Buying your first home

Before you fall down the rabbit hole of property listings, take a breath. The best first step? Get clear on what you’re looking for—because knowing your essentials makes everything else easier.

Start with these questions:

• Why do I want to buy? (Freedom? Investment? Sick of renting?)
• Where do I want to live? (Central buzz or quiet streets?)
• What’s non-negotiable? (Extra bedroom? Big backyard? Space for the dog?)

Next, make a must-have vs. nice-to-have list, and rank it. This little exercise saves time and helps you zero in on homes that tick your boxes.

Finally, do a quick online check to see what homes in your dream areas cost. Having a ballpark budget now means fewer surprises later.

Now that you know what you want, let’s talk numbers. Dreaming big is great, but knowing what you can actually afford? That’s the game-changer.

Here’s the deal: It’s easy to obsess over the deposit (and yes, it matters), but don’t forget the ongoing cost of your loan. A good rule of thumb?

• Your repayments shouldn’t eat up more than 30% of your take-home pay.

Start by asking yourself:

• What’s my current salary, and is it likely to change soon?
• Do I have other debts that need regular repayments?
• How’s my credit score looking?
• What are my everyday expenses outside of home ownership?
• If repayments went up or down, how would that impact me?

And here’s the good news: as a first home buyer, you might be eligible for government initiatives that make borrowing easier. We’ll help you figure that out too.

FREE borrowing calculator

Stamp duty calculator

Home loan repayment calculator

You’ve nailed what you want and know what you can borrow, now it’s time to make those savings work for you. Saving for a deposit can feel like an impossible juggling act, but don’t stress. Your first home doesn’t have to be your forever home, and there are plenty of ways to speed things up.

Here’s how to get started:

• Tackle your debt first: Clearing debt frees up cash and makes lenders happy.
• Set a realistic budget (and stick to it!): Know where your money’s going and cut back where you can.
• Automate your savings habit: Set up automatic transfers so saving happens without thinking.
• Boost your stash with a high-interest savings account (like our Reward Saver): Let your money work harder while you wait.

Small steps add up, and we’ll help you figure out the smartest ones for you.

FREE savings planner

Savings tips (that actually work)

Other ways to buy a home

Once your finances are sorted, it’s time to level up. The next big step? Pre-approval.

So, what’s that? It’s basically a thumbs-up from us saying, “Yep, we’re happy to lend you up to this amount.” It’s not the final loan, but it gives you confidence (and speed) when you find the home you love.

Why bother?

• It double-checks your budget.
• It shows sellers you’re serious.
• It means you can act fast when the right place pops up.

Here’s what you’ll need to get started:

• The type of property you’re eyeing
• Where you want to buy
• How much you’d like to borrow
• Your income and salary details
• Your regular expenses (think bills, groceries, rent)
• Your assets (cars, shares, savings)
• Your debts (credit cards, personal loans)

We’ll help you through the process so you can move from “maybe” to “ready” in no time.

Pre-approval in hand? Awesome! You’re officially ready to hit the open homes and start house hunting for real.

Here’s how to make the search stress-free:

• Keep track of what you see: Snap pics, jot notes, trust us, they’ll blur together fast.
• Check back to your list of priorities: Does this place tick your must-haves? Or just the nice-to-haves?
• Ask yourself the big questions:
  • Is it within your budget?
  • Does it have the essentials you said were non-negotiable?
  • What are the five pros and cons?
  • How does it stack up against others you’ve seen?

Finding “the one” takes time, but with a clear plan and a sharp eye, you’ll get there.

FREE house inspection checklist

What home is right for me?

Home loan lingo cheat sheet

You’ve found the one. It ticks your boxes (or most of them), fits your budget, and the inspections check out. Now it’s time to make it yours.

Here’s what happens next:

Buying at auction

Auctions can feel intense, lots of fast talking and hand waving, but they’re a transparent way to see what the market thinks the property is worth. If you’re bidding, go in with a clear limit and stick to it.

Buying by private offer

Prefer a little breathing room? A private offer gives you time to negotiate price and terms with the seller. It’s less high-pressure but still requires a sharp eye and a solid plan.

Whichever way you go, the goal is the same: sign that contract and celebrate your very first home. And don’t worry, we’ll guide you through the nitty-gritty so you can focus on the exciting part.

FREE action guide

FREE offer and negotiation guide

Money stuff? Sorted. Now it’s time for the fun part! Getting ready to move in! Here’s what happens between now and popping the champagne:

Settlement logistics

While your loan is being finalised, your conveyancer will handle the legal bits to make sure everything’s ready for handover.

Pre-settlement inspection

Before the big day, do a walkthrough to check the property matches what’s in your contract. This is your chance to spot anything that’s not quite right.

FREE pre-settlement checklist

Settlement day

Your conveyancer and lender meet with the seller’s team to swap paperwork and funds. Then you meet the agent for the keys to your very own home. Cue happy dance.

Bonus step: Celebrate!

You’re officially a homeowner. Grab your nearest and dearest, order some local takeaway, and toast to your new chapter.

A few quick tips for settling in:

• Make sure your salary is going into the right account (especially if you’ve got an offset account).
• Redirect your mail and update your address everywhere you can think of.
• Expect your first repayment about a month after settlement, set up an automatic transfer now.
• Sort out house and contents insurance to protect your new home sweet home.