Buying property in Australia: quick overview
Whether you are a first‑home buyer, investor or upgrading, the legal steps are similar. The main decision early is who will help: a licensed conveyancer for standard matters, or a solicitor (property lawyer) where contract terms are complex, risk is higher or you want broader legal advice.
Compare your options
- DIY purchase: lowest cost, highest risk; not recommended for most buyers.
- Conveyancer: handles searches, transfer, settlement and standard contract checks.
- Property lawyer: does all conveyancing plus bespoke contract drafting, dispute handling, title defects, off‑the‑plan risk and structuring advice.
Typical timeline
- Pre‑approval and property selection
- Offer and contract review (before signing where possible)
- Cooling‑off (if available) and searches
- Finance approval, exchange, settlement under PEXA
Timeframes vary by state, property type and lender readiness.
Important: This page provides general information about buying property in Australia. It is not legal advice. State and territory laws differ. Get advice on your specific contract and circumstances.
What does buying a property cost?
Use these typical ranges to compare options. Exact figures depend on your state or territory, property type and purchase price.
| Cost item | Typical range (AUD) | Notes |
|---|---|---|
| Conveyancing professional fee | $800 – $2,500 | Conveyancer vs property lawyer; complexity and urgency affect price. |
| Searches & certificates | $300 – $900 | Title, rates/water, planning, strata/body corporate, land tax (where relevant). |
| Building & pest (house/townhouse) | $300 – $700 | Strata buyers may order a strata records inspection instead. |
| Strata records inspection | $250 – $500 | Recommended for apartments/townhouses in strata or community schemes. |
| Titles/transfer/registration | State‑based | Set by state land registry. |
| Stamp duty (transfer duty) | State‑based | Largest cost; first‑home concessions may apply. |
| Lenders Mortgage Insurance (LMI) | Varies | Usually applies if deposit is under 20% (subject to lender policy). |
| FIRB fee (foreign buyers) | Schedule‑based | Applies to many non‑residents; plus possible state surcharges. |
The buying process step‑by‑step
| Stage | What usually happens |
|---|---|
| Pre‑approval | Compare lenders and obtain written pre‑approval. Identify deposit source and likely settlement window. |
| Contract review | Your conveyancer/lawyer reviews the Contract of Sale and disclosure (e.g., Section 32 in VIC) and negotiates key clauses. |
| Offer & exchange | Private treaty: sign with cooling‑off (state dependent). Auction: no cooling‑off and usually unconditional on the day. |
| Searches & due diligence | Order title/plan, rates, planning, strata, flood/bushfire, land tax and other relevant searches. |
| Finance & insurance | Secure unconditional approval. Arrange building insurance from exchange (state dependent/customary). |
| Settlement booking | Parties coordinate through the electronic settlement platform (PEXA in most states). |
| Settlement | Balance paid, title transfers, keys released. Complete post‑settlement tasks (utility, address updates). |
Contracts, searches and what to check
Key documents to review
- Contract of Sale and vendor disclosures (e.g., VIC Section 32)
- Title search and plan (easements, covenants, restrictions)
- Zoning and planning certificates
- Strata or body corporate records (levies, special levies, defects)
- Building and pest reports (for free‑standing dwellings)
- Transfer, duty and registration documents
- Loan, mortgage and guarantee documents (if any)
Clauses to negotiate
- Subject to finance and timeframe to obtain approval
- Building/pest conditions and rights to terminate or renegotiate
- Settlement date, inclusions/exclusions, and adjustments
- Special conditions, rent‑back licences, penalty interest
- Cooling‑off rights and any required waiver certificates
Tip: Get the contract reviewed before you sign wherever possible. At auction, obtain a review and agreed amendments in writing before bidding.
Finance, grants and duty concessions
The right loan structure and government assistance can materially change your costs and timing.
Loans and structuring
- Fixed vs variable, offset accounts and redraw facilities
- Borrowing with others: joint tenants vs tenants in common
- Buying via company, trust or SMSF (special rules apply)
- LMI triggers and alternatives (e.g., guarantor options)
Grants and concessions
- First‑home buyer grants and stamp duty concessions (state‑based)
- First Home Guarantee and Regional First Home Buyer Guarantee
- Off‑the‑plan stamp duty concessions (jurisdiction‑specific)
Special cases and added risks
When to involve a property lawyer
- Off‑the‑plan and sunset clauses
- Strata with building defect history or special levies
- Rural properties, water rights, biosecurity and fencing
- Commercial or mixed‑use zoning and leases
- Title defects, unapproved works or encroachments
- Foreign buyer FIRB approvals and duty surcharges
How to prepare your brief
- Address of the property and agent’s details
- Draft contract/disclosure pack and auction date (if any)
- Your finance status and preferred settlement timing
- Specific concerns (e.g., strata condition, renovations, easements)
Documents and information your adviser will ask for
Having the core records ready speeds up review and keeps fees predictable.
- Identification (100‑point), proof of address and entity documents (if buying via company/trust)
- Contract of Sale and all attachments disclosed by the vendor
- Finance pre‑approval letter and broker/lender contact
- Any building, pest or strata reports already obtained
- Notes about planned renovations or intended use
Property purchase FAQ
Do I need a conveyancer or a property lawyer?
For standard purchases, a licensed conveyancer is often suitable. If the contract is complex, you are buying off‑the‑plan, have title issues, special conditions or want broader legal advice, use a solicitor (property lawyer). Compare fixed‑fee quotes and scope before you choose.
How long does settlement usually take?
Most settle in 30–90 days. Your contract specifies the date. Finance approval, searches and state processes can shift timelines.
Are electronic settlements standard?
Yes, most Australian settlements are completed electronically via PEXA or a similar platform. Your representative will coordinate the workspace.
What deposit is normal, and is it negotiable?
5–10% is common. In private treaty sales you may negotiate a lower holding deposit with balance payable by a set date. Auctions typically require 10% unless varied beforehand.
Can I withdraw after signing?
Cooling‑off rights depend on the state and sale type. Auctions generally have no cooling‑off. Private treaty usually has a short cooling‑off but penalties may apply. Always confirm before signing.
Who arranges building/pest or strata reports?
Buyers usually arrange and pay for these reports. Some agents provide a recent report, but your adviser may suggest obtaining an independent report.
Get free help with your property purchase
Request a quick call to compare options, check likely costs and decide whether you need a conveyancer or a property lawyer. Send your contract for a same‑day review where possible.