Buying a home for the first time is an exciting and very rewarding experience, but it can also be challenging if you don’t know where to start and understanding the home buying process and real estate terminology can be difficult when buying your first home. And with property prices being so high in many parts of Queensland, buying a home can be expensive, so it’s important to get it right.
Our first home buyer guide will help you understand how the home buying process works, answering the most common questions you might have like saving for your house deposit through to securing a home loan and finding the right property. We will also let you in on first home buyer tips to help you navigate the property market and your finances, so you can make confident, informed decisions.
Buying a home for the first time involves finding the property and securing your financing, including home loans and various other advantages available to first time buyers (such as the First Home Owners' Grant). The home buying process in Australia typically takes several months and includes getting pre approval, searching for a property, making an offer, completing inspections and finalising your home loan before settlement.
However, before you even begin the process of buying your first home, there are some questions you need to answer that will help to smooth out the decision-making process. This includes reviewing your savings, income, credit history and existing financial commitments. These include:
How's your financial health?
What type of home will best suit your needs?
How mortgage do you qualify for?
Considering these will help point you in the right direction and help you to budget, to ensure you don’t waste time looking at different properties outside your budget.
One of the most common questions that arise when buying a home for the first time is how to get preapproval for a home loan. Sometimes also referred to as conditional approval, a preapproved loan is an indication of how much you can borrow. This is dependent on information you provide such as your income, debt, and financial history. Having loan pre approval in place helps you set a clear budget and shows real estate agents and sellers that you are a serious buyer.
At Brighton Homes, we are proud to work alongside our in-house finance experts and mortgage brokers at My Choice Home Loans. To help you understand the different home loan options available to you, My Choice will guide you through the process of how to get a home loan that is right for you when buying your first home.
You can also use our Home Loan Repayment Calculator to estimate your home loan repayments and ensure your mortgage fits comfortably within your budget.
Before you apply for a loan, you should consider the First Home Owners' Grant. This concession has been developed by state governments to make the process of buying your first home easier and to get you into your new home faster. If you are approved for this grant, the state government will grant you $30,000 towards purchasing your first home. The criteria required for first home buyers grant eligibility includes a property under the value of $750,000, and that either yourself or your spouse have owned no previous property.
The Queensland government offers additional grants and schemes that first home buyers can take advantage of. These incentives include:
Family Home Guarantee. This is aimed towards single parents with dependants, regardless of whether that single parent is a first home buyer or previous owner-occupier.
Australian Government 5% Deposit Scheme. This is aimed towards Australian citizens who are single or couples with a minimum 5% deposit looking to buy an established property or build their first home.
The type of property that is right for you depends largely on your personal home ownership goals and the suburb you are looking to live in. Although there are homes in most suburbs that could be considered affordable when buying a home for the first time, these vary in size, type, and condition. Visiting open homes and even attending a few auctions can give you a better understanding of the market and what good value looks like in your chosen area.
Buying your first home in a suburb that is close to employment options, schools, and childcare will perform well and grow in value. Other things to consider are access to public transport, healthy road infrastructure and local amenities such as parks, cafes and shopping centres.Your property search should focus on locations that support your daily life
If you have longer term goals in mind for when buying your first home, choosing a property that requires or has room for renovation can be more affordable. By buying a home and renovating, you can add value to it, which will make a difference when it comes time to sell. Before making an offer, complete a building inspection and pest inspection. These checks can identify structural issues or hidden problems that may affect the property’s value.
Looking to build a new home rather than buy a pre-existing one? Many of the grants we have mentioned in this guide are applicable to first home builders as well. Talk to us today and find out how Brighton Homes can help you build the home you have always dreamt of.
Deposit requirements vary by lender, but some buyers may be eligible for low-deposit options. Speaking with a home loan specialist early helps you understand what you can afford. Discover exactly How Much Do Your Need For A House Deposit here.
Eligible buyers may access the First Home Owner Grant and other support schemes. Eligibility depends on property value and personal circumstances.
In addition to your deposit, you may need to budget for site costs, legal fees, upgrades and utility connections. Understanding these early helps avoid surprises.
It depends on the location, land price, design, inclusions and any grants or concessions available to you. Building can offer better value when you want a new home with modern inclusions and fewer immediate maintenance costs.
The first step is understanding your budget and borrowing capacity. Once you know what you can afford, you can start comparing land, home designs and finance options with more confidence.
Discover your ideal Brighton home by using filters that align with your personal design preferences and lifestyle.
Log in to your MyBrighton account and pick up where you left off.
Do you like what you’re viewing? Simplify the process of keeping tabs on everything by setting up your own MyBrighton account.
With a MyBrighton account, you have the ability to save and contrast your preferred home designs, create a list of display homes you wish to tour, and monitor the house and land packages that interest you. Additionally, you can gather your favourite blogs, inspirational images, floorplans, facades, and promotional options - all conveniently stored in one location.
Having a MyBrighton account lets you keep tabs on your favourite homes and house and land packages. You can also save your favourite images and articles to your own personal mood board to figure out your style! Plus, you can save your chosen home design and specific choices for later, so you can chat with family and friends, make any changes if you want, or compare it with other designs.
When you're ready, just reach out to one of our friendly building and design consultants to kick off your building journey!
Please select your desired build region so we can personalise your content.