Property Resources Buyer guide

From signed contract to tenant in place

A step-by-step guide for property buyers in Australia, covering finance, conveyancing, settlement and, for investors, getting a tenant in place.

You've signed. Now a lot has to happen in parallel, legal, finance and (if you're investing) leasing. This roadmap walks through it in order, so nothing stalls your settlement. Steps marked Investment only apply if you're buying to rent out.
1

Immediately after signing

  • Send your signed Contract of Sale to your conveyancer straight away. This gets the legal process moving, including title checks and adjustments ahead of settlement.
  • Also send the signed contract, and a rental appraisal if it's an investment property, to your mortgage broker as soon as possible. The rental appraisal helps the lender factor expected rental income into your borrowing capacity.
2

Get your finance moving

  • Start gathering supporting documents early. Recent payslips (usually the last two or three), recent bank statements (usually the last three months), and identification. Having these ready saves time later.
  • Submit everything your broker requests promptly, and confirm it's all been forwarded to the lender.
  • Follow up with your broker every one to two weeks, so nothing stalls with the lender.
3

Sort out building insurance

  • If the property is part of an Owners Corporation or strata scheme, ask your sales agent for a copy of the OC/strata insurance certificate. This covers the building itself. Note that two or more houses on a subdivided block are usually part of an Owners Corporation.
  • If it's not strata, arrange your own building insurance and give details to your broker before settlement. Most lenders require this from settlement day.
  • Ask your broker what level of cover they require, as lenders often set a minimum based on the loan value.
  • Investment: also consider landlord insurance, which covers contents you own (carpets, blinds) plus tenant-related risks like accidental damage and loss of rent. Highly recommended.
4

Manage your finance deadline

  • Check your contract for a finance condition clause, usually a set number of days (often 21) to obtain formal loan approval.
  • If you have one, ask your broker to secure formal approval before that deadline, and make sure they know the exact date.
  • If you don't (cash buyer or pre-approved), aim for formal approval at least two weeks before settlement so it isn't held up by last-minute delays.
5

Conveyancer check-in

  • Your conveyancer will request forms and information to prepare for settlement, identity verification, your bank details for settlement funds, or follow-up on special conditions.
  • Complete and return these promptly so nothing holds things up closer to settlement.
For investment properties
6
Investment

Engage a property manager

  • Research and shortlist a few reputable property managers local to the property. Don't just go with the first, look for a strong local track record.
  • Ask about their process for new owners, what they need from you, their fee structure, and how long it typically takes to find a tenant.
  • Don't be afraid to negotiate management fees, most have some flexibility, especially for a new client or multiple properties.
  • Complete their management agreement and forms so they can start marketing the property ahead of settlement.
7

Pre-settlement inspection

  • About a week before settlement, arrange a final walkthrough to confirm everything matches the contract.
  • If you can't attend, your property manager can do this on your behalf, especially useful if you're buying interstate.
8

Settlement day

  • Your conveyancer finalises the transfer of ownership, handles the fund transfers, and confirms the property is registered in your name.
  • Once complete, your property manager can finalise tenant arrangements (if a tenant is found) or continue marketing for lease.
9
Investment

Compliance checks , especially important in VIC

  • As soon as settlement is confirmed, ask your property manager to book all required compliance checks straight away, ideally within the first few days. In Victoria, rentals must meet minimum standards covering smoke alarms, gas safety and electrical safety.
  • Ask them to collect the keys directly from the selling agent so they can get in and arrange checks without waiting on you.
  • If anything needs fixing, ask them to instruct the compliance company to carry out repairs the same day they're on site, one visit, faster to tenant-ready.
10
Investment

Reuse the sale photos for rental advertising

  • Ask the selling agent for a copy of the photos used to advertise the sale, often provided for a small fee.
  • This saves a fresh photography session, gets the rental listing live faster, and avoids paying for photos twice.
11
Investment

Set up rent and expense management

  • Ask your property manager to pay property-related expenses directly from the rent they collect, cutting down on separate payments.
  • Specifically, have them pay council rates, water rates, land tax, and building/landlord insurance from rental income. Handling it centrally makes a real difference to your day-to-day admin.
12
Investment

Arrange a depreciation schedule

  • Book a quantity surveyor (firms like Duo Tax or MCG Quantity Surveyors are commonly used) to prepare a tax depreciation schedule.
  • It sets out the depreciation deductions available on the building and fixtures, claimable at tax time. Pass a copy to your accountant once it's ready.
Pro tips

Pro tip 1, Simplify your cash flow with an offset account

Have your rental income paid into your home loan offset account, and set your loan repayment direct debit to come from that same account.

If a shortfall comes up, say a large expense exceeds the rent that month, just transfer funds from your personal account to cover it.

Keeping everything in one place reduces the number of accounts to watch and makes tax time much simpler for you and your accountant.

Pro tip 2, SMSF purchases: watch your land tax assessment

If you bought through an SMSF using a bare trust structure, your first land tax assessment may come in higher than expected. The land tax authority sometimes mistakes a bare trust for a discretionary or family trust, which attracts a surcharge rate.

If this happens, contact the State Revenue Office and provide a copy of your bare trust deed. Once they can see the correct structure, they'll usually reassess at the standard, lower rate.

It's a fairly common SMSF issue and generally easy to resolve, but check your first assessment carefully rather than assuming it's correct.

This checklist is general guidance only and doesn't constitute legal, financial or property management advice. Always confirm specific timelines and requirements with your conveyancer, mortgage broker and property manager, as these can vary depending on your contract terms and lender requirements.

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