Nine First Home Buyer Tips

Top Nine First Home Buyer Tips
Read the best tips and strategies for buying your first home this year.
Buying your first home doesn’t need to be an overwhelming process if you know what to look out for. Read on to take the fear out of buying your first home, or visit the First Home Buyer Buddy for more hints and tips.

Boost your confidence level and your home loan knowledge with the top nine first home buyer tips for this year. These tips will have you making smart decisions and purchasing a property like a PRO.

Tips to buy your first home



1. Make sure you qualify for your first home loan.

Before you start digging too into the buying process there are a few things you need to do. You need to confirm that you actually qualify and are eligible for a home loan. The best way to do that is by contacting your local mortgage broker so you know how much the bank will lend you. By doing this it will give you an accurate understanding of your budget and what you can actually afford to buy.

2. Start to Research all your home loan options.

Applying and getting a first home loan is complex and very competitive. You need to have someone in your corner helping you compare loans. This is to make sure you’re getting the best rate and options and features. You also want to make sure you know what types of different home loans are available. Options from variable to fixed-rate loans, interest only and also investment loans. There are so many different types of mortgage options available these days. Finding the right type of loan that matches your situation and needs is critical.

3. Sort out your debt situation.

If you find yourself already in debt you may find it harder to get approved for a home
loan. Or you’ll likely be in a position that means you may not be able to borrow quite as much money. The way to beat this is by focusing on paying off the large debts you have. This is before you apply for your first home loan, especially any high-interest debts you have. Always, consider trying to combine your debts into one if you can. But please note, that some of your debts aren’t such a worry. Debts such as university HECS, are far less troubling to lenders than, say, your credit card debt.

 First home tips

4. Save up and get yourself a healthy deposit together.

The larger your deposit the more money you can borrow. This also means you can apply for loans that attract lower interest rates. While it is possible to be approved for a loan with a 5 or 10% deposit. That means you will have to pay lenders mortgage insurance. Because you will have less than a 20% deposit which isn’t favourable.

5. Be sure to crunch all your expenses (and calculate your concessions you may be able to receive).


Property buying incurs many surprise costs. This means you need to budget for all the costs. Such as removalists, stamp duty, registration fees and building and pest inspection reports. You definitely want to see if you’re eligible for a ‘first home owners grant’. Or even stamp duty concessions as this will help you get into your first home sooner. If you’re eligible, you’ll save many thousands of dollars which will be very helpful.

Tips for buying your first house



6.Set yourself up for success.

If you’ve found the property of your dreams, other buyers will love it too. Ready with your paperwork and deposit and your pre-approval puts you in a strong position. This is to beat out other buyers when that property comes up.

7. Buyer beware – Do your due diligence.

You wouldn’t buy a second-hand car without getting it checked out, would you? So make sure you pay your potential new home the same attention. A property is likely the largest financial purchase you’ll ever make. As the purchaser are responsible for making sure you’re getting what you’re paying for. Not to mention a quality property for the price you’re paying for it. Ensure you always get building and pest inspections. That way you’re not going to buy a lemon and getting stuck with a collapsing, termite-infested dump. Examine the property’s fittings, fixtures and construction as and get professionals to help. If you find there are repairs required (and you’re OK with those). Always be sure to get a quote for the repairs and factor that into your budget and your offer.

8. Get professional help – The First Home Buyer Buddy.

There are professionals who specialise in helping first home buyers save money, time and stress. That’s important when buying your first property. The team at the First Home Buyer Buddy are a company that can guide through every step of the buying process. These people are professional buyers agents. They can help you with everything real estate related. That is often the hardest part for first home buyers and where they make mistakes. A mortgage broker will also help you navigate the loan keep you on track. Make sure you also have a conveyancer look over and tell you about the contract.

9. Working out your first home buying strategy.

If you’re a first-time buyer who wants the ease of moving into a home which is ready to go. One that is already landscaped and liveable, then you may consider buying an established home. That means (already built and lived). By buying a home which is already built, this has advantages. One is it’s in an established well built up area. It will have complete streets, footpaths, along with nearby parks. But most of all shops, transport and infrastructure. Remember, you can always buy an older home and carry out some renovations that may be inspired byThe Block‘.
If you’ve realised you’re the type of person that would prefer to have a lot of say in the design of your first home. Then you might decide to build your first home from the ground up with a house and land package. This will give you the option to choose the block and the neighbourhood you want to live in. As well as the street, choosing the floor plan and the builder. Then, everything including the kitchen and wall colours and everything in between. So what do you need is if you’ve decided to build your first home? You will also need to apply for a construction loan to draw down on funds. That’s whilst the property is being completed.
We hope these nine first home buyer tips were helpful, but for more guides and ideas visit the First Home Buyer Buddy news section.

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