Question 1

When should I use this checklist?

Accepted Answer

Use it as a final gate before signing a contract of sale, exchanging, or bidding at auction. It is designed to be completed in the days before commitment — not at the open home stage. It assumes you have already done your financial modelling, property research, and legal review.

Question 2

What does 'total ownership burden confirmed as manageable' mean?

Accepted Answer

It means you have run the Ongoing Home Ownership Cost calculator and verified that your combined mortgage repayment plus ownership costs (rates, insurance, maintenance, strata if applicable) as a percentage of your take-home pay is sustainable — ideally below 35%, definitely below 40%. Mortgage repayment alone is not a complete picture.

Question 3

Should I get a building inspection even if the property looks fine?

Accepted Answer

Yes. Most serious defects are not visible to an untrained eye — subfloor moisture, early-stage rising damp, timber pest activity, roof framing issues. A building and pest inspection costs $400–$700 and can identify problems worth tens of thousands of dollars in remediation. It is not optional.

Question 4

What if I cannot tick every item on the checklist?

Accepted Answer

Some items may not be applicable to your situation. However, any financial, legal, or property condition items that cannot be ticked should be explicitly resolved before committing. 'I will sort it out after exchange' is not an acceptable answer for items relating to the building report, your cash position, or your legal review.

Question 5

Is it okay to buy at my maximum borrowing capacity?

Accepted Answer

It depends on your situation, but buying at your absolute limit leaves no buffer for rate increases, income disruption, or unexpected repair costs. Most financial advisers recommend stress-testing repayments at 2% above your current rate. If repayments at that level would be unmanageable, the purchase price is too high.

Before you buy checklist

Frequently asked questions