Key takeaways
- Building insurance is required by most lenders from settlement.
- Contents cover from day one — your belongings are not covered by the building policy alone.
- Update budget for rates, strata, and maintenance.
Buying your first home means new financial responsibilities beyond the mortgage. This checklist covers insurance, utilities, and ownership costs renters do not face.
On this page
Before settlement
Step-by-step
- 1Arrange building and contents insurance effective from settlement date
- 2Compare electricity and gas plans for the new address
- 3Book final inspection (pre-settlement walkthrough)
- 4Confirm loan documents and settlement funds
Insurance you need
Lenders require building insurance from settlement. Contents insurance protects your belongings. Strata properties: check what the body corporate covers.
- Building sum insured = rebuild cost, not purchase price
- Contents: itemise valuables above standard sub-limits
- Landlord insurance not needed for owner-occupiers
New ongoing costs
Council rates, water rates, strata levies (if applicable), home maintenance, and no landlord to call for repairs. Budget 1–2% of property value annually for maintenance.
Tip
General information only — not personal financial advice. Consider your own circumstances and read the Product Disclosure Statement (PDS) before purchasing any policy. Moneyhero may earn referral fees from some providers when you switch through us; this does not change how results are ordered. How we compare
Frequently asked questions
Quick answers for common questions about this topic.
When should building insurance start for a property purchase?
For many standard purchases, cover is arranged from settlement, but contract terms vary by state and property type. Confirm timing with your conveyancer and insurer before exchange or settlement.
Do apartment owners still need building insurance?
Strata schemes usually include building cover for common and structural areas, but you may still need contents cover and optional improvements cover for items not fully protected by strata insurance.
Should I keep my renter's contents policy after moving?
You should review and usually replace it with a homeowner-appropriate policy that matches the new risk profile, address, and replacement value of your belongings.
What is the most common admin task new owners forget?
Many new owners forget to update council and water billing details immediately, which can delay important notices and create avoidable follow-up work.