The First Home Buyer Guide: A Simple Step-by-Step Path to Buying With Confidence
Buying your first home can feel overwhelming — not because you’re incapable, but because there’s so much information out there. Different advice, confusing terminology, and big financial decisions can make it hard to know where to start.
This guide breaks the process down into clear, practical steps so you can move forward with confidence, not confusion.
Step 1: Understand Your Starting Point
Before thinking about properties, start with you. Your income, expenses, debts, and savings all play a role in what’s possible.
You don’t need to be perfect — you just need clarity. Knowing where you stand helps you make realistic plans and avoid surprises later.
Step 2: Work Out What You Can Borrow
Borrowing power isn’t just about how much you earn. Lenders look at your spending habits, existing debts, job type, and current interest rates.
A mortgage broker can calculate your true borrowing capacity based on real lender criteria, not estimates. This gives you a clear budget before you start looking.
Step 3: Learn Your Deposit Options
Many first home buyers delay buying because they believe they need a 20% deposit. While that can be helpful, it’s not always required.
Depending on your situation, you may be able to buy with a smaller deposit using government guarantees or specific lender policies. Understanding your options early can bring your purchase forward.
Step 4: Check First Home Buyer Grants and Incentives
There are government incentives designed to help first home buyers enter the market, but eligibility rules vary by state and property type.
These may include grants, stamp duty concessions, or low-deposit schemes. Knowing what applies to you can significantly reduce upfront costs.
Step 5: Get Pre-Approval
Pre-approval confirms how much a lender is willing to offer you and strengthens your position when making an offer.
It also helps you stay disciplined, avoid emotional overspending, and move quickly when the right property appears.
Step 6: Start Your Property Search
With pre-approval in place, you can confidently attend inspections and explore suburbs within your budget.
Remember to consider ongoing costs like council rates, strata fees, and maintenance — not just the purchase price.
Step 7: Make an Offer or Buy at Auction
When you find the right property, preparation matters. Understanding contract conditions, cooling-off periods, and your financial limits helps you act confidently — not impulsively.
This is where professional guidance can make a real difference.
Step 8: Final Approval and Settlement
Once your offer is accepted, your loan moves to final approval and settlement is arranged.
Your broker coordinates with the lender, solicitor, and agent to ensure everything runs smoothly right through to settlement day.
Step 9: Get the Keys and Move In
Settlement day marks the moment you officially become a homeowner. Organise insurance, utilities, and your move — then take time to enjoy the milestone you’ve reached.
Want Help Applying This Guide to Your Situation?
Everyone’s circumstances are different. A quick conversation can help you understand exactly where you stand and what your best next step should be.
