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Buying property

Buying property

Written by

Zettle Editorial Team

Reviewed by

Cordell Smith, Solicitor and Founder, Zettle

Last updated

September 18, 2026

Buying a property involves a series of important decisions, from working out what you can afford and assessing the right property to understanding the contract and getting ready for settlement.

This guide brings together practical advice for each stage of the buying journey, helping you understand what to look for, what questions to ask and what to consider before you commit. Whether you’re just starting to explore your options or preparing to make an offer, you’ll find guidance relevant to where you are now, with state-specific information for NSW, Queensland and Victoria.

Browse by stage

Getting ready to buy

The groundwork before you start looking: how buying works, what conveyancing costs, and getting your contract checked before you sign.

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Finding and assessing a property

What to look at before you commit to a property: its condition, the numbers, the contract and title, and anything that could affect how you use it.

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Offer, contract and conditions

How the offer and contract stage works: what happens after you make an offer, when a contract becomes binding, and why your conditions and deadlines matter.

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Settlement

The final stage of buying: how settlement timing works, your rights if it runs late, and getting the keys handed over as agreed.

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Buying or selling in your state

Buying property in Queensland: the complete state guide

Your plain-English guide to buying a home in Queensland: the contract, cooling-off, transfer duty and settlement, and what to check at each step.

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Buying property in New South Wales: the complete state guide

Your plain-English guide to buying in New South Wales: exchange, cooling-off, and your rights through to settlement, with what to check at each step.

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Buying property in Victoria: the complete state guide

Your plain-English guide to buying in Victoria: the vendor's statement, cooling-off, duty and settlement, and what to check at each step.

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Explainers

What is the cooling-off period when buying property?

The cooling-off period is a set window after signing where you can withdraw for any reason, for a small penalty worked out on the purchase price and taken from your deposit. It never applies to auction purchases, in any state.

What's the difference between chattels and fixtures when buying a property?

Chattels are generally movable items that remain personal property, while fixtures are attached in a way that generally makes them part of the property. The distinction isn't always obvious, so check what the contract says is included or excluded.

What happens if I miss the deposit deadline when buying a property?

A deposit is part payment of the purchase price you pay when signing the contract. Paying it on time secures the property and takes it off the market to other buyers; if you don't pay by the date required in the contract, the seller may terminate and claim compensation — even after you eventually pay.

What happens if my finance isn't approved in time when buying a property?

Finance approval is your lender's formal agreement to fund the purchase. Where your contract is subject to finance, you must take all reasonable steps to obtain approval by the finance date — applying promptly and following up diligently — then notify the seller in writing before the deadline whether it's approved, waived, or not approved.

What do I need to do to comply with the finance and building & pest conditions in my contract?

Complying means doing what the condition requires, by the deadline, and giving any notice the contract requires. What you need to do, and what happens if you miss it, depends on the contract and the state where you're buying.

What is Section 27 early release of deposit in Victoria, and how does it work?

Section 27 of Victoria's Sale of Land Act 1962 lets a buyer's deposit be released to the seller before settlement, instead of being held in trust, if certain conditions are met.

What happens if a buyer defaults on a property contract in QLD?

A buyer default happens when the buyer fails to meet their contract obligations, and the seller then has several remedies available to recover their position and be compensated for losses.

How does settlement timing work when buying property?

Settlement is when the balance is paid and ownership transfers; the date is usually fixed in the contract, and the timing rules, time of day and consequences of missing it vary by state.

What are my obligations to settle on time, and can settlement be extended, in Queensland?

Settlement obligations are the requirements each party must meet to complete the purchase on the agreed date. In Queensland this is a 'time is of the essence' duty — each party must be ready to settle by the contract deadline, or the other may terminate or enforce — though either party may unilaterally extend the settlement date by giving notice, with longer extensions needing mutual agreement.

What's the difference between buying a property with vacant possession vs subject to an existing lease?

Vacant possession generally means you are entitled to take possession at settlement, without an existing tenant remaining in occupation. Sold subject to an existing tenancy, the tenant remains and you generally become the landlord, under the tenancy laws of the state.

What do foreign buyers need to know when buying property in Australia?

Buyers who are "foreign persons", including most temporary visa holders, generally need foreign investment approval before buying residential property. Until 30 June 2029 they generally can't buy established homes, and state duty and land tax surcharges usually apply on top of standard costs.

Who bears the risk for a property's condition between contract and settlement, and what insurance do I need?

"Risk" is who is responsible if the property is damaged between contract and settlement, and when it passes to the buyer depends on the state and the contract. Check your insurance requirements before you sign, and arrange cover before the property becomes your responsibility.

Guides

Getting your contract reviewed before you sign

Why having your contract of sale reviewed before you sign matters, what a review covers, and how it protects your deposit and position.
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What conveyancing costs, and how to read a quote

Why a conveyancing bill has two very different parts, what sits in each, and how to compare quotes without being caught out by the headline number.
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Signed and now unsure? What cooling-off protects — and what pulling out costs

The cooling-off period when buying: how long you have to change your mind, what pulling out costs, and how the rules differ in VIC, QLD and NSW.
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“Subject to finance” — what happens if your loan falls through before settlement

How the 'subject to finance' condition works: pre-approval versus unconditional, the timeframes, and what happens if your loan is delayed or declined.
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How to choose a conveyancer

What actually separates a good conveyancer from a stressful one, what to compare, and the questions worth asking before you engage anyone.
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