Before starting your property search, it’s important to understand where you stand financially.

This includes looking at your income, existing debts, living expenses, available deposit and savings, as well as the additional costs associated with purchasing a property.

Your borrowing capacity isn't determined by your income alone. Different lenders have different credit policies, serviceability calculations and approaches to assessing borrowers, which means the amount you can borrow can vary considerably between lenders.

This is where speaking with a mortgage broker early can add value.

Once you understand your financial position, the next step is determining how much you can comfortably borrow and establishing an appropriate purchase budget.

A pre-approval can provide an indication of how much a lender may be prepared to lend, allowing you to search for properties within a more realistic price range.

It's important to remember that pre-approval isn't the same as unconditional approval. The lender will still need to assess the property and confirm that your circumstances continue to meet its lending requirements before providing final approval.

With your budget established, you can begin searching for a property that suits your goals.

The right property will depend on your circumstances. A first home buyer may prioritise affordability and location, while an investor may place greater emphasis on rental income, long-term growth and the overall investment strategy.

You should also consider the type of property you're purchasing, whether that's an established home, apartment, townhouse, vacant land, new construction or an off-the-plan property.

Once you've found a property you're interested in, take the time to understand exactly what you're buying.

Your solicitor or conveyancer should review the contract before you commit to the purchase. Depending on the property, you may also consider building and pest inspections, strata reports and other relevant searches.

This is also the time to understand any conditions, settlement requirements and additional costs associated with the purchase.

How you purchase will generally depend on whether the property is being sold by private treaty or auction.

With a private sale, you can negotiate the purchase price and potentially include conditions within the contract, such as finance or building and pest clauses.

Auctions work differently. If you're the successful bidder, you're generally entering into an unconditional contract immediately, so your finance and due diligence should be well progressed beforehand.

Once you've secured the property, your broker will work with the lender to progress your application from pre-approval through to formal or unconditional approval.

The lender will generally complete a valuation of the property and undertake its final assessment before issuing loan documents.

At Miles Financial, this stage isn't simply about getting the loan approved. We also focus on ensuring the loan structure, lender and features are appropriate for your circumstances and longer-term goals.

Between signing the contract and settlement, your broker, lender and solicitor or conveyancer will work together to prepare for the transfer of the property.

You'll generally need to sign your loan documents, arrange any required insurance, contribute the balance of your funds and complete a final inspection of the property.

Your solicitor or conveyancer will coordinate the legal side of settlement, while your broker will help ensure the finance is ready when required.

Settlement is the day ownership of the property officially transfers to you and the purchase funds are transferred to the seller.

You get the keys — but from our perspective, that's not where the relationship ends.

Your circumstances, goals and the lending market will continue to change over time. That's why we believe in regularly reviewing your lending to make sure your structure remains competitive and continues to support what you're trying to achieve.