Your 8-step checklist for buying a home in the ACT

Key takeaways:

Prospective buyers can access a full stamp duty exemption for properties valued up to 1,020,000 dollars through the Home Buyer Concession Scheme provided their household income falls below specified thresholds
The ACT property market requires sellers to provide building and pest reports upfront with the contract but buyers are typically required to reimburse the cost of these reports at the time of settlement
Private treaty sales in the ACT include a standard five business day cooling off period while properties purchased at auction are legally binding with no option to withdraw without significant penalty

Buying a home in the nation’s capital is exciting, but the property market in the Australian Capital Territory (ACT) has its own unique rules and regulations.

Whether you're a first home buyer, an investor or moving from interstate, understanding the steps to buying a house in ACT will help you navigate the process with confidence.

This ACT home buyer guide takes you through the whole journey, from securing finance to picking up the keys.

Phase 1: Financial and eligibility prep (the broker’s role)

The first three steps are all about preparation. Getting this part right can save you stress, time and unexpected costs down the line. A mortgage broker is your most valuable asset during this phase, helping you understand your capacity and navigate the various government schemes.

✅ Step 1: Determine your borrowing capacity and get pre-approval

Before browsing properties or attending auctions, it’s important to know what you can borrow. A Loan Market broker can help you work out your borrowing power based on your income, expenses and deposit.

A broker can also help you find a loan suited to your needs, comparing products from multiple lenders to find the right features and rates for your circumstances.

Getting pre-approval is one of the most important parts of the Canberra property buying process. It shows sellers and agents that you're a genuine buyer with finance ready to go. It also helps you move quickly when you find a property you like, which can be particularly important in competitive markets or at auction. Most importantly, it prevents you from falling in love with a home that's beyond your budget.

Contact a broker to calculate your budget and apply for pre-approval before you do anything else.

✅ Step 2: Check for ACT grants and concessions

The ACT Government offers several schemes to help buyers, particularly first home buyers. Understanding what you're eligible for can significantly reduce your upfront costs.

Home buyer concession scheme (HBCS): This is the ACT stamp duty concession that can reduce or eliminate the conveyance duty (stamp duty) you pay. Eligibility depends on factors including your income, the property value and whether you're a first home buyer. Some buyers may pay no duty, while others receive a partial concession.
Australian Government 5% Deposit Scheme: This federal government scheme helps eligible first home buyers purchase with a deposit as low as 5% without paying lenders' mortgage insurance (LMI). Your broker can help determine if you meet the criteria.

Understanding which schemes you qualify for is essential for accurate budgeting. A broker familiar with ACT property purchases can guide you through eligibility requirements and help you access these benefits.

Research all your options for any grants or concessions you may qualify for.

✅ Step 3: Calculate your upfront costs

Your deposit is just one part of the equation. When budgeting for your ACT property purchase, you'll need to account for several additional costs:

Legal and conveyancing fees for your solicitor or conveyancer
Land Titles Office registration fees
Property rates (which may be adjusted at settlement)
Stamp duty or conveyance duty (if you're not fully exempt under the HBCS)
Building and pest report costs (payable at settlement in the ACT – see Step 5 for more)
Loan establishment fees and any other bank charges.

Having a clear picture of these costs before you start looking ensures you won't be caught short when it's time to exchange contracts. Your broker can help you understand the typical cost breakdown for ACT purchases.

Create a detailed budget covering all fees, not just the deposit and purchase price.

Phase 2: Property search and due diligence (The ACT difference)

Once your finances are in order, you can begin your property search with confidence. The ACT has some unique requirements when it comes to due diligence, particularly around building inspections.

✅ Step 4: Research the suburb and contract

Location matters just as much as the property itself. Research suburbs thoroughly, considering factors like:

Proximity to work, schools and amenities
Public transport links and road access
Future development plans and zoning
Suburb growth trends and property values.

When you find a property you're interested in, engage a solicitor or conveyancer immediately to review the Contract for Sale before you make an offer or bid at auction. They'll examine title details, identify any easements or restrictions and flag potential issues.

This legal review is crucial – don't skip it.

✅ Step 5: Review building and pest reports

One major difference when buying a house in Canberra is that the seller is responsible for providing a Building and Pest Report and an Energy Efficiency Rating with the contract. This is a significant advantage for buyers, as you can review these reports before committing to the purchase.

However, it’s also important to note that while the seller commissions these reports, the buyer typically reimburses the cost at settlement. The contract will specify this amount.

If you have concerns, you can still engage your own independent inspector. This might be worthwhile for older properties or if the seller's report raises questions. Your conveyancer can advise whether an additional inspection is necessary or advisable for your specific purchase.

Don't be afraid to ask for a second opinion. Ask your conveyancer and mortgage broker for help.

Phase 3: Purchase and settlement

You’ve found the perfect home and you’re ready to make an offer. This phase is about navigating the legal requirements for a binding contract and finalising the finance that you started back in Step 1.

✅ Step 6: Place an offer (private treaty or auction)

There are two common ways to purchase a property in the ACT:

Private treaty: You or your solicitor can negotiate the price and terms with the seller's agent. You can include conditions such as "subject to finance" or "subject to building inspection", though in competitive markets, unconditional offers are often more attractive to sellers.
Auction or tender: You bid competitively against other potential buyers.

A very important factor to note in the Canberra property buying process is that if you are buying via auction or tender, there is no cooling-off period. Your bid or tender is legally binding if accepted, so ensure you've completed all due diligence and have finance approval before participating.

Remember to stick to your budget when making your offer or bidding at auction.

✅ Step 7: Exchange contracts and pay your deposit

Once your offer is accepted or you're the successful bidder, contracts are exchanged. For private treaty purchases, you have a five-day cooling-off period from the date of exchange. During this time, you can withdraw from the contract, though you may forfeit a small percentage of the deposit. Remember, this cooling-off period does not apply to auction or tender purchases.

At this point, you will typically pay the full deposit.

✅ Step 8: Finalise your loan and settle

After contracts are exchanged, your mortgage broker will work with your lender to complete the final valuation of the property and formally approve your loan. You'll need to sign and return mortgage documents promptly.

Settlement is the day the sale is completed. On this day, your lender provides the balance of the purchase price to the seller. Your conveyancer or solicitor will:

Ensure all necessary rates and charges are adjusted
Transfer the property title into your name
Register the new title with the ACT Land Titles Register.

Once all of this is complete, you will receive the keys to your new home.

Ready to start your ACT property journey?

Now that you know the steps to buying a house in ACT, the most important first move is getting your finance sorted.

If you're ready to start your property journey in Canberra or the ACT, get in touch with a Loan Market broker. We can help you secure pre-approval, check your eligibility for ACT grants and duty concessions, and find a loan suited to your needs. With the right financial preparation, you'll be well-positioned to purchase your ACT property with confidence.