Start with your numbers, not listings
It's tempting to start browsing, but the most useful first step is a borrowing estimate. It tells you which suburbs and property types are realistic and stops you falling for a home you can't finance.
Gather three months of payslips, your savings history and a list of any debts, including credit card limits and HECS/HELP. Lenders look at your card limits, not just the balance, so closing cards you don't use can lift your borrowing power.
Work out your real upfront costs
Your deposit isn't the only cash you need. Budget for stamp duty (unless you're exempt), conveyancing, building and pest inspections, lender fees and moving costs.
If your deposit is under 20%, the lender may charge lenders mortgage insurance. Some government schemes and family guarantees can remove it, so check eligibility before you assume you need to pay it.
Check which schemes you qualify for
Federal and NSW first home buyer support changes regularly: price caps, income tests and places available all move. A broker should check the current rules against your circumstances rather than relying on last year's article.
Some schemes are only available through participating lenders, which is another reason to compare widely.
Get pre-approval before you bid
Pre-approval gives you a firm price ceiling for auctions and shows agents you're ready. Ask whether yours has been fully assessed by a credit team, because automated approvals can fall over later.
From exchange to settlement
Once you've exchanged, the lender values the property and issues formal approval, then loan documents. Your conveyancer and broker coordinate settlement, usually six weeks later for private sales. Keep your finances stable in this window: no new car loans or credit cards.
Buying locally? Read our guides for Pendle Hill and Blacktown, and see the current NSW stamp duty thresholds.
Questions? Talk them through with Ram
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