Buying your first home is exciting but let’s be real, it can also feel overwhelming. There’s a lot to consider, from market research and budgeting to government grants, pre-approvals and inspections.
Whether you're a first home buyer, owner-occupier, or investor ready to make your move, this guide will help you take confident steps toward your property goals.
Step 1: Research the property market
Understanding the market is your foundation.
Start by asking:
Where do I want to live or invest?
What type of property suits my goals?
What can I realistically afford in this area?
To answer these, you’ll want to dive into suburb data, recent sale prices, market trends, and supply levels. Key indicators to keep an eye on include:
Median prices in your target suburb
Auction clearance rates
Growth trends over 1, 3 or 5 years
Rental yields (if you’re considering investing)
You can access all of this through Aussie’s property, suburbs, research and listings experience, including our free Property Reports.
You might also be interested in: Finding your first family home
Step 2: Save for your deposit
Most lenders in Australia require at least 5% to 20% of the purchase price upfront.
Here’s the typical breakdown:
5% deposit: Minimum for most lenders, but Lenders Mortgage Insurance (LMI) usually applies.
10% deposit: Less to borrow, but LMI might still apply.
20% deposit: Avoids LMI and may unlock better rates.
Tip: LMI protects the lender, not you so speak to an Aussie Broker about options that suit your budget.
Step 3: Understand your borrowing power and credit score
Your credit score can influence:
Whether your loan gets approved
The interest rate you receive
How many lenders are willing to consider your application
To improve your score:
Pay bills and debts on time
Avoid taking on new credit
Check your credit report for any errors
Check your credit score for free with Aussie.
Step 4: Budget for upfront and ongoing costs
Beyond your deposit, factor in these upfront costs:
Stamp duty (check for government concessions)
Transfer and registration fees
Legal and conveyancing costs ($1,000–$2,500)
Building and pest inspections ($300–$800)
And don’t forget ongoing costs, like:
Council rates and utilities
Insurance
Maintenance and repairs
Use the Aussie App to keep track of property value, borrowing position, and estimated costs all in one place.
Think long term:
Before committing to a mortgage, consider your future:
Can you sustain repayments if rates rise?
Are your job and lifestyle stable?
Will you have enough left over to live comfortably?
Owning a home is a big financial commitment, so planning matters.
Step 5: Get pre-approved for your loan
Home loan pre-approval (or conditional approval) means a lender has reviewed your finances and is prepared to lend you a set amount, typically valid for 3–6 months. It helps you:
Know your budget
Make stronger offers
Move quickly on the right home
You might also be interested in: 6 ways to make the most of home loan pre-approval
Pre-approvals can be knocked back for:
High credit card limits
Large spending
Irregular or self-employed income
Gaps in employment history
Aussie Brokers know what lenders are looking for and can help you get your documents sorted upfront.
Step 6: Attend inspections with confidence
Don’t fall in love with the first home you see. Instead, go in prepared.
What to check:
Signs of water damage, mould, or cracks
Roof, plumbing, and electrical condition
Storage space and layout flow
Neighbourhood noise and parking
Orientation and natural light
Ask: “Has the property had any recent repairs or insurance claims?”
Read through our Property Inspections 101: What every buyer must check before signing
Step 7: Know how properties are sold
There are two main ways properties are sold:
Private treaty: You make an offer and negotiate. Offers can include conditions like finance or inspections.
Auction: Bidding happens on a set day. Sales are usually unconditional, so finance needs to be sorted beforehand.
Need help navigating the process? Aussie Buyers Agents can:
Shortlist properties
Arrange inspections
Handle negotiation
Help you buy in less time, with less stress
Step 8: Make the most of government support
Many first-home buyers are eligible for grants and stamp duty exemptions.
Learn about several government grants and concessions available to save money on your first home.
Step 9: Review your checklist and make a move
Still with us? You’re well on your way to buying smart. Here’s a quick recap:
Research the market using Aussie’s suburb insights and property reports
Save your deposit and weigh up LMI
Know your borrowing power and credit score
Budget for all costs upfront and ongoing
Get pre-approved so you can move quickly
Inspect homes carefully and ask questions
Understand sale types: private treaty vs auctions
Explore grants and government support
Plan long-term for life with a mortgage
Lean on Aussie: your expert, guide and biggest cheerleader
FAQs on finding your first home
Ready to start your first home journey?
From saving your deposit to securing your dream home, Aussie makes it easier. We’re for buyers every step of the way.