Top 10 First Home Buyer Tips in Australia for a Stress-Free Journey

Buying your first home is a big step, and it can feel overwhelming. But with the right tips and guidance, you can make the process smoother. Here are some key first home buyer tips for Australians to help you get started.

1. Know Your Budget

Before you start house hunting, figure out how much you can afford. Look at your income, savings, and expenses. A mortgage calculator can help estimate your repayments.

2. Check First Home Buyer Grants

The Australian government offers grants and schemes to help first-home buyers. These include the First Home Owner Grant (FHOG) and the First Home Buyer Guarantee. Check what’s available in your state to reduce costs.

3. Save for a Deposit

Most lenders require at least a 5–20% deposit. The bigger your deposit, the less you’ll need to borrow. If you’re struggling, some low-deposit home loans and government schemes can help.

4. Get Pre-Approval

A home loan pre-approval tells you how much a bank is willing to lend. It helps you set a budget and shows sellers you’re serious.

5. Research Locations

Find an area that suits your lifestyle and budget. Consider things like transport, schools, and future growth. Buying in an up-and-coming suburb can be a smart move.

6. Factor in Extra Costs

Buying a home involves more than just a deposit. Consider stamp duty, legal fees, inspections, and moving costs. Some first-home buyer benefits can help reduce these expenses.

7. Compare Home Loans

Not all home loans are the same. Compare interest rates, fees, and features like offset accounts. A mortgage broker can help you find the best deal.

8. Inspect Before You Buy

A building and pest inspection can save you from costly surprises. Always check the condition of a home before making an offer.

9. Get Expert Advice

A real estate agent, mortgage broker, or first-home buyer specialist can guide you through the process.

10. Be Patient

Buying your first home takes time. Don’t rush—wait for the right property at the right price.

Need help? Call FHBA at 1800 342 287 or visit FHBA for expert advice.