Getting Ready to Buy Your First Home: What to Watch Out For
Buying your first home doesn’t start at inspections or auctions — it starts well before that. Getting ready properly can save you stress, money, and disappointment later on.
This guide walks you through the key things to watch out for as you prepare to buy your first home, so you can move forward feeling confident and in control.
Get Clear on Your Real Budget
Before you start looking at properties, it’s important to understand what you can comfortably afford — not just what you might be approved for.
Online calculators often overestimate borrowing power. A realistic budget considers your lifestyle, future plans, and interest rate changes, not just today’s numbers.
Prepare for More Than Just the Deposit
Many first home buyers focus solely on saving a deposit, but there are other costs to plan for as well.
As you get ready, make sure you’re budgeting for:
- Stamp duty (if applicable)
- Legal and conveyancing fees
- Building and pest inspections
- Loan and settlement costs
- Moving and setup expenses
Don’t Assume You Need to Wait for a 20% Deposit
It’s common to think you must save a 20% deposit before buying — but that’s not always the case.
Depending on your situation, there may be low-deposit options or government schemes that allow you to buy sooner. Understanding these options early helps you plan with facts, not assumptions.
Keep Your Finances Stable
As you prepare to buy, stability matters. Lenders like consistency, and sudden changes can create delays or complications.
Try to avoid:
- Changing jobs
- Taking out new loans or credit cards
- Making large purchases
Keeping things steady puts you in a stronger position when it’s time to apply.
Understand Your Credit Position
Your credit history plays a role in loan approval. Before applying, it’s worth checking your credit report to ensure everything is accurate.
Fixing errors or improving your position early can increase your chances of approval and better loan options.
Learn About First Home Buyer Help Early
There’s a range of grants, concessions, and guarantees designed to help first home buyers — but they’re not automatic.
Eligibility depends on factors like location, property type, and your personal circumstances. Knowing what you may qualify for early can significantly reduce upfront costs.
Get Pre-Approval Before You Start Inspecting
Pre-approval helps turn preparation into action. It confirms your budget, strengthens your negotiating power, and helps you move quickly when you find the right property.
It also keeps emotions in check by ensuring you only look at homes you can genuinely afford.
Surround Yourself With the Right Support
Getting ready to buy isn’t something you need to do alone. Having the right professionals involved early can make the entire process smoother.
A mortgage broker can help you prepare properly, avoid common mistakes, and guide you through each step with confidence.
Ready to Start Preparing With Confidence?
If you’re thinking about buying your first home, the best time to get advice is before you start looking. A simple conversation can help you understand where you stand and what to focus on next.
