Stepping into the property market is an exciting milestone. Home ownership has always been a cherished aspiration for many Australians. Given today’s market conditions, historically low interest rates, and available government incentives, there has rarely been a better opportunity for first home buyers to enter the housing market.

Purchasing or building your first home is one of the most important decisions you will make. Being well organised and addressing key considerations early can help ensure a smooth and successful buying experience. With the right professional guidance, the process can be both rewarding and enjoyable.

Key Points to Consider:

Consult a mortgage broker first: In our view, this should be your initial step. A broker can help you organise your finances, assess your borrowing power, and understand your loan repayment capacity. Taking this step early can save you time, money, and unnecessary stress throughout the buying process.

A qualified and experienced mortgage broker can assess your financial situation and explain what lenders will require to approve your loan. As brokers often work with multiple lenders, they can compare a range of products and identify options that best suit your lending needs.

Mortgage brokers also assist in clarifying the various costs involved in purchasing a home. These may include stamp duty, registration fees, and legal expenses. A professional broker can help you structure your finances effectively so you are prepared to meet these additional costs.

In addition, they can advise you on grants and incentives that may be available and determine your eligibility. This may include the First Home Owner Grant, Builder Grant, HomeBuilder Grant, and other state or federal assistance programs. A mortgage broker can also help you complete and submit the required applications.

Save for a deposit: After speaking with your bank or mortgage broker, you will have a clearer idea of the deposit required for your first home. If you already have sufficient savings, that’s great. If not, a broker can help you create a plan to reach the necessary deposit amount.

A deposit of 20% is ideal, as it can help you avoid paying Lenders Mortgage Insurance. The government has also introduced savings initiatives such as the First Home Super Saver Scheme, which allows you to save up to $30,000 towards your deposit.

Find your ideal home: Take time to research the property market. Review auction results, analyse recent sales in your preferred suburbs, and speak with local real estate agents and builders to gain a better understanding of available options and pricing.