportation, and safety
Research property prices: Look at recent sales data in your desired areas to get an idea of property prices and trends
Attend open houses and inspections: This will give you a better understanding of what to expect in terms of property condition and features
3.       Government Assistance Programs
Check eligibility for first home buyer grants and concessions: In NSW, you may be eligible for the First Home Owner Grant (FHOG) and stamp duty concessions. Ensure you understand the requirements and application process.  Your chosen legal advisor will be able to assist you with this
Explore the First Home Loan Deposit Scheme (FHLDS): This federal government initiative helps eligible first home buyers purchase a home with a deposit as low as 5% without paying Lenders Mortgage Insurance (LMI)
4.       Legal and Financial Advice
Seek legal advice: Engage a solicitor experienced in property transactions to guide you through the legal aspects of purchasing a home
Consult a financial advisor: Get advice on structuring your finances, understanding mortgage options, and planning for ongoing costs like property maintenance and insurance
5.       Property Inspection and Due Diligence
Organise building and pest inspections: Ensure the property is structurally sound and free from pests before committing to the purchase
Review strata reports (if applicable): If buying a unit or apartment, obtain strata reports to understand the financial and administrative health of the strata scheme
Check zoning and council regulations: Verify the zoning of the property and any development plans that may affect its value or your living conditions
6.       Negotiation and Making an Offer
Make an informed offer: Based on your research and inspections, negotiate a fair price with the seller or their agent
Include necessary clauses: Ensure your offer includes clauses for finance approval, building and pest inspections, and any other conditions important to you
7.       Contract Exchange and Settlement
Sign the contract of sale: Once your offer is accepted, review and sign the contract of sale with your legal representative
Arrange finance and insurance: Finalise your mortgage arrangements and organise home insurance prior to settlement
Attend settlement: On the settlement day, ensure all necessary documents are signed, and funds are transferred to complete the purchase
8.       Post-Purchase Tasks
Arrange for utilities: Set up essential services like electricity, gas and internet in your new home
Plan your move: Organise removalists or DIY moving arrangements and notify relevant parties of your change of address.
Budget for ongoing expenses: Factor in costs like property taxes, maintenance, and homeowners’ insurance into your budget

Remember, buying your first home is a significant milestone, so take your time, do your research, and seek advice when needed to make informed decisions. CML Lawyers is here to help with all your property needs. Call us today on 6342 1000, let us make buying your first home a breeze!


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Sydney Office:
Level 3, 10 Bridge Street
Sydney NSW 2000

Ph:+61 2 9299 2223

Cowra Office:
125 Kendal Street:
Cowra NSW 2794

Ph:+61 2 6342 1000