The Complete First Home Buyer Guide

Buying your first home involves more moving parts than most people expect going in. This guide walks through the process roughly in the order it comes up.

1. Work out your realistic budget

Before you look at a single listing, get a genuine picture of what you can borrow and what you're comfortable repaying these aren't always the same number. See how much can I borrow for how lenders actually assess this, and use our borrowing power calculator for a starting estimate.

2. Understand your deposit position

Work out your deposit, then account for the other upfront costs stamp duty (unless an exemption applies), conveyancing, inspections and loan fees. Our guide on how much deposit you actually need covers the LMI trade-off if you're below 20%.

3. Check what government support you're eligible for

Depending on your state and circumstances, grants, stamp duty concessions and low-deposit schemes can materially change your numbers. Eligibility rules and benefits vary and change over time, so check current settings rather than assuming.

4. Get pre-approved before you inspect seriously

Pre-approval gives you a real, lender-backed budget and stronger negotiating position see how pre-approval actually works for what's involved.

5. Choose fixed, variable, or a split deliberately

Don't default into whichever rate is advertised loudest. Our guide on fixed vs variable home loans walks through the actual trade-off so you can choose based on your situation, not the headline rate.

6. Know what an offset account could do for you

If you'll have savings sitting around after settlement, understanding what an offset account is before you choose a loan structure can save meaningful interest over time.

7. Make an offer and move to unconditional approval

Once you've found a property, your pre-approval moves toward full approval the lender orders a valuation and finalises conditions. This is where having compared lenders properly before pre-approval pays off, since switching at this stage is disruptive.

8. Settlement day

Funds are transferred, the property title moves to your name, and the keys are yours. From here, your loan structure offset, extra repayments, fixed/variable becomes the thing that actually determines how quickly you build equity and how much interest you pay over the life of the loan.

The single most useful thing you can do early

Talk to a broker before you've locked yourself into a specific lender's process. Comparing your situation across a panel rather than accepting the first pre-approval you're offered is the one step most first home buyers skip, and the one most likely to change your outcome.