What belongs on a first home buyer checklist
A home buying checklist is not a list of documents. It's a sequence of tasks that need to happen in the right order so you can submit a complete application, exchange contracts on time, and settle without delays. The checklist starts with understanding what you can afford and ends with collecting keys.
Andrews Farm sits in the City of Playford, where housing stock includes a mix of newer estates and established properties around the $450,000 to $550,000 range. Many buyers here are purchasing their first home using low deposit options paired with South Australia's stamp duty concessions. The sequence matters because missing one step early in the process can delay everything that follows.
Building your deposit and knowing what you qualify for
Your deposit includes genuine savings plus any gifts or family guarantees you've arranged. South Australia offers a $15,000 First Home Owner Grant for new homes under $650,000, and stamp duty is waived up to that same threshold. If you're buying an established home, stamp duty relief still applies, but the grant does not.
The First Home Guarantee allows you to purchase with a 5% deposit without paying Lenders Mortgage Insurance, provided the property value falls within the scheme's caps. Consider a buyer purchasing a $500,000 townhouse in Andrews Farm with a 5% deposit. They would need $25,000 saved, plus roughly $8,000 to $12,000 for settlement costs including conveyancing, building and pest inspections, and loan establishment fees. If they qualify for the state grant on a new property, that $15,000 can cover a significant portion of the upfront expenses outside the deposit itself.
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Sorting your income and expense records before you apply
Lenders assess your borrowing capacity by reviewing pay slips, tax returns, bank statements, and existing debts. If you're employed full-time, gather your three most recent pay slips and your most recent tax return or notice of assessment. Self-employed buyers usually need two years of financials and a letter from an accountant.
Bank statements from the last three months show your spending patterns. Lenders look for regular savings behaviour and any unexplained deposits or large cash outflows. If you have a car loan, credit card, or buy-now-pay-later account, include those details as well. The lender will factor in minimum repayments when calculating how much you can borrow.
Closing a credit card you no longer use or paying down a personal loan before applying can increase the amount you're approved for. The earlier you clean up your financial position, the fewer surprises during the assessment.
Getting pre-approval and understanding what it covers
Pre-approval gives you a conditional commitment from a lender, usually valid for three to six months. It tells you how much you can borrow and shows real estate agents and vendors you're ready to buy. Pre-approval is not a guarantee, but it reduces the chance of your application being rejected once you find a property.
The lender will still conduct a full valuation and verify your details before final approval. If your circumstances change between pre-approval and formal application, such as changing jobs or taking on new debt, let your broker or lender know immediately. Pre-approval also locks in your interest rate type and loan structure, so it's worth discussing whether you want a variable rate, fixed rate, or split loan at this stage.
Choosing loan features that suit how you'll use the property
An offset account links to your home loan and reduces interest on the balance you owe. If you have $10,000 sitting in an offset and owe $480,000, you only pay interest on $470,000. A redraw facility lets you withdraw extra repayments you've made, but access can be restricted depending on the lender.
For buyers who expect their income to fluctuate or want to save for renovations, an offset account offers more control. Redraw works if you're disciplined about making extra payments and only need occasional access. Some lenders charge fees for offset accounts or limit redraw availability on fixed rate loans, so compare the terms carefully before deciding.
If you're planning to rent out a room or convert the property to an investment later, an offset account keeps your savings separate and makes tax reporting cleaner.
Organising inspections and conveyancing once you've made an offer
Once your offer is accepted, you'll need a building inspection and, if relevant, a pest inspection. In South Australia, most contracts are subject to finance and inspection clauses, giving you time to confirm the property's condition. Budget between $400 and $800 for a combined report.
Your conveyancer or solicitor handles the legal side of the purchase, including reviewing the contract, conducting title searches, and liaising with the vendor's representative. They'll also calculate adjustments for council rates and water if the settlement date falls mid-quarter. Conveyancing fees in South Australia typically range from $1,200 to $2,000 depending on complexity.
Don't wait until the week before settlement to arrange insurance. Lenders require building insurance from the settlement date, and it's worth arranging contents cover at the same time if you're moving straight in.
Finalising your application and preparing for settlement
Your lender will request a formal valuation once you've signed the contract. If the valuation comes in below the purchase price, you may need to renegotiate with the vendor or increase your deposit to cover the shortfall. This is uncommon in Andrews Farm where sale prices tend to align with valuations, but it's worth being prepared.
The lender will also verify your employment and financial position again before issuing final approval. If you've changed jobs, taken leave without pay, or opened new credit accounts, disclose this immediately. Final approval usually takes five to ten business days, depending on how quickly the valuer completes their report.
Once the loan is formally approved, your conveyancer will confirm the settlement date with all parties. On settlement day, funds are transferred electronically and you'll collect keys from the agent or vendor. Your conveyancer will register the title transfer, which can take a few weeks, but you'll have full possession from settlement onward.
Call one of our team or book an appointment at a time that works for you. We'll walk through your situation, confirm what you're eligible for, and help you prepare everything needed for a complete application.
Frequently Asked Questions
What deposit do I need to buy my first home in Andrews Farm?
You can purchase with as little as a 5% deposit using the First Home Guarantee, which waives Lenders Mortgage Insurance. You'll also need to budget for settlement costs including conveyancing, inspections, and loan fees, which typically add another $8,000 to $12,000.
How long does pre-approval last?
Pre-approval is usually valid for three to six months. It gives you a conditional loan commitment and helps you move quickly when you find a property. If your circumstances change during that period, notify your broker or lender immediately.
Should I choose an offset account or a redraw facility?
An offset account reduces the interest you pay and gives you immediate access to your savings, making it ideal if your income fluctuates or you want flexibility. A redraw facility lets you access extra repayments but may have restrictions, particularly on fixed rate loans.
What grants and concessions apply to first home buyers in South Australia?
South Australia offers a $15,000 First Home Owner Grant for new homes up to $650,000, and stamp duty is waived for first home buyers purchasing properties up to $650,000. These can be stacked with the federal First Home Guarantee for maximum benefit.
When should I arrange building and pest inspections?
Organise inspections immediately after your offer is accepted and before the finance clause expires. Most contracts in South Australia include inspection conditions, giving you time to review the property's condition before proceeding to settlement.
