Home Readiness Checklist

Foundation

Before anything else, know where you stand.

Got your free credit reports Free from Equifax, Experian and illion. Checking your own report does not affect it. Disputed any errors you found Free to do directly with the credit bureau. Listed every debt with its balance and rate One page, all of it. The hardest step emotionally, and the most useful. Tracked your spending for a full month Tracked, not budgeted. You can't plan around numbers you're guessing at. Set up a written monthly plan The Monthly Money Map tool will do this with you. Have a bank account in your own name Your own money and your own record, whoever manages the household finances.

Framing

Build the structure that holds when life doesn't cooperate.

Opened a separate account for your home deposit Separate from your emergency fund. Different job, different account. Automated a transfer on payday Even a small one. The habit matters more than the amount at first. Built a starter emergency fund One month of essential expenses to begin with, three to six over time. Reduced credit card limits you don't need Lenders count the full limit, even when the balance is zero. Paid off or paid down one debt It lowers what a lender deducts from your borrowing capacity. Checked your employment history Six to twelve months in your role is the usual comfort zone, or two years of tax returns if self-employed.

Front Door

The last stretch, where preparation becomes an application.

Worked out your full target Your deposit, plus stamp duty if it applies, conveyancing, inspections and fees. Checked the 5% Deposit Scheme and Help to Buy Use the official eligibility tools on firsthomebuyers.gov.au. Checked your state's grants and stamp duty concessions firsthome.gov.au links to the rules for every state and territory. Talked to a mortgage broker or several lenders Borrowing capacity varies between lenders, sometimes by a lot. Got pre-approval Know your range before you make an offer or bid. It is not the same as final approval. Kept your credit and job steady No new cards, loans or job changes until you have the keys.

If the list feels long

Nobody does these in one weekend. Most people work through Foundation over a few months, and the Front Door items only become relevant in the final stretch. Three ticks is a real start.

Home Readiness Checklist

Foundation

Framing

Front Door

Stuck on one of these?