By Jason Given · 2026-08-14 · 7 min read
Buying your first home is one of the biggest financial decisions you will make. Having a clear plan removes the guesswork and helps you avoid the mistakes that cost first home buyers time and money. This checklist covers every step - from working out your numbers to getting the keys.
Before you start browsing listings or attending open inspections, talk to a mortgage broker. Understanding what you can actually borrow sets the foundation for everything that follows. Lendology assesses your borrowing capacity across 60+ lenders - because each lender calculates it differently based on your income type, debts, and living expenses. The difference between lenders can be tens of thousands of dollars.
You do not necessarily need a 20% deposit. Here are your options:
South Australia has several schemes that can save first home buyers thousands:
For the full breakdown, see our guide to first home buyer grants in SA.
Pre-approval confirms your budget, shows agents and sellers you are a serious buyer, and allows you to move quickly when you find the right property. It typically lasts 90 days and Lendology can arrange it within 2-3 business days. There is no cost and no obligation - and it is the single most important step before you start your property search.
Research median prices, growth outlook, and lifestyle factors. Consider your commute, proximity to schools and amenities, and what type of property your budget allows in each area. Adelaide has excellent value compared to east coast capitals, but prices vary significantly between suburbs. For data-driven recommendations, see our best suburbs for first home buyers in Adelaide guide.
A conveyancer handles the legal side of your purchase - title searches, contract review, settlement coordination. In SA, conveyancing costs typically range from $1,500 to $2,500. Engage one before you make an offer so they can review the contract before you sign. Lendology works with several trusted conveyancers in Adelaide and can recommend one if needed.
When you find the right property, make your offer. If accepted, you sign the contract of sale. In SA, private sales have a 2 business day cooling-off period during which you can withdraw (though you may forfeit a small fee). Auctions have no cooling-off period - you need your finance sorted before auction day. Your finance clause gives you time to convert pre-approval to formal approval. Organise building and pest inspections during this period.
Settlement in SA is typically 30-42 days from exchange of contracts. On settlement day, your lender disburses the loan funds to the seller's solicitor, the property title transfers to your name, and you collect the keys. Lendology coordinates the finance settlement with your conveyancer so everything runs smoothly. Then you are a homeowner.
Common first home buyer mistakes to avoid:
You can buy with as little as 5% deposit if you qualify for the First Home Guarantee, which eliminates LMI. Without the guarantee, most lenders require 5-20% deposit. A 5% deposit on a $600,000 property is $30,000 - but you will also need to cover stamp duty, legal fees and other upfront costs. Lendology calculates your total upfront requirement based on your specific situation.
South Australia offers the $15,000 First Home Owner Grant for new builds only. First home buyers also get stamp duty concessions - no stamp duty on properties under $650,000 and reduced rates up to $700,000. The federal First Home Guarantee allows eligible buyers to purchase with 5% deposit and no LMI.
Pre-approval is not legally required but strongly recommended. It confirms your budget, shows agents and sellers you are a serious buyer, and allows you to move quickly when you find the right property. Pre-approval typically lasts 90 days and Lendology can arrange it within 2-3 business days.
From pre-approval to settlement, the process typically takes 8-12 weeks. Pre-approval takes 2-3 days, property search varies, formal approval takes 1-2 weeks after signing a contract, and settlement in SA is usually 30-42 days from exchange. Lendology manages the finance timeline so you can focus on finding the right property.
Ready to take the first step?
Book a no obligation chat with Jason or Steve. We will check your borrowing capacity, grant eligibility and map out your path to your first home.