First Home Buyer Guide: What to Know Before You Apply
Buying your first home is an exciting milestone. This guide walks you through the key steps, what to expect and how to set yourself up for success.
By N/A, Mortgage Broker
8 min read
Buying your first home is an exciting milestone, but it can also feel overwhelming. With so many options, terms and costs to consider, it’s important to be informed before you apply for a home loan. This guide breaks down the key things every first home buyer should know to make confident and well-informed decisions.
1. Understand Your Budget
Before you start looking at properties, it’s important to know how much you can realistically afford. Your budget will depend on your income, expenses, savings and existing debts. A mortgage broker can help you assess your borrowing capacity and give you a clear idea of what price range suits your situation.
2. Know the Government Support Available
First home buyers in Australia may be eligible for various government schemes and grants, which can make home ownership more achievable. These can include:
First Home Owner Grant (varies by state)
Stamp duty concessions or exemptions
First Home Guarantee Scheme (low deposit options)
Eligibility criteria and benefits can differ between states, so it’s important to get the latest information and talk to a mortgage broker about how these apply to you.
3. Get Pre-Approved
A pre-approval gives you a clear idea of how much you can borrow and shows sellers that you’re a serious buyer. It can also make the property search process smoother and faster. Keep in mind that pre-approval is not a formal loan offer, but it’s a valuable step in your home buying journey.
HOME Buying
First Home Buyer Guide: What to Know Before You Apply
A practical guide to help you understand the key steps, costs and considerations before applying for your first home loan in Australia.
By Sarah Khan, Mortgage Broker
8 min read
Buying your first home is an exciting milestone, but it can also feel overwhelming. With so many options, terms and costs to consider, it’s important to be informed before you apply for a home loan. This guide breaks down the key things every first home buyer should know to make confident and well-informed decisions.
1. Understand Your Budget
Before you start looking at properties, it’s important to know how much you can realistically afford. Your budget will depend on your income, expenses, savings and existing debts. A mortgage broker can help you assess your borrowing capacity and give you a clear idea of what price range suits your situation.
2. Know the Government Support Available
First home buyers in Australia may be eligible for various government schemes and grants, which can make home ownership more achievable. These can include:
First Home Owner Grant (varies by state)
Stamp duty concessions or exemptions
First Home Guarantee Scheme (low deposit options)
Eligibility criteria and benefits can differ between states, so it’s important to get the latest information and talk to a mortgage broker about how these apply to you.
3. Get Pre-Approved
A pre-approval gives you a clear idea of how much you can borrow and shows sellers that you’re a serious buyer. It can also make the property search process smoother and faster. Keep in mind that pre-approval is not a formal loan offer, but it’s a valuable step in your home buying journey.
