1. Establish your buying position
Start with income, regular expenses, debts, savings and the repayments you could manage if rates or living costs changed. A lender estimate is not the same as a comfortable personal budget.
- Estimate borrowing capacity
- Set aside an emergency buffer
- Check your credit report and existing limits
2. Plan the deposit and purchasing costs
Your available funds may need to cover the deposit, government charges, conveyancing, inspections, loan costs and moving expenses. Some eligible buyers may access government assistance, but eligibility and property limits apply.
3. Prepare for pre-approval
Gather identification, income evidence, savings history and details of debts and expenses. Pre-approval can clarify a likely lending range, but it remains conditional and may expire.
4. Search, check and make an offer
Research the property, arrange appropriate inspections and ask a conveyancer or solicitor to review the contract. Make sure any finance condition and deadlines suit your lending process.
5. Move from approval to settlement
After a lender completes its assessment and valuation, review the loan documents carefully. Your conveyancer, lender and broker then coordinate the remaining steps toward settlement.
Common questions
Questions first home buyers ask
What should a first home buyer do first?
Start by reviewing income, expenses, debts, savings and a comfortable repayment range. This creates a realistic buying budget before you focus on properties.
How long does buying a first home take?
There is no standard timeframe. Saving, pre-approval, finding a property, contract conditions, lender assessment and settlement can each affect timing.
Should I speak to a broker before attending inspections?
Early guidance can help you understand your likely price range, deposit position, costs and documentation before you become committed to a property.