Buying your first home is a long list of small jobs, and most of the stress comes from not knowing which job comes next. This first home buyer checklist walks you from saving your deposit to getting the keys, in the order things actually happen on the Tweed Coast and the southern Gold Coast. I’m Steph, a first home buyer mortgage broker based on the Tweed, and this is the same list I work through with the people I help. Print it, stick it on the fridge and tick things off as you go.
One thing to know before you start: because we live on the border, the state the property sits in decides which grants, duty rules and contract rules apply, not where you live now. Keep that in mind at every stage.
Stage 1: Get ready
This stage is about knowing where you stand. Six months of tidy bank statements will do more for your application than any trick.
- Check your credit report for free and fix anything that looks wrong.
- Pay down or close credit cards and buy now, pay later accounts you don’t use. Most lenders count the full limit, not the balance.
- Set up a separate savings account and make regular deposits, so lenders can see genuine savings.
- Gather your last two payslips, your latest tax return or income statement, and three to six months of bank statements.
- If you’re self-employed, get your last two years of tax returns and financials up to date.
- Read up on the government schemes and concessions you might be eligible for, and if you’re near the border, how NSW and QLD first home buyer schemes compare.
- Decide who is buying: on your own, with a partner, or with family. It changes the paperwork and the borrowing figure.
Stage 2: Work out your budget
Your budget is the deposit plus what a lender will lend, minus the costs of buying. Two terms matter here. Your LVR (loan-to-value ratio) is the loan as a share of the property’s value. LMI (lenders mortgage insurance) is a one-off premium most lenders charge when your deposit is small; it protects the lender, not you.
- Work out your deposit. Through the federal 5% Deposit Scheme you could buy with as little as 5% down and no LMI, if you’re eligible. My guide to how the First Home Guarantee works covers the detail.
- Ask whether a guarantor is an option. A guarantor, usually a parent, offers equity in their own home as extra security for part of your loan.
- Estimate transfer duty (also called stamp duty), the state tax on buying property. First home buyers may pay less or none. Try the stamp duty calculator.
- Budget for legal or conveyancing fees, building and pest inspections, loan fees, insurance and moving costs.
- Keep a buffer for the first few months after you move in. Something always needs fixing.
- Write down your real monthly spending so you know what repayment feels comfortable, not just what a lender allows.
Figures checked 9 November 2026. Check current rules with Steph.
How much can I borrow as a first home buyer?
This is the question I get asked most, and the honest answer is that it depends on the lender. Each lender runs its own calculation, so the same person can get quite different figures from two banks. Broadly, they all look at the same things:
- Your income, and how stable it is. Base salary is treated differently from overtime, bonuses, commission or self-employed income.
- Your living expenses. Lenders compare what you tell them against benchmarks and your bank statements.
- Your existing debts, including car loans, HECS-HELP and the full limit on every credit card.
- Dependants, which change the expense benchmarks lenders use.
- A serviceability buffer: lenders check you could still make repayments if rates rose, so the figure they approve is lower than you might expect.
- Your deposit and LVR, which affect which lenders and loan types are open to you.
For a first rough number, use my borrowing power calculator. It gives an estimate only. When you want a real figure, I can compare how different lenders would assess you, because the gap between them is often bigger than people think.
Stage 3: Get pre-approval
Pre-approval (sometimes called conditional approval) is a lender saying it’s willing to lend you up to a set amount, subject to the property and final checks. It isn’t a final approval, but it tells you your price range and shows agents you’re serious.
- Talk to a broker or lender about which loan suits you before you apply. Each formal application can show on your credit file.
- If you plan to use the 5% Deposit Scheme, apply through a lender on the official list of participating lenders (opens in a new tab) and check the property price cap for the area: $1,500,000 on the Tweed and $1,000,000 on the Gold Coast.
- Provide all your documents at once so the assessment doesn’t stall.
- Note your pre-approval expiry date. Most last a few months, and they can be renewed.
- Don’t change jobs, take on new debt or make big purchases until you settle.
Figures checked 9 November 2026. Check current rules with Steph.
Stage 4: House hunting
This is the fun part, and also where local knowledge matters most. A few things are particular to our patch.
- Write a short list of must-haves and nice-to-haves before inspections, so you can compare places fairly.
- Check flood mapping. For NSW properties, look at the flood information from Tweed Shire Council (opens in a new tab). For QLD properties, see the City of Gold Coast (opens in a new tab). Flood risk can affect insurance cost and some lenders’ appetite.
- In newer estates such as Kings Forest, Salt and Casuarina, ask for the estate covenants and design guidelines. They can control fencing, colours, sheds and what you can build.
- Buying land to build? Construction loans work differently, with progress payments. See construction loans and Kings Forest construction loans.
- For a unit or townhouse, ask about strata levies and whether major works are coming.
- Ask the agent how the property is being sold: private sale or auction. It changes how you need to prepare.
Stage 5: Before you sign
This is the stage where a little time and money up front can save you a lot later. Once you sign, it gets much harder to walk away.
- Engage a conveyancer or solicitor. A conveyancer is a licensed professional who handles the legal side of buying, from reviewing the contract to settlement.
- Use one who works in the state where the property is. NSW and QLD each have their own conveyancing rules and contract forms.
- Have them review the contract before you sign, including special conditions and finance and inspection clauses.
- Book a building and pest inspection, and read the full report, not just the summary.
- For units, get a strata report covering the records, levies, disputes and any planned works.
- Understand the cooling-off period: a short window after signing a private sale contract when you can still pull out, usually for a fee. It exists in both states but the rules and timeframes differ, so ask your conveyancer.
- If you’re buying at auction, there is no cooling-off. Have your finance, inspections and contract review done before auction day.
- Confirm your deposit funds are ready to transfer when you sign.
Stage 6: Contract to settlement
Settlement is the day the property legally becomes yours and the lender pays the seller. Between signing and settlement there’s a lot of quiet paperwork, and most of it runs on deadlines.
- Send the signed contract to me or your lender straight away so formal approval can start.
- Diarise the finance date and inspection dates in the contract. Missing them can cost you your rights.
- Wait for the lender’s valuation and formal (unconditional) approval before letting any finance condition lapse.
- Sign and return your loan documents promptly.
- Arrange building insurance from the date the contract requires. Your lender will ask for proof.
- Apply for any grant or duty concession you’re eligible for. Your conveyancer or lender usually lodges these.
- Do a final inspection before settlement to check the property is as agreed.
Stage 7: Moving in
Congratulations, the keys are yours. A few last jobs protect the concessions you’ve claimed and set you up well.
- Move in within the time your grant or duty concession requires, and live there for the required period. The rules differ between NSW and QLD.
- Update your address with the electoral roll, your bank, your employer and the ATO.
- Connect electricity, gas, water and internet, and redirect your mail.
- Set up your repayments and an offset or redraw if your loan has one.
- Diarise a loan review in a year or so. Your needs change, and so does what lenders offer.
Where to from here
A checklist gets you organised, but every buyer’s situation is a little different, especially on the border. When you’re ready to work out your budget, your scheme options and a lender that suits you, talk to Steph about your first home. Check current rules with me before you rely on any of this, because schemes and limits change.