For buyers
A practical walkthrough of the buying process — from working out what you can afford to picking up the keys.
The process
Before you start looking at properties, get a clear picture of what you can afford. This means understanding your income, savings, debts and borrowing capacity. Use a mortgage broker or your bank to get pre-approval — this shows sellers you're serious and prevents disappointment.
A pre-approval (or conditional approval) from your lender gives you a firm borrowing limit. It's valid for 3–6 months in most cases. You can still make an offer without it, but it puts you in a much stronger negotiating position and means less risk of a finance clause failing.
Make a list of must-haves vs. nice-to-haves. Bedrooms, bathrooms, garage, land size, proximity to schools or public transport. Be honest about what you'll actually use. It's easy to get swayed by features you won't need — and to overlook what you actually value most.
Go to open homes even before you're ready to buy — it trains your eye and gives you a feel for the market. Note what you like and don't like. When you find a property you're serious about, inspect it more than once — at different times of day if possible.
Before making an offer, research recent sales in the area to understand value. Order a building and pest inspection — it's worth every dollar. Review the Form 1 (vendor's statement) with your conveyancer. Check council zoning, easements and any encumbrances.
Offers in SA are made in writing via a Form 1 and Contract of Sale. Your offer can include conditions — most commonly finance, building inspection and settlement date. The seller can accept, reject or counter. Negotiation is normal; don't be discouraged if your first offer isn't accepted.
Once both parties sign the contract, the sale is under contract. In SA, buyers have a 2-business-day cooling off period for private sales (not auctions). During this time you can withdraw but may forfeit a small amount. After cooling off ends and finance is confirmed, the sale proceeds unconditionally.
Settlement is typically 30–90 days after signing contracts. Your conveyancer handles the legal transfer. You'll do a final inspection of the property before settlement to confirm it's in the same condition. On settlement day, funds are transferred and you collect the keys.
Not necessarily. A good selling agent will treat buyers fairly and give you accurate information. If you're unfamiliar with the process or the market, a buyer's agent can be valuable — but it's an additional cost to factor in.
Most lenders require at least 5–10% to proceed, though 20% avoids Lenders Mortgage Insurance. For a $600,000 property that means at least $30,000–$60,000 in genuine savings, plus your purchasing costs.
Technically yes, but it's very risky. Auction contracts in SA are unconditional — if your finance falls through after you win, you could lose your deposit and face legal action. Always have full unconditional approval before bidding at auction.
A Form 1 is the vendor's statement — a document the seller is legally required to provide disclosing key facts about the property including encumbrances, easements, zoning, council rates and any notices. Your cooling-off period begins once you receive a valid Form 1.
Settlement is negotiated when you make your offer. Common timeframes are 30, 60 or 90 days. Longer settlements can sometimes give you negotiating leverage if the vendor needs time to arrange their own move.
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