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Spring brings more listings, open homes and competition. Use August to get pre-approval, check your credit file, budget for upfront costs and decide what you want.
To get ready for the spring property market, use August to get home loan pre-approval, check your credit file for errors, budget for upfront costs such as stamp duty and inspections, and decide on your non-negotiables. Buyers who do this before listings rise in September and October can act quickly when the right property appears.
Spring is the busiest period of the year for Australian property, with more listings, open homes and competition than at any other time. For buyers who want to be in a strong position when the market picks up in September and October, August is the ideal time to prepare.
Getting ready now rather than scrambling once listings appear can make the difference between securing a property and missing out. Focus on these four things over the coming weeks.
1. Get your finances assessed before listings arrive
Understanding your borrowing capacity before you start attending open homes is one of the most important steps a buyer can take. Without a clear number, it is easy to waste time looking at properties outside your price range or, worse, to find something you love and lose it while your finance is still being sorted. A pre-approval also signals to vendors and agents that you are a serious buyer, which matters in a competitive spring market.
Home loan pre-approval, sometimes called conditional approval, is a lender’s indication of how much it may lend you based on your income, expenses, debts and credit history. It usually lasts three to six months. It isn’t a guarantee: the lender still needs to assess the property and confirm nothing has changed before it gives formal approval.
To apply, you’ll usually need:
- photo ID
- recent payslips, or tax returns and financials if you’re self-employed
- recent bank statements, including savings showing your deposit
- details of credit cards, car loans, HECS-HELP and buy now, pay later accounts
- an honest picture of your living expenses
Borrowing capacity can shift with interest rates. The Reserve Bank raised rates in early 2026, so a figure you were given last year may no longer hold. If you’re unsure what lenders will count against you, read about what affects your borrowing capacity besides income.
2. Check your credit file now, not later
Your credit file is one of the first things a lender will review. If there are errors, outdated defaults or missed payments listed, finding out now gives you time to address them before you apply. Discovering a problem mid-application, when you are already under time pressure, is one of the more stressful situations a buyer can face.
Credit reports are available from the major credit reporting agencies, Equifax, Experian and illion, and take only a few minutes to request. You can get a free copy from each agency every three months. If you find an error, contact the credit provider or the agency to have it corrected.
3. Review your deposit and factor in all the upfront costs
The deposit is only part of what you need to have ready at settlement. Stamp duty, legal and conveyancing fees, building and pest inspection costs, and any loan establishment fees all need to be accounted for. In most states, stamp duty alone can add tens of thousands of dollars to the upfront cost of a purchase.
| Cost | What it covers | When you pay |
|---|---|---|
| Deposit | Your share of the purchase price, often 5% to 20% | When you sign the contract, with the balance at settlement |
| Stamp duty | State government duty on the purchase | Usually at settlement |
| Conveyancing or legal fees | Contract review and settlement | During the purchase and at settlement |
| Building and pest inspection | Checking the property’s condition | Before you sign or before auction |
| Loan fees | Application, establishment or valuation fees | At approval or settlement |
| Lenders mortgage insurance | Protects the lender if your deposit is under 20% | Usually added to the loan or paid at settlement |
First home buyers should also confirm their eligibility for any applicable grants or concessions, as these can vary by state and property value. In Victoria, that includes stamp duty exemptions and concessions below set price thresholds. The federal 5% deposit scheme can also let eligible buyers purchase with a smaller deposit and no lenders mortgage insurance. Our guide to government-backed deposit schemes in Victoria covers the details.
4. Get clear on what you want before you start looking
Spring brings a flood of new listings, and it can be easy to get swept along without a clear picture of what you are looking for. Before spring starts, take the time to define your non-negotiables, the things you cannot compromise on, versus your preferences, the things that would be nice but are not essential. Buyers who have done this work beforehand make faster, more confident decisions when the right property comes up.
Write the list down and share it with anyone you’re buying with. It might cover the number of bedrooms, school zones, commute time, land size, parking or whether you’d consider a renovation. Knowing what to look for at a property inspection helps you tell quickly whether a home meets the list.
If you’re likely to bid at auction, read our guide to buying at auction this spring, because auction purchases leave no time to sort out finance afterwards.
Get pre-approved before spring
Spring rewards prepared buyers. The steps in how to get mortgage ready in 2026 pull this checklist together, and once your offer is accepted, know what can go wrong between offer and settlement.
A mortgage broker can help you compare your options before the spring market hits its stride, organise home loan pre-approval and check which first home buyer options or low deposit home loans you may be eligible for. Attain Loans is a mortgage broker in Melbourne’s west that helps buyers get finance-ready before they start inspecting, subject to each lender’s assessment.
This article is general information only and doesn’t take into account your objectives, financial situation or needs. Consider whether it’s appropriate for you and speak with a licensed professional before making a decision.
Further questions
How long does home loan pre-approval take?
How long does pre-approval last?
Does pre-approval affect your credit score?
What upfront costs do I need to budget for when buying a home?
When is the best time to buy property in spring?
This is general information only and is subject to change at any given time. Your complete financial situation will need to be assessed before acceptance of any proposal or product.
