First Home Buyer Checklist

First home buyer checklist

Your ultimate guide to buying your first home.

Part 1: Get ready to buy your first home.

Buying your first home is a big milestone

And while it can feel overwhelming at times, a little preparation goes a long way.

We have prepared a step-by-step checklist to help you on your journey to owning your first home.

Start your journey

First home buyer checklist

Step 1: Work out how much you can borrow
Step 2: Save for a deposit (and extras)
Step 3: Research where & what you want to buy
Step 4: Time to get pre-approval

Step 1: Work out how much you can borrow

This is where the home buying journey starts. Your borrowing capacity (as the banks like to call it) shapes what you can afford, where you can buy and how much you need to save.

borrowing capacity?

First home buyer checklist

Your ultimate guide to buying your first home.

Part 1: Get ready to buy your first home.

Buying your first home is a big milestone

And while it can feel overwhelming at times, a little preparation goes a long way.

We have prepared a step-by-step checklist to help you on your journey to owning your first home.

Start your journey

First home buyer checklist

Step 1: Work out how much you can borrow
Step 2: Save for a deposit (and extras)
Step 3: Research where & what you want to buy
Step 4: Time to get pre-approval

Step 1: Work out how much you can borrow

This is where the home buying journey starts. Your borrowing capacity (as the banks like to call it) shapes what you can afford, where you can buy and how much you need to save.

borrowing capacity?

Step 2: Save for a deposit (and extras)

A deposit is normally 20% of the total home value. So, for a $700,000 home, a 20% deposit is $140,000. It's a big number, we know!

If you have less than a 20% deposit

We’re proud to be one of the participating lenders of the Australian Government 5% Deposit Scheme. This Scheme helps first home buyers who have saved a minimum 5% deposit with a Government guarantee. No income caps, no waitlists and no LMI means lower upfront costs and could own your first home sooner.

If you don't qualify you can still buy with a smaller deposit - but you may need to pay Lender's Mortgage Insurance (LMI), which can range from 1% to 6.5% of your loan amount.

If you are employed in either education or healthcare sectors we offer an LMI- waiver for as little as a 10% deposit. Learn more. *Terms and conditions apply.

Additional upfront costs

While you're saving for a deposit, there are some additional upfront costs to consider saving for:

Cost	What is it?	Estimate
Stamp duty	The tax that you pay to the government when buying a house.	Work out your stamp duty using our Stamp Duty Calculator.
Conveyancer fees	A conveyancer is a lawyer who specialises in the legal aspects of transferring the ownership of a property from one person to another.	Approximately $1,000 to $2,500+.
Transfer fees	A state government fee for transferring the property title from the seller to the buyer. This is determined by the State Revenue Office and varies per state.	Varies from state to state.
Lenders Mortgage Insurance	Insurance that protects the bank if you can't repay your loan. It is only required if you have a less than 20% deposit.	Between 1% to 6.5% of the total loan amount.
Inspection fees	Before making an offer on a house, you may choose to do a building and pest inspection. This assessment informs you if the building is free from structural issues and has no major pest problems.	From $500 to $1,500+ per property
Other costs	Loan application fees, home and contents insurance, body corporate fees, moving costs, utilities set up, and outstanding rates.	Varies based on lender, property, location, cost etc.

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First home buyer checklist

Buying your first home is a big milestone

First home buyer checklist

Step 1: Work out how much you can borrow

borrowing capacity?

First home buyer checklist

Buying your first home is a big milestone

First home buyer checklist

Step 1: Work out how much you can borrow

borrowing capacity?

Step 2: Save for a deposit (and extras)

If you have less than a 20% deposit

Additional upfront costs

How do I save a deposit plus upfront costs?

Step 3: Research where & what you want to buy

Research the area

Attend inspections

Step 4: Time to get pre-approval

Congratulations on hitting your goal!

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