Ultimate Moving In Checklist for New Homeowners

Financial & Legal Checks

Understand Your Mortgage and Financial Commitments

Interest Rate: Know if your mortgage has a fixed or variable rate.
Lenders: Australian lenders often require a deposit of at least 5-20% of the property price.
LMI (Lenders Mortgage Insurance): If your deposit is less than 20%, LMI is usually required. It protects the lender if you default.

For example:
If buying a $600,000 home with a $40,000 deposit, LMI applies because your deposit is below 20%. Expect to pay an additional fee, which can be integrated into your loan.

Convert Overseas Funds

If your savings are overseas, ensure they are converted and transferred to an Australian bank account. Many lenders prefer the funds to be held in the same account for at least 3-6 months before applying for a mortgage.

Pro tip:
Demonstrating stable financial history builds confidence with lenders.

Source of Deposit Funds

Lenders want to verify where your deposit originates. Possible sources include:

Personal savings
Gift from family (with a gift letter)
Sale of overseas assets (may require currency transfer documentation)
Overseas bank account statements (must show consistent saving pattern)

Important: Large, unexplained deposits may delay approval.

Understanding Australian Mortgage System

Key Terms Simplified

Pre-approval: An indication from a lender that you might qualify, based on initial info.
Formal approval: When the lender officially approves your application after validation.
Settlement: The date when the property legally transfers to you, and the payment is completed.

Australian-Specific Terms

FIRB (Foreign Investment Review Board): International buyers, especially non-residents, often need FIRB approval before purchasing property. This process can take 30-60 days.

Reminder: Always check if your visa status allows you to buy property. For example, most temporary residents need FIRB approval.

Moving Day Checklist

Notify utility providers (electricity, gas, water) at least a week before.
Arrange for internet and cable setup.
Change your address with Australia Post, banks, and service providers.
Pack an essentials box with toiletries, clothes, important documents, and basic kitchen supplies.
Confirm the removalist’s arrival time and access instructions for your new home.

Setting Up Your New Home

Utilities and Services

Electricity & Gas: Contact providers to set up accounts. Ask about setting up scheduled payments.
Water: Usually organized by your local council; confirm connection.
Internet & Phone: Choose providers like Telstra, Optus, or Vodafone. Schedule installation early.

Home Insurance

Secure home and contents insurance before moving in. Policies typically cover damage, theft, and natural events.

Quote: “Good insurance can save you thousands if an unexpected event occurs.” – Trusted Insurance Expert

Safety Checks

Test smoke alarms and safety devices.
Locate and familiarize yourself with gas shut-off valves.
Change locks or keys if needed.
Identify emergency exits and contacts.

Post-Move Tasks

Update Your Details

Update your driver’s license and vehicle registration.
Register with local healthcare providers.
Set up a new bank account if necessary.

Integrate into the Community

Introduce yourself to neighbors.
Join local groups or community centers.
Explore local shops, schools, and amenities.

Tips for International Buyers and Investors

If you are a non-resident or temporary resident, consult FIRB rules. Keep in mind the restrictions and approval timeframe.
Think about currency fluctuations if transferring overseas funds; timing can impact total costs.
Consider engaging a local legal representative or conveyancer to manage legal paperwork.
Research property taxes, stamp duty, and ongoing costs like council rates. For instance, stamp duty on a $600,000 property varies by state but can be around $25,000-$30,000.

Final Words

Moving is more than just transporting belongings. It’s about settling into a new chapter. Preparation reduces stress, saves time, and helps you enjoy your new home from day one.

Remember, I’ve helped many international clients navigate Australia’s property and financial systems. Whether it’s converting overseas savings, understanding mortgage terms, or dealing with regulators like ASIC and FIRB, a trusted advisor makes all the difference.

Wishing you a smooth transition into your new home!

“The journey of a thousand miles begins with a single step.” — Lao Tzu

Madhu Chaudhuri

Director

With over 20 years of experience as a mortgage broker, Madhu specializes in helping migrants and expats find loans suited to their unique financial situations. Her expertise in navigating complex lending requirements and understanding diverse financial backgrounds has helped countless families achieve their Australian property dreams.