10 steps to buying your first home in Rochedale

Your deposit doesn't need to be 20%.

That's the first thing to understand when you're working out when you can buy in Rochedale. The second is that most of the timeline is within your control once you know what lenders actually need from you. You'll spend a few months preparing, a few weeks applying, and somewhere between four and twelve weeks settling, depending on whether you buy an established home near Rochedale State School or build something new closer to the Gateway Motorway.

Step one: work out what you can borrow

Your borrowing capacity determines your budget. A lender calculates this by taking your household income, subtracting your regular expenses and existing debts, then applying a buffer to account for rate rises. Most lenders use a buffer of around 3% above the current variable rate when they assess whether you can service the loan.

Consider a buyer earning $85,000 a year with a partner on $70,000. If their combined monthly expenses sit at $4,200 and they have a car loan with $280 in monthly repayments, a lender will calculate what's left over after those commitments and stress-test the loan at a higher rate. This determines the maximum they can borrow. Understanding this figure early keeps your property search grounded in what's actually possible, not what's listed on Domain. You can use a borrowing capacity calculator to run your own numbers before speaking to anyone.

Step two: save your deposit and costs

You can buy with as little as 5% under the Australian Government 5% Deposit Scheme, which removes the need for Lenders Mortgage Insurance when you meet the eligibility criteria. That scheme has no income cap and is available through 31 participating lenders.

If you're buying outside that scheme, most lenders will lend with a 10% deposit, though you'll pay LMI on the portion above 80%. Genuine savings need to sit in your account for at least three months. Lenders accept savings accounts, term deposits, and shares. They also accept gifted deposits from immediate family, though some lenders cap the percentage that can come from a gift.

Step three: get your documents together before you apply

Lenders assess income differently depending on how you're paid. If you're a PAYG employee, they'll ask for your two most recent payslips and your last two years of tax returns or notices of assessment. If you're self-employed, casual, or earning commission, they'll want two years of financials and may average your income across that period.

You'll also need to show three months of bank statements for every account where you receive income or pay expenses. That includes savings accounts, transaction accounts, and any offset or redraw facilities attached to other loans. Lenders use these statements to verify your deposit, check your spending patterns, and confirm you're not carrying undisclosed debts. They're also looking at how you manage money day to day, so multiple overdrafts or regular gambling transactions can affect serviceability even if your income is solid.

Step four: apply for pre-approval

Pre-approval gives you a conditional commitment from a lender before you find a property. It's valid for three to six months depending on the lender and tells you exactly how much you can borrow, what deposit you need, and whether your application has any weak points that need addressing.

Most brokers lodge pre-approvals within a day or two of receiving your documents. The lender then takes between two and five business days to assess and issue a response. Pre-approval isn't a guarantee - the lender will still value the property and recheck your finances at settlement - but it removes most of the uncertainty and lets you make an offer with confidence. Some lenders also lock in interest rate discounts at pre-approval, which protects you if their pricing changes before settlement. You can read more about the process on our getting loan pre-approval page.

Step five: start your property search

Rochedale sits roughly 16 kilometres south of Brisbane's CBD and appeals to buyers looking for larger blocks without moving into acreage territory. The suburb has a mix of older homes on quarter-acre blocks near Priestdale and newer estates closer to the Logan Motorway interchange. Median prices here tend to sit below neighbouring Springwood and Rochedale South, which makes it a practical option if you're stretching to stay within the $1,000,000 property price cap under the 5% Deposit Scheme.

When you're inspecting homes, pay attention to build quality and recent renovation work. An older home with a new kitchen and updated wiring is usually a safer buy than something that looks tired but hasn't been maintained. Get a building and pest inspection before you make an offer, even if the seller provides a report. That inspection belongs to them, not you, and may not cover everything you need to know.

Step six: make an offer and negotiate terms

Most sales in Rochedale happen through private treaty rather than auction. You make a written offer through the agent, and the seller either accepts, rejects, or counters. Your offer should include a finance clause that lets you withdraw if your lender doesn't approve the property, and a building and pest clause that gives you an out if the inspection uncovers structural issues or active termites.

The cooling-off period in Queensland is five business days from the date the contract is signed. You can withdraw during this time, but you'll forfeit 0.25% of the purchase price. If you're buying at auction, there's no cooling-off period, which is why pre-approval and a pre-auction inspection are non-negotiable.

Step seven: finalise your loan and arrange insurance

Once your offer is accepted, your broker will lodge a full loan application if you only had pre-approval, or update your pre-approval with the property details if the lender needs a formal valuation. The lender orders a valuation, which usually happens within a week. If the property values at or above the purchase price, the loan moves to final approval. If it values below the purchase price, you'll need to cover the shortfall with a larger deposit or renegotiate with the seller.

You'll also need to arrange building insurance before settlement. Most lenders require you to have a policy in place that covers the full rebuild cost of the home. Contents insurance is optional but worth considering if you're moving in immediately after settlement.

Step eight: arrange your conveyancer and sign the contract

Your conveyancer handles the legal side of the purchase. They check the title for encumbrances, easements, or caveats, lodge the transfer documents, and arrange settlement with the seller's solicitor. In Queensland, the buyer's conveyancer also organises the payment of stamp duty and registers the transfer with the land titles office.

Stamp duty is a major upfront cost, but first home buyers in Queensland buying an established home pay nil transfer duty on properties up to $700,000 and receive a concession on homes between $700,000 and $800,000. If you're buying new, a broader concession applies. Your conveyancer will calculate the exact amount based on the contract price and your eligibility.

Step nine: complete settlement

Settlement is the day ownership transfers from the seller to you. It usually happens four to twelve weeks after you exchange contracts, depending on what's written into the agreement. Your lender releases the loan funds to your conveyancer, who transfers the purchase price to the seller and pays any outstanding amounts like council rates or water charges.

You don't need to attend settlement in person. Your conveyancer manages everything and confirms once it's complete. The seller hands over the keys either on settlement day or shortly after, depending on what was agreed in the contract. If you're building rather than buying established, settlement happens once the home is complete and the final inspection is signed off.

Step ten: move in and manage your loan

Once you've settled, your loan moves into repayment mode. Most lenders give you the option to make extra repayments without penalty if you're on a variable rate, and many offer an offset account that reduces the interest you pay without locking your cash away. If you've fixed part or all of your loan, check the terms around extra repayments - some lenders allow up to $10,000 or $20,000 in additional payments each year before break costs apply, while others are more restrictive.

Your circumstances will change over time, and your loan should be flexible enough to adjust with you. If your income increases, you can pay down the loan faster. If rates drop or a better product becomes available, refinancing might save you thousands. The key is to treat your home loan as something you manage, not something you set and forget.

Call one of our team or book an appointment at a time that works for you. We'll walk you through every stage, answer the questions you didn't know to ask, and make sure your application is structured properly from the start.

Frequently Asked Questions