Buying Property in Australia: The Most Basic Guide You’ll Ever Need

Buying property in Australia should be simple.
It isn’t.
Most people drown in jargon before they even see their first contract.

So here is the guide every Australian wishes they had the first time they thought about buying — explained clearly, simply, and without the usual corporate fluff.

1. What Is a Pre-Approval?

A temporary “yes” from a bank.
Not a promise.
Not a guarantee.
Just confirmation that — based on what you’ve told them — you can borrow a certain amount.

It expires.
It changes.
It can be revoked.

But you cannot shop confidently without one.

2. What Is Stamp Duty?

A tax you pay the government for the privilege of buying property.
It’s expensive.
Everyone hates it.
There is no way around it unless you qualify for first-home concessions.

3. What Is Settlement?

The day the property becomes yours.
Money moves.
Keys are handed over.
Buyers celebrate.
Agents breathe again.

4. What Is an Offer?

It’s not “What you’re willing to pay.”
It’s what you’re willing to lose the property over.

5. What Is an Auction Guide?

A marketing number.
Nothing more.
The property will almost never sell at that figure.

6. What Is Cooling-Off?

A legal window (usually 5 days) where you can walk away from a signed contract.
You lose a small fee for doing so — cheaper than making a life-altering mistake.

7. What Is a Building & Pest Report?

Your X-ray of the home.
It tells you what the eye can’t.
In the Inner West, expect… quirks.

8. What Is Equity?

The difference between what your home is worth and what you still owe.
It’s your leverage — your real wealth.

Buying property doesn’t need to feel like decoding ancient scripture.
When you understand the vocabulary, you stop feeling intimidated — and start feeling in control.

From the desk of Ramon Raneal