Buying Your First Home

Buying First Home

No matter what stage in your life you decide to enter the real estate market, buying your first home is a massive milestone and a memory that will last forever.

Buying your first home can be a whirlwind of emotions.

It is the largest financial commitment you will ever make and we want to ensure your first home buying experience is one of fond memories, not nightmares!

Buying your first home can be overwhelming, so it pays to have experts you can trust guiding you through the process and making sure that all the paperwork is managed properly to prevent any unexpected nasty surprises. As a first-time home buyer, it is often your first time completing an application, going through the approval process, securing any grants you might be eligible for, and deciding on what area to buy in. On top of all that, you will often encounter hiccups you never knew existed, and to complicate things even further, most of the companies you will deal with explain everything in jargon – like it was not already challenging enough!

How to get the most bang for your buck when buying your first home.

Instead of over complicating things with acronyms and jargon, let us talk about what you are really interested in: getting the most bang for your buck out of buying your first home.

To get you started down the road to success for first-time home buyers, here are some simple tips to boost your confidence and make your experience a positive one:

  1. Plan your budget and get rid of excess debt: This might seem like a no-brainer, but sometimes it pays to state the obvious. The most important step in buying your first home is working out a budget that suits your lifestyle and needs and sticking to it, even once you have pocketed your keys and moved into your new home. Taking the time to create a working budget will give you a clear picture of what you can afford, both regarding the property and the loan. Finally, when it comes to budgeting, do not make the mistake of applying for your first home loan while still carrying excessive debt, whether it be for credit cards, car payments or personal loans. If you manage these debts first, you will thank yourself later!
  2. Save. Save. Save: Start saving for your deposit. This is the hardest part, then once you have a budget planned, you will have a clearer idea of what you can afford. Cobble together the biggest deposit you can as this will help you in several ways. Firstly, it shows lenders that you are serious about buying and can exercise financial discipline over a period. And secondly, the bigger the deposit, the more the equity you have in your property right from the get go. This means that you will pay less interest – it is a win-win situation.
  3. Apply for a First Home Owner Grant early: Ideally, you want to apply for your grant at the same time as you apply for your home loan. If you do this, it will ensure the grant is processed faster, and in most cases, will be done in time for settlement. And make sure you do your research on what grants you are eligible to receive when you are looking at buying your first home. Every state and territory offer individual incentives so make sure you are aware of what is available in the area you are buying your first home.
  4. Don’t be gullible: Make sure you undertake all building and pest inspections no matter how perfect the home looks. It also pays to research the area you are buying your first home in to compare what prices similar houses are selling for. Of course, finding an advisor you can trust to help with this process often pays in dividends.

Why talk to us when you are looking at buying your first home?

We specialise in guiding you through the smoke and mirrors of the finance world and providing you with the knowledge and support you need to make your first time buying experience a success.

Whether you are a first-time home buyer or a first-time property investor looking to purchase and grow your wealth, we offer custom solutions to suit your needs.

Through years of industry experience, we have done the hard yards to refine the method to the madness that is the property market. We are proud to have worked with some of the best home loan experts and financial planners with proven track records that will get you the results you are looking for every time. We do not deal in guesswork; we provide objective-driven, data-informed strategies to make sure your dream of home ownership becomes a reality.

Chat to us
for more great insights

Contact moneylab and one of our finance experts will be able to assist you today!

Winning Formula

More tips from the

Knowledge Lab
Home Deposit Finance

Home Deposit Finance

Don’t have enough savings yet to buy a home? Don’t worry, we can help! We know it’s hard to get…
Small Business Loans

Small Business Loans

Need a small business loan for some new equipment? Running your own business might be one of the biggest accomplishments…