Buying your first home is exciting! You have (probably) been savings for a fair while and now you are thinking the time might be right?

We see this a lot. At some point you feel secure about your income / employment and your expenses are under control, you probably even find yourself browsing the real estate pages or attending open homes. This has been a goal you have worked towards and perhaps now is the time to take the plunge.

Questions that we often get at this point are:

  • Where do I go from here / What is the next step?
  • Do I have enough deposit?
  • What loan amount can I afford?
  • What First Home benefits are available? (First Home Owners Grant, excemption of stamp duty and other government grants)
  • Do I go to a bank or use a broker?
  • Do I need to build a credit rating?

So, we thought it might be helpful to put the answers to these question in a page. A simple reference for you, a way to navigate your first home buyer journey.

We hope this page will help answer your questions and give you the confidence to reach out if you need more. We have broken the above questions up in segments, see links below:

  • Where do I go from here / What is the next step?
  • Do I have enough deposit?
  • What loan amount can I afford?
  • What First Home benefits are available? (First Home Owners Grant, excemption of stamp duty and other government grants)
  • Do I go to a bank or use a broker?
  • Do I need to build a credit rating?
Couple checking finances

Where do I go from here / What is the next step?

The basics of a finance application are very simple. A bank (or lender) wants to see 3 things:

  1. Do you have some money to put towards the purchase yourself? (this is your savings or equity)
  2. Do you have (stable / reliable) income to make mortgage repayments? (Affordability)
  3. Is your credit history good?

If there is a “yes” for all three of these questions, you will probably find a lender who can help. Of course, this is only the first step and more detailed checks need to be done. We cover those in the next step.

Do I have enough deposit?

The