Yellow Brick Road: Home

Buying a property

Buying a property can be a confusing and complex activity, but it has long been the Australian dream! We've explained the process below to help you track the activities and decisions that need to be made along the way; laid out from home loan to housewarming.


Know the area

Before you buy a property in a certain area, you should do some homework. Why not rent in the area for a while to discover as much as you can about the lifestyle and the local amenities icluding but not limited to shops, transport, parks and schools? Get to know the neighbours and quiz them too! Make sure this is the place you want to live, after all it is a alot of money and big decision.

Do your research

Look at the recent sales history for the area for properties with similar features. Then talk to local real estate agents to get their views on the market. This will give you a good indication of the buying price that you will need to be prepared to pay to secure a home in that area. Don't be afraid to talk to neighbours about their properties, increasing real estate has become a hot topic of conversation rather than a social faux pas.

Have a deposit ready

For typical home loans, lenders want you to contribute a deposit to the purchase price of the property. It would be recommended for borrowers to have a 10% deposit, based on the purchase price of the property. This means saving! The more you save, the better. There are benefits to having more than 10% as a deposit.

In fact, if you have at least 20% as a deposit you won't have to pay for Lenders Mortgage Insurance (which you incur when your deposit is less than 20%). And if you own an existing property, the equity from that asset can be used as a deposit. That's good news for investors.

Take your first step

Get your loan ready

Speak to your local Yellow Brick Road branch to enquire about obtaining conditional approval for the loan amount. Your Yellow Brick Road adviser can help you structure a loan that is right for you, before you commit to a particular house. They look at your situation, the property you want and consider a range of options.

Make an offer

When you have conditional approval for a loan you will have a level of confidence in making an offer for the property that you like. Depending on the sale type, you will either bid at an auction knowing your limit or make an offer on a house for sale, also known as a private treaty sale.


Settlement occurs when you receive the loan advance to buy the property. Once this occurs you are the proud owner of the property! Now it's time to pack and organise the removalists.

One more thing to consider

You'll need to consider obtaining insurance to cover the house and contents, as soon as the purchase is completed.