A Helpful Guide to Buying Your First Home
Buying your first home is a big, exciting step but we know it can feel overwhelming too. This guide walks you through the process in simple terms, with practical advice to help you get started.
1. Work Out What You Can Afford
- Use online borrowing calculators to get an estimate
- Try to save 20% of the purchase price to avoid Lenders Mortgage Insurance
- Don’t forget extra costs like stamp duty, legal fees and removalists
Good to know: The First Home Guarantee Scheme lets some buyers purchase with just 5% deposit
2. Get Your Finances Sorted
- Compare loans from different banks and lenders
- Getting pre-approval shows sellers you’re serious
- Take time to understand fixed vs variable interest rates
3. Choose the Right Area
- Try commuting to/from the area at peak times
- Visit at different times – weekdays, weekends, day and night
- Check council websites for future development plans
4. Start Looking at Properties
- Aim to inspect at least 10 places before deciding
- Take notes (or photos) at each inspection to compare later
- Notice how you feel in each home – does it feel right?
5. Making an Offer or Bidding
For private sales:
- It’s normal to offer 5-8% below the asking price
- Always include a building inspection condition
For auctions:
- Set your absolute maximum price beforehand
- Go to a few auctions first to see how they work
6. Final Checks Before Buying
- Never skip the building and pest inspection
- Have a conveyancer check all contracts
- Double-check your settlement date
7. Moving In Day
- Do one last walkthrough before settlement
- Arrange electricity, gas and internet connections
- Celebrate this huge achievement!
Help for First Home Buyers
✅ $10,000 First Home Owner Grant (if eligible)
✅ Possible stamp duty discounts
✅ First Home Super Saver Scheme
Your Trusted First Home Advisors
If any part of the process feels unclear, we’re here to talk it through. At Love & Co, we will guide you with tailored advice from finance options to finding the right place to call home.
We stay across current market conditions and government support so you can make confident, informed decisions at every step.
Let’s make your first home journey a smooth and successful one starting today.