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6 Things first-home buyers need to know

Before you decide to purchase your first property there are a number of things below to consider, including your current personal circumstances and financial status.

1. Work out why you want to buy a property

Do you want to live in the property or will it be an investment property?

This can help determine the kind of loan you apply for and home you buy, depending on your short and long-term plans.

2. Research potential properties and areas

Knowing the market is very important, so do some research on the areas you are targeting, check out council websites for future infrastructure developments, auction clearance rates and recent sales, as well as price trends in the area.

3. How much can you afford to spend?

Once you are aware of what you are looking for and the approximate price, the next step is saving a deposit. Showing a good record of saving habits will aid in getting your loan approved. Generally, you will need to save approximately 20% deposit plus other costs, but some lenders will lend off 90-95%.

Then you need to get in touch with us to work out what loan you can afford in terms of repayments and loan size, and the most suitable loan for your needs.

4. Factor in other costs involved

Depending on the property, there can be a number of additional costs, so it is our job to help you work out what other payments you will face. This can include, but isn’t limited to, stamp duty, loan establishment fees, legal and conveyance services, utilities, property insurance, maintenance and lenders mortgage insurance.

5. Think about your future

Your current situation may allow you to get a home loan, but that doesn’t automatically guarantee that you will still be able to service it in five years’ time.

Is there a possibility your role at work will change? Are you considering going back to study, having children and reducing your working hours?

We need to assess all these situations, to ensure your loan is not a burden anymore than it already is, in the future.

6. Get professional help

With so many things to consider, getting professional help is highly recommended. There are many experts in the industry and it is in your best interest to use them for tasks such as property checks, pest checks, tax advice and any other legal queries. Going it alone can prove costly. Avoid nasty surprises down the track by getting the right people to do the appropriate checks for you from the beginning.

We have a large network ready to help you with your purchase. Contact us or please see our eco system of reliable professionals and contractors.


This information is not to be relied upon without speaking to your finance broker, tax agent and financial adviser.

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