Whether you’re a first home buyer or someone looking to upgrade for some extra living space, buying property is often described as a time of mixed emotions, with many people saying it’s the biggest investment they will ever make.  For some it’s a time of great excitement and others a time of nervous anticipation. 

According to McAdam & Turnbull Realty Principal Lachlan Evans, whatever your circumstances or motivation the process of buying a home follows a number of key steps.  In today’s blog we’re going to explore those steps to give you some help in getting it right.

Finance – If you need finance to buy a home, it’s important to know how much you can borrow based on your financial position, available deposit and other factors before you start searching.  There is no use looking at a property with a $450,000 list price if your borrowing capacity is only $375,000.  Lachlan Evans recommends you speak with a finance professional or your bank to explore your borrowing capacity and the available finance options.    

Government Incentives – First Home Buyers form a large part of the property market, and there’s a range of incentives and fee discounts available to them including the First Home Owners Grant and various Stamp Duty and property transfer fee exemptions.  (Eligibility criteria applies.)  Non First Home Buyers purchasing a home to live in may also be eligible for some fee reductions.  Your solicitor can provide you with that information. 

Property Inspections – After working out your borrowing capacity, create a list of features you want in a home to help with searches on websites such as or domain, and in discussions with the agent at McAdam & Turnbull.  Afterall, one of the agents key roles is to provide effective real estate solutions that meet your needs (and wants!).  At McAdam & Turnbull it’s built into our DNA!  Some important features include location, price range, land size, zonings, number of bedrooms and other house features.  Contact your preferred agent and arrange an inspection or go to the open house if one is scheduled. 

Making an offer – After finding that dream home it’s time to start negotiating!  You will need to consider your own market research and information provided by the agent, and then make an offer on the property.  The McAdam & Turnbull team believe the role of the agent also includes providing general market information to help buyers and sellers make informed decisions that meet their real estate needs.  Offers can be made below, at, or above the listing price.  The process for buying homes varies across Australia and our discussions today focus soley on Queensland.  There are also auctions to consider, however, we’ll explore that process in another blog.  The seller may accept your offer, reject it, or make a counter offer.  This back and forth process through the agent will continue until an agreed price is reached, or the negotiations cease if the parties can’t come to an agreement.  Assuming an agreement is reached, the agent will prepare a draft contract for all parties to consider and seek professional advice (if required) before signing. 

Accountant – Buying property may have taxation implications especially when purchasing a home for rental purposes.  McAdam & Turnbull recommends you seek appropriate advice from your accountant BEFORE signing a purchase contract as it may save you money at tax time! 

Legal Services – The process of transferring ownership from seller to buyer is commonly referred to as coneyancing.  There are many local law firms that offer conveyancing including pre contract review services to ensure the contract contains appropriate clauses that protect your interests.  Your lawyer will also engage with the sellers legal representative and any financiers, brokers, accountants, real estate agents and other parties to ensure a smooth settlement. 

After the contract is fully signed by all parties the agent will provide copies to the buyer and seller.  At this point the buyer will need to pay the deposit amount listed in the agreed contract terms.  The contract will also list a range of milestones that need to be met before the specified settlement date.  Examples may include finance approval and pest/building inspections.

After the finance has been approved and all the contract conditions have been met, the solicitors will communicate to arrange the settlement.  Settlement will usually occur on the date specified in the contract, but that may change upon agreement between the parties if required.  On settlement day the funds are paid to the seller and the title (ownership) is transferred to the new owners.

At this point it’s time to go and pick up the keys!

The process of buying a home can be complex and every persons situation is different.  The team at McAdam & Turnbull are focused on tailoring real estate options to meet your needs and keep the experience as stress free as possible.  That’s how we’ve delivered peace of mind and the right real estate solutions to the Toowoomba community since 1980. 

McAdam & Turnbull Realty are your local real estate professionals supporting buyers and sellers in Toowoomba and nearby surrounds.  You can follow our Principal and agent Lachlan Evans at or view our current listings at and LIKE us on Facebook @  

This publication covers real estate, property market and legal related issues in a general way. It is intended for general information purposes only and should not be regarded as legal advice. McAdam & Turnbull Realty recommends that professional legal advice should be obtained before taking any action on the basis of the general information presented in this publication.

 Written and Published by