Buying your first property can seem pretty daunting – after all, it’s likely your most expensive purchase to date and there’s a whole load of legal and financial paperwork to wade through.

Welcome to a world of confusing jargon and types of insurance you’d never thought about before, as well as more fees than you can shake a ‘sold’ sign at.

The thing is, it’s important to keep on top of all this, because if you miss something or go into the process unprepared it can lead to lengthy – and costly – delays.

So if all the houses you’ve seen are starting to merge into one and you’ve forgotten what day of the week it is, don’t worry. We’ve put together this handy checklist of things that might have slipped your mind.

1. Getting pre-approval on your loan

A pre-approval letter from your lender states how much you can expect to borrow. It might seem obvious, but it’s pretty important to know this before you even start looking at new homes so you can set a realistic budget.

This letter also shows sellers and real estate agents you’re serious about buying and have one less hurdle to jump later on in the process. So go forth in confidence, pre-approval letter in hand, new buyer.

2. Paying stamp duty tax

Stamp duty is by no means the only tax you have to think about when purchasing a property, but it may well be the largest. Stamp duty is levied on most property purchases in Australia, but the exact amount due will depend on the purchase price and which state or territory you live in – this stamp duty calculator will give you a quick idea of the cost (including any exemptions that may apply).

Stamp duty needs to be paid on settlement, so don’t forget to factor it in to your budget. Actually, any home loan specialist worth their salt will factor it in for you when calculating your potential borrowing capacity.

3. Arranging Lender’s Mortgage Insurance

Lender’s Mortgage Insurance (LMI) is a form of insurance that protects the lender in the event that the borrower defaults, but that doesn’t mean the lender pays for it… no, they pass that cost on to you. You’ll usually be required to purchase this insurance if you’re borrowing more than 80% of the value of the property, so you can get around it by saving up for a larger deposit.

4. Getting your hands on the contract

In a world where so many transactions take place somewhere up in the sky, it can be easy to forget the importance of a piece of paper. A sales contract should be reviewed by a solicitor or qualified conveyancer before you make an offer, so if you’re serious about a place, get your hands on a copy of the contract ASAP.

5. Conveyancing

Once you’ve committed to a purchase, you need to get the legal title of the property transferred to your name. This rather long, boring and complex (but very important) process is called conveyancing.

Make sure you have a qualified professional conveyancer or solicitor who will take care of this bit for you.

6. Budgeting for your Statement of Adjustments

The keys are almost within reach and you’re hit with more costs. In the week before settlement, your conveyancer or solicitor will prepare a Statement of Adjustments. This document lays out the adjustment of any rates, taxes, rental and owners corporation fees that apply to your purchase.

To avoid any big surprises, your conveyancer should be able to estimate these costs in advance, but remember to keep enough aside to cover your portion of the adjusted rates as you complete your purchase.

7. Getting a professional inspection

Don’t be tempted to speed up the process and save a bit of money by skipping this important step. It doesn’t matter how good a house looks on the surface, you never know what secrets could be hidden away in the walls or under the floors.

Before you sign on the dotted line, get a professional inspector in to look for things like rising damp, structural damage and pests – these kinds of issues can cost tens of thousands to put right so it’s worth knowing about them before it’s too late.

If the process of buying your first home is all feeling like a bit too much for you, make sure you’re in touch with with a great home loan specialist who can guide you through the process with their knowledge and expertise, taking some of the stress out of it for you.