Thinking About Your First Home? 10 Tips to Help You Get Your First Mortgage Right
If you’re thinking about buying your first home, you’re probably feeling a mix of excitement and uncertainty. It’s a big step — and for most people, getting your first mortgage feels like the most confusing part of the process.
How much can you borrow? Which loan should you choose? What really matters — and what doesn’t?
The truth is, your first mortgage isn’t just about getting into a property. It sets the foundation for your financial future. Below are ten practical, real-world tips to help you approach your first mortgage with confidence and clarity.
Tip 1: Start With Your Lifestyle, Not Just the Numbers
It’s easy to focus on the maximum amount a lender says you can borrow. But before you do, ask yourself a more important question — what feels comfortable for you?
Your mortgage should allow you to live your life, not feel stretched every month. A good starting point is understanding what repayments fit comfortably around your current lifestyle and future plans.
Tip 2: Remember — Pre-Approval Isn’t a Spending Target
Getting pre-approved feels exciting, but it doesn’t mean you need to spend the full amount.
Think of pre-approval as a guide, not a goal. Many first-home buyers feel more confident purchasing below their maximum limit so they have flexibility if expenses change.
Tip 3: Don’t Choose a Mortgage Based on Rate Alone
Interest rates matter — but they’re not the whole story.
Loan features, fees, flexibility, and structure can have just as much impact over time. A loan with the lowest rate today may not be the best fit if it limits your options later.
Tip 4: Think About Where You’ll Be in 3–5 Years
Your first home might not be your forever home — and that’s okay.
When choosing your mortgage, consider future changes like career growth, travel, family plans, or upgrading. A loan that allows flexibility can make future transitions far easier.
Tip 5: Understand the True Cost of Buying a Home
The deposit is just one piece of the puzzle. There are other costs to consider, including stamp duty, legal fees, inspections, and moving expenses.
Understanding the full picture early helps you avoid surprises and ensures your mortgage remains manageable once you move in.
Tip 6: Learn How Offset Accounts Actually Work
Offset accounts are often recommended, but many first-home buyers don’t fully understand how they help.
In simple terms, an offset account can reduce the interest you pay while keeping your savings accessible. Used correctly, it can make a meaningful difference over time.
Tip 7: Don’t Feel Rushed Into a Decision
Buying your first home can come with pressure — from timeframes, competition, or fear of missing out.
While acting quickly is sometimes necessary, rushing into the wrong mortgage can create long-term stress. Taking the time to understand your options is always worth it.
Tip 8: Your First Mortgage Doesn’t Have to Be Perfect
Here’s something many people don’t tell you — your first mortgage isn’t forever.
It’s a starting point. As your circumstances change, your loan can be reviewed, adjusted, or refinanced. What matters most is choosing a structure that gives you options down the track.
Tip 9: Talk to Someone Who Does This Every Day
First-home buyers face unique challenges, from deposit requirements to changing lending rules. Having someone guide you through the process can make a huge difference.
Chase Douglas has extensive experience in mortgage lending and works closely with first-home buyers to help them understand their options and choose a loan that grows with them — not against them.
Tip 10: Get Advice Before You Commit
Once a mortgage is in place, changing it can take time and money. Getting advice before you commit helps ensure your loan is set up correctly from the beginning.
A simple conversation early on can provide clarity, confidence, and peace of mind as you take this important step.
Thinking About Your First Home? Start With the Right Mortgage
Buying your first home is a big milestone — and getting your first mortgage right can make the journey far more enjoyable.
If you’re thinking about your first home and want guidance from someone who understands the process inside and out, speak with
Chase Douglas.
With extensive experience in mortgage lending, Chase is here to help you every step of the journey — from first questions to first keys.
