Buying your first home

Buying your first home, First of all congratulations this is a great step and you should be proud. So you have gotten to that stage in your life were you would rather pay your own house off rather than some one else’s? That’s great. Now the recommended deposit amount is 20% but you can generally get a loan with just a 10% deposit.

There are a few steps in buying a home:

  1. Saving a deposit. – visit savings page
  2. Finding best possible loan – links will be below
  3. Finding dream home
  4. Negotiating
  5. Organising Solicitor
  6. Make sure to apply for first home owners grants
  7. Pest and building inspection
  8. Settlement
  9. Moving in

Saving Deposit:

Saving a deposit for your first home can be difficult and time consuming. Say you would like to borrow $500 000 you will need a minimum of $50 000 deposit. It is also good to save a little bit extra for Stamp duty, legal fees and removalist costs. Depending on which state a first home owners grant may cover your stamp duty and legal fees. For saving techniques visit our savings page.

Finding A Home Loan:

Finding a home loan, You may ask why I put this before finding your dream home and that is a great question. I have done this so you avoid wasting time looking at houses you either can’t afford, could have afforded nicer or missed out because you never got approved. Most banks will offer a pre approved 6 month loan so you have plenty of time to find your dream home and do your research. I will leave a link below that will help you search through all the home loans available and find you the best possible one.

“The first step towards getting somewhere is to decide that you’re not going to stay where you are” J.P. Morgan                 

Try not to over borrow as you need to remember when owning your own home you have extra costs like Rates, Water, Insurances, Up keep, Electricity, Body corporate in some places etc… try to work out your budget before getting into deep. You don’t want one of the happiest moments in your life to get surrounded by stress.


Finding your dream home:

Searching for your dream home can be extremely time consuming and painful. But don’t settle if its now what you want. You can use online websites to sift through hundreds of homes quickly to find the best possible ones. Remember you may need to look in different suburbs to find the one you want. Maybe compromising an extra 5 or 10 minute drive to get that extra bedroom or bigger backyard. Once you find the home you like do your research. Have a good look around the area, Check what houses are selling for even go to a different real-estate agent and ask how they would value that home.

“Some people look for a beautiful place. Others make a place beautiful” – Hazrat Inayat Khan



You can not only negotiate on the price but also settlement dates. Do you want a 30, 60 or 90 day settlement. Can you move some things into the garage sooner? When making an offer make sure to state that it is subject to finance and the result of a pest and building inspection. As sometimes the banks will not value the property the same as the real estate do.

Organising a solicitor:

A solicitor or conveyancer can be an expensive part of buying a home but its a necessity. What do they do?

-They Prepare and lodge all legal documents e.g contract of sale

-Do research on the property and its title and any other information that will need addressing

– Handle your deposit

-Calculate taxes and rates

– Organise pest and building inspection and negotiate on your behalf

-Settle the property and contact your financial institution when final payment is to be made

-Represent you and your interests.


First home owners grants:

Make sure your solicitor knows to file for your grant. Also know what your grant is and what you are entitled to.

Pest and building inspection:

Your solicitor will ask you if you want a pest and building inspection it is always recommended that you do this. They will check for any pest problems such as termites or any problems with the building that needs to be fixed. They will then notify you and your solicitor of their findings. You can now negotiate to get these things fixed by the owner before settlement date.


You can negotiate a settlement date usually 30 – 90 days. Your solicitor will organise everything for the settlement of your property and notify you on settlement day when you can come and pick up your keys.

Moving in: 

Moving can be expensive so make sure you saved some spare money for removalists or hiring a truck, van or trailer. Before moving your furniture in did you want to hire a carpet cleaner? Give the house a good clean or paint? Remember when the house is empty its a lot easier to clean or paint. So think about these things before hand. Also remember to research the best insurances, phone, internet and electricity prices. Its always good to have this organised before moving in.

If you don’t think you are ready to buy your first home but really want to get started whilst you continue to save did you know you can fractional Invest in a property? With BrickX you can buy a small portion of a property and receive a monthly payment. BrickX takes care of renting the property and paying all the bills. Making it nice and simple to get started from as little as $100. Get started here: