{"id":101962,"date":"2021-11-05T09:59:33","date_gmt":"2021-11-05T09:59:33","guid":{"rendered":"https:\/\/www.luxurialifestyle.com\/guide-to-buying-your-first-home\/"},"modified":"2026-02-26T22:39:00","modified_gmt":"2026-02-26T22:39:00","slug":"guide-to-buying-your-first-home","status":"publish","type":"post","link":"https:\/\/www.luxurialifestyle.com\/guide-to-buying-your-first-home\/","title":{"rendered":"Guide to Buying Your First Home – helping first-time homebuyers"},"content":{"rendered":"

Buying your first home is exciting. With interest rates hitting record lows, there\u2019s no better time than now to become a homeowner. However, the procedure of buying a home is extensive, and, unfortunately, no one really teaches you how to manoeuvre the process successfully.<\/p>\n

For this reason, we\u2019ve compiled this guide to help first-time homebuyers get their dream house.<\/p>\n

Step 1: Save for a Deposit<\/strong><\/p>\n

You\u2019ll need to sort out your finances before buying your first home. Create a budget to identify how much you can afford to save for a deposit. Aim to save 20% of the purchase price plus closing costs from home insurance<\/a>, inspection, and stamp duty.<\/p>\n

First-time homebuyers are eligible for the First Home Loan Deposit Scheme (FHLDS)<\/a>, which allows them to buy a house with a 5% deposit without paying lenders mortgage insurance. However, it\u2019s better to increase your deposit to spend less on interest overall.<\/p>\n

Step 2: Calculate What You Can Borrow<\/strong><\/p>\n

Everyone\u2019s situation is different, but before you go shopping for mortgages, you need to calculate precisely what you can afford to borrow. What you can afford largely depends on your income and financial commitments, including your house deposit and other savings.<\/p>\n

You can increase the amount you can borrow by paying off some of your debts. Consider consolidating your credit cards, personal loans, and car finances to lower the number of financial products you need to pay off. Always pay your unsecured debts off first.<\/p>\n

Step 3: Check Mortgage Eligibility and Borrowing Power<\/strong><\/p>\n

At this step, do some checks to see if you actually qualify for a home loan.<\/p>\n

Contact lenders to get an idea of how much you can borrow based on your financial position to get a realistic understanding of what you can buy. While you\u2019re at it, do a soft credit check on your account, so you can ask the lender about the extent of your borrowing power.<\/p>\n

There are many different mortgage types<\/a> that suit various situations. You\u2019ll need to research your finance options. The most common are variable (changing interest rate), fixed-rate (fixed interest rate), and interest-only (borrower must pay extra to pay off the principal).<\/p>\n

Don\u2019t forget about the interest rate percentage! A rate even 0.5% lower could save you thousands over the lifetime of the loan. If you need help during this step, consult a broker.<\/p>\n

Step 4: Find the Perfect Home<\/strong><\/p>\n

Try to find a home that balances the lifestyle you desire and what you can afford. You should also consider your future plans, like whether you want to have children or move around a lot.<\/p>\n

Make a list of your must-haves (layout, property size, schools, public transportation) and nice-to-haves (fittings, design<\/a>, outdoor space) so you have an idea of what you’re looking for.<\/p>\n

Finally, do your research. Speak to property inspectors, real estate agents, and look at properties online. Keep in mind that step 4 may take months to accomplish.<\/p>\n

Step 5: Buying the Home and Settlement<\/strong><\/p>\n

Keep a level head when conducting your negotiations. It\u2019s easy to get swept up in the excitement, but this process takes time. You can buy from the following markets:<\/p>\n

Private Treaty\/Auction:<\/strong> Sit in for an auction to understand how they work, or bring a friend or buyer advocate that can help you. Expect to pay the deposit immediately (there\u2019s no cool-off period). For private sales, you may get a cool-off period.<\/p>\n

Private Treaty or Traditional Sale:<\/strong> When buying from a private treaty or traditional sale, you can negotiate with the seller. You typically don\u2019t need to pay outright unless you use unconditional contracts. Conditional contracts only settle when certain conditions are met (e.g., inspections).<\/p>\n

After conducting your building and pest inspection, make an offer for the home. When you finalize the loan, you can then establish the settlement date (when the deed is transferred to your name) and pay off your stamp duty, which must be paid within 30 days of the settlement.<\/p>\n","protected":false},"excerpt":{"rendered":"

Buying your first home is exciting. With interest rates hitting record lows, there\u2019s no better time than now to become a homeowner. However, the procedure of buying a home is extensive, and, unfortunately, no one really teaches you how to manoeuvre the process successfully. For this reason, we\u2019ve compiled this guide to help first-time homebuyers…<\/p>\n","protected":false},"author":1,"featured_media":91728,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[16119,14,16120],"class_list":["post-101962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-finance","category-real-estate","category-stocks-shares-crypto"],"acf":[],"yoast_head":"\nGuide to Buying Your First Home in 2024 | Expert Tips<\/title>\n<meta name=\"description\" content=\"Discover our essential guide to buying your first home: save for a deposit, check borrowing power, find the perfect property, and navigate settlement. Start your homeownership journey today with expert advice! 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