Where To Start?

Here's a general guide to help you get started:

1. Assess Your Financial Situation:

     Determine your budget and how much you can afford to spend on a house. Consider factors like your income, savings, existing debts, and expenses.




2. Save for a Deposit:

     In Australia, you typically need to provide a deposit of at least 5% to 20% of the property's purchase price. The larger your deposit, the better your chances of securing a favourable mortgage deal.




3. Get Pre-Approval for a Home Loan:

     Before you start house hunting, it's wise to get pre-approval for a home loan from a bank or lender. This will give you a clear idea of how much you can borrow and help you narrow down your search to properties within your budget.




4. Research the Property Market:

     Familiarize yourself with the housing market in the area where you want to buy. Look at property prices, trends, and amenities to find a location that suits your needs and budget.




5. Start House Hunting:

     Once you have a clear idea of your budget and preferences, start looking for properties that meet your criteria. You can search online listings, attend open houses, and work with real estate agents to find potential homes.




6. Conduct Property Inspections:

     Before making an offer on a property, it's important to inspect it thoroughly. Look for any structural issues, defects, or problems that may affect its value or your future living experience.




7. Make an Offer and Negotiate:

     If you find a property you like, you can make an offer to the seller either directly or through your real estate agent. Negotiate the price and terms of the sale until you reach an agreement that works for both parties.




8. Arrange Legal and Financial Assistance:

     Once your offer is accepted, you'll need to arrange legal representation (a conveyancer or solicitor) to handle the legal aspects of the purchase. You'll also finalize your mortgage and other financial arrangements.




9. Exchange Contracts:

     After all the legal and financial details are sorted out, you and the seller will exchange contracts. This legally binds both parties to the sale, and you'll usually need to pay a deposit at this stage.




10. Settlement:

      On the settlement day, you'll pay the remaining balance of the purchase price, and ownership of the property will be transferred to you. You'll receive the keys to your new home, and the process will be complete.

Remember that buying a house is a significant financial commitment, so it's essential to do thorough research, seek professional advice, and carefully consider your options before making any decisions.

Things You Need To Know

Borrowing Capacity

The more financially credible you come across, the larger the loan you’ll be offered. This is a rule of thumb for all lenders.

There are 3 main financial sources that lenders will be establishing your creditworthiness and that would be your income, expenses, and credit score.

If you do not have a steady form of employment, you might have to showcase that you have a reliable history of saving.

And while a lender may be prepared to loan you up to the standard 80% - 90% of the home price, you’ll also need to ask yourself “How much am I willing to spend monthly on a 30 to 35-year mortgage?” There is much to consider – fluctuation of interest rates, unforeseen circumstances, changes in standard of living, and much more.

Use our Borrowing Calculator to get an estimate of your borrowing power.

Government First Home Buyers Schemes and Grants

As it’s your first time buying a home, there are tons of available tools & resources available to help you cross this new milestone. Amongst them would be the Government First Home Buyers Schemes and Grants, and we have consolidated them for your ease of understanding.

There are 2 main categories for first-home buyer schemes:

National Initiatives