Buying your first home is an exciting step, but it can also feel overwhelming without the right guidance. Between budgeting, paperwork, and loan options, it’s easy to feel unsure of where to begin. Here are the key things every first home buyer should know before applying for a loan. 

1. Know Your Borrowing Power 

Understanding how much you can borrow is the first step. Lenders will assess your income, expenses, existing debts, and credit score. Speaking with a broker can give you a realistic picture and help you plan accordingly. 

2. Get Pre-Approved Early 

A loan pre-approval gives you a clearer idea of your budget and makes you a more attractive buyer to real estate agents and sellers. It’s not a final approval, but it shows you’re serious and ready to act. 

3. Understand the Extra Costs

The deposit isn’t the only upfront cost. First home buyers should also plan for: 

● Stamp duty (though concessions may apply) 

● Legal and conveyancing fees 

● Property inspections 

● Lenders Mortgage Insurance (if your deposit is below 20%) 

4. Explore Government Incentives 

You may be eligible for support such as: 

● The First Home Owner Grant (FHOG) 

● Stamp duty concessions 

● The First Home Guarantee (formerly FHLDS), which allows you to buy with as little as 5% deposit 

These can make a big difference—your broker can help you apply for what you qualify for. 

5. Work with a Trusted Broker 

Navigating dozens of lenders and hundreds of loan products can be confusing. At Financia Group, we compare loan options from over 30 lenders and guide you through the process—so you can focus on finding the right home. 

Final Thoughts 

Buying your first home doesn’t have to be stressful. With expert guidance, careful planning, and access to the right loan, you can take this exciting step with confidence. Ready to get started? Speak to the team at Financia Group today.