A complete step-by-step guide for first-time buyers including deposits, grants, and loan options.
Before you inspect properties, calculate how much you can comfortably repay each month after bills, living costs, and savings. This gives you a realistic price range and helps prevent emotional overspending.
A strong first-home plan usually includes your deposit amount, estimated stamp duty, legal fees, lender fees, and a small buffer for moving or urgent repairs.
Many first-home buyers aim for a twenty percent deposit, but some lenders accept smaller deposits if you meet their criteria. A lower deposit may mean paying lender mortgage insurance, so compare the true cost before choosing.
If you have genuine savings, stable employment, and a clean repayment history, your application may be stronger even with a smaller deposit.
Depending on your state and the property type, you may qualify for first-home buyer grants, stamp duty concessions, or guarantee schemes. These can reduce upfront costs and help you enter the market earlier.
Eligibility rules can vary, so confirm property price caps, residency requirements, and whether the property must be new or established.
Pre-approval gives you a clearer borrowing limit and shows sellers you are serious. It also helps you move faster once you find the right property.
Keep in mind that pre-approval is conditional. Lenders still need to review the final property and your financial position before formal approval.