Buying a property is one of the biggest financial and emotional decisions most Australians ever make. Whether you are a first-time buyer, upsizing your family home, or purchasing an investment, preparation is everything.
Many people rush into signing contracts or making offers without understanding the key steps that protect them from costly surprises later. Before you fall in love with that dream home or commit at auction, there are three essential things you must do to safeguard your investment and avoid unnecessary stress.
These steps are not complicated — but they are crucial. Let’s break them down.
1. Get the Contract Reviewed by a Property Lawyer
This is the most important step before buying any property. Every contract for sale is a legally binding document that outlines what you are buying, the conditions of the sale, and your obligations as a purchaser. Once you sign, you are bound by its terms — even if you later discover something unfavourable.
A professional property lawyer or conveyancer will review the contract before you sign to make sure:
- The legal description of the property is accurate
- There are no restrictive covenants or easements that limit how you can use the property
- The inclusions and exclusions (such as appliances, fixtures, or furniture) are correctly listed
- The settlement date and conditions are realistic for your situation
- The contract complies with all current legislation in your state or territory
They will also identify any red flags — such as special conditions that unfairly favour the seller — and can negotiate changes to protect your interests.
Why this matters more than ever in 2025
AI-driven property marketing tools and online listing platforms can make homes look perfect, but they do not tell you what is buried in the fine print. A professional review by a human property lawyer remains irreplaceable.
Velocity Conveyancing’s experienced team reviews contracts daily across ACT, NSW, and Victoria, ensuring your purchase is safe and compliant from the start.
2. Secure Your Finance (and Know Your Limits)
Many buyers make the mistake of searching for properties before confirming what they can actually afford. Getting your finance pre-approved is not only smart — it is essential.
Why pre-approval matters
Pre-approval (sometimes called conditional approval) means your lender has assessed your income, expenses, and credit to estimate how much they are willing to lend. While not a full guarantee, it gives you a clear budget and helps you make stronger offers.
It also prevents a situation where you sign a contract, pay a deposit, and later discover your finance cannot be approved for the full amount. If that happens, you could lose your deposit and face legal action for breach of contract.
When buying at auction
If you are planning to buy at auction, finance approval is even more critical. There is no cooling-off period for auction purchases. Once the hammer falls, you are committed to completing the purchase, regardless of whether your finance is in place.
A property lawyer can help you understand the implications of this, and in some cases, issue the necessary certificates (such as a s.17 certificate in the ACT or s.66W certificate in NSW) that confirm you are waiving your cooling-off rights. These certificates are required by law for pre-auction offers.
Tips for 2025 buyers
- Compare interest rates and lender incentives carefully — many digital banks now use AI-based credit scoring models that assess spending patterns, not just income.
- Maintain a clean financial record: avoid large new debts, late payments, or credit limit increases before applying.
- Keep a buffer for stamp duty, legal fees, and potential renovations — these costs often surprise first-time buyers.
Velocity Conveyancing works closely with lenders and mortgage brokers every day. When your finance is approved, they ensure your contract timelines and settlement process align perfectly with your lender’s requirements.
3. Understand the Full Costs and Conduct Property Checks
The price you agree to pay for a home is only one part of the total cost of ownership. There are several hidden or variable costs that can catch buyers off guard if not planned for early.
Common upfront and ongoing costs
- Stamp duty: A government tax based on the purchase price and location of the property. Each state has its own rates and concessions.
- Legal and conveyancing fees: Professional fees for handling the legal side of your transaction. Velocity Conveyancing provides fully itemised, guaranteed-price quotes so there are no hidden surprises.
- Disbursements: These are costs paid on your behalf for essential property searches, certificates, and settlement services.
- Council rates and utilities: These will become your responsibility from the settlement date.
- Insurance: Building insurance should be arranged as soon as contracts are exchanged — not after settlement.
A property lawyer will calculate rate adjustments and verify that all taxes and charges are up to date before you take ownership.
Property inspections and due diligence
Do not skip inspections. A building and pest inspection may reveal structural issues, leaks, or termite activity that are not visible during open homes.
In 2025, many buyers are also using AI-powered inspection tools that scan for potential moisture or movement issues using infrared data. While these tools can be helpful, they are not a substitute for a qualified building inspector’s report.
In addition, your conveyancer will check for:
- Easements, rights of way, or zoning restrictions
- Unregistered encumbrances or caveats
- Heritage listings or environmental overlays
- Compliance with planning regulations
These details determine not only what you are buying but also what you can do with the property in the future.
Why Timing and Sequence Matter
The sequence of these three steps — contract review, finance approval, and due diligence — can dramatically affect your outcome.
For example:
- If you sign a contract before reviewing it, you may lock yourself into unfavourable terms.
- If you exchange contracts before finance approval, you risk losing your deposit.
- If you skip searches and inspections, you could inherit costly repairs or debts.
A good conveyancer coordinates all of these elements in the correct order, keeping your purchase legally secure and financially sound.
How Velocity Conveyancing Simplifies the Process
Velocity Conveyancing has been helping Australians buy property since 1968, specialising exclusively in residential conveyancing across the ACT, NSW, and Victoria.
When you work with Velocity, you get:
- Transparent fixed-fee quotes with no hidden costs or fine print
- Detailed itemised disbursements, so you know exactly where your money goes
- Free process flowchart explaining each stage of your purchase
- Friendly, experienced solicitors who handle every step — from contract review to settlement
- Guaranteed fee-beat promise: if you find a lower comparable quote, they will beat it
With offices in Canberra, Sydney, and Melbourne, and convenient remote options for interstate buyers, the process is simple, efficient, and stress-free.
Avoid the Three Most Expensive Mistakes
Every year, thousands of buyers across Australia lose money because they skip one of these three steps. Here are the most common mistakes to avoid:
- Signing before legal review — never rely solely on the agent’s or seller’s explanation of the contract.
- Exchanging contracts without finance approval — it only takes one delay or rejection from your lender to derail the entire purchase.
- Ignoring property searches and inspections — unseen defects or unpaid debts can cost far more than the conveyancing fee ever will.
These mistakes are preventable with the right advice early in the process.
Ready to Buy? Start the Right Way
Buying a home should be exciting — not stressful. When you take the time to get your contract reviewed, secure your finance, and understand all the costs upfront, you can buy with confidence and peace of mind.
Whether you are purchasing in the ACT, NSW, or Victoria, Velocity Conveyancing’s experienced property lawyers will guide you through every step. They will handle the legal details so you can focus on finding the right home.
Get a free quote today or call 1300 483 562 to speak to one of our friendly team members about your upcoming purchase.
This article provides general information only and shouldn't be considered specific legal advice. Every property situation is unique, and we recommend consulting with qualified solicitors for personalized guidance. Contact our team for legal advice.
