First time home buyers: The ultimate guide to buying your first home
Buying your first home is an exciting time, but it can also be challenging if you don’t know where to start.
Understanding the home buying process and real estate terminology can be difficult and, with property prices high in many parts of the country, buying a home can be very expensive so it’s important to get it right.
Domain has compiled this guide to answer the most common questions you might have about buying your first home. It’s designed to provide you with general advice to navigate the home-buying process from start to finish so you can make informed decisions when it comes to your first property purchase.
How to set a budget for your first home
If you’re a first-home buyer, your budget will be based on how much you’ve saved and the amount of money you can borrow. Find out how to determine your borrowing capacity, how much you need for a deposit, plus tips for saving money and cutting back expenses.
What grants and incentives do first-home buyers get?
Eligible first-home buyers can take advantage of state government grants, discounts and schemes to help make buying their first property easier, as well as a federal government scheme to help save a deposit.
How to get a home loan
The key to buying your first home is getting a home loan. Find out the difference between pre-approval and unconditional approval, plus what banks look for when approving loans, which type of loan is best, and whether you should go to a bank or a mortgage broker.
First-home buyer’s guide: How to get a home loan
How to find the right property
Finding the right property usually comes down to choosing the right suburb and selecting the right type of home, but there’s more to it than that. Find out how to inspect a property before purchase, essential checks you need to arrange, and how to review a contract.
