Key steps to buying a home

Tips from Lesley Buckland, Home Loan Expert

Updated 11 February 2014


End to end expert help

Buying a property is a big financial decision that deserves sound advice and options. Our home loan experts will walk you through the journey of buying your home or investment property, answering any of your questions.


Start a conversation today

The best way to start is to talk to one of our experts who will guide you every step of the way.

Call us on 1300 650 105.

Get informed

You may want to get an idea of what’s involved before talking to us so we've provided a snapshot of the journey below with links to tips and tools.

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1. Know your budget

When you know your budget, you can start looking for a home that suits your needs. Before you start, it’s a good idea to know how much you could borrow, what your repayments might be, and how this fits with your personal budget.

Find out more 

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2. Save for your deposit and other costs

Getting your deposit together can be a hurdle. It can come from cash, equity in property or both. You also need to cover other upfront costs such as stamp duty, government charges and potentially lenders mortgage insurance.

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3.  Look for your property

Start house hunting with confidence by getting a 6 month Home Loan Approval in Principle1. This confirms your budget. It’s also the first step in the home loan application process, which means you can move quickly when you find the right property. Read on for tips on what to consider when house hunting.

Find out more 

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4.  Buy your property

Once you’ve found your home, it’s time to make it yours. This is exciting but it can be stressful too. We work hard to make it as simple as possible for you. So don’t forget, our experts are only a phone call away on 1300 650 105.

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5.  Finalise your home loan

Once your offer is accepted, the next step is to get Formal Approval of your Home Loan. If you've received your Home Loan Approval in Principle already, even better, because it means your application is underway and you can move quickly. For more information on the next steps until you get your keys.

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6.  Protect your property

Your home is one of your biggest assets and generally your biggest liability. It’s important to protect both your home and your ability to repay the loan.

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7.  Make the most of your Westpac home loan

Your home loan isn’t just a way to buy a house it’s also a financial tool for achieving your goals. All Westpac home loans have features designed to change as your needs do - from the big stuff like taking a "baby break" to the small stuff like setting up a direct debit.

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Things you should know
  • 1. 6 month Home Loan Approval in Principle

    A Home Loan Approval in Principle tells you the amount Westpac could lend you based on your current financial situation. This helps set your home buying budget, which means you can house hunt with confidence. It’s important to know this is only the first stage of the home loan approval process and it’s not yet an agreement to give you a home loan. The next stage of the home loan approval process happens once you find the property you want to buy. At this stage we do an assessment based on your property of choice and your current financial situation.

    A Home Loan Approval in Principle Certificate is valid for 6 months. If you don’t find a property after 3 months you will need to contact us to confirm your financial situation hasn’t changed, for the certificate to remain valid.