Things to Know as a First Home Buyer

Purchasing your first home marks an exciting milestone, yet the process can feel overwhelming with so many factors to consider. By approaching it with the right preparation and knowledge, you can move forward with greater confidence.

Before beginning your property search, take time to thoroughly assess your financial position. Online mortgage calculators provide helpful estimates of potential repayments, but remember to account for all associated costs—not just the purchase price. Obtaining pre-approval for your home loan serves two important purposes: it clarifies your realistic budget and demonstrates to sellers that you’re a serious buyer. Don’t forget to factor in ongoing expenses like council rates, insurance premiums, maintenance costs, and utility bills when determining what you can comfortably afford.

Australia offers several government initiatives designed to support first-time buyers entering the property market. These include the First Home Owner Grant, which provides eligible purchasers with a lump-sum payment, along with various stamp duty concessions that differ by state. The First Home Guarantee Scheme represents another valuable opportunity, enabling qualified buyers to purchase with just a 5% deposit while avoiding lenders mortgage insurance. Investigating these options thoroughly could lead to substantial savings.

Many new buyers focus solely on the property’s price tag while underestimating additional expenses. Stamp duty (which varies depending on location and property value), legal and conveyancing fees, professional building and pest inspections, along with moving costs and initial furnishings all contribute to the total outlay. Creating a comprehensive budget that includes these items helps prevent unexpected financial strain.

When evaluating properties, comprehensive inspections prove essential—overlooking this step might mean missing critical issues like structural problems or termite damage that could incur significant repair costs later. Research extends beyond the physical property; investigate potential flood or fire risks, body corporate fees (for apartments or townhouses), and planned developments in the area that might impact future livability or property values.

For those ready to begin their homebuying journey, professional support can make navigating the process smoother.

We’re available to help you understand your options and find a suitable home loan tailored to your circumstances. Get in touch today!