9 Tips to Get Properly Organised Before You Buy Your First Home

For more than 18 years, I’ve been helping first home buyers take that exciting step into home ownership. With changing interest rates, ever-changing loan options, and loads of information out there, it’s easy to feel overwhelmed.

I’ve seen many first home buyers go through a smooth and exciting journey to owning their first home, and many that have found it stressful and overwhelming. The difference is in the planning.

So before you fall in love with that dream home, I’ve compiled nine practical tips to help you get organised, avoid costly mistakes, and set yourself up for success.

1. Check your credit report

This is your starting point. A surprising number of buyers don’t check their credit file until they’re already applying for a loan, and then it’s too late to fix any issues. Look for inaccuracies, unpaid debts, or old credit cards you’ve forgotten about. It’s a small step that can make a big difference to your loan approval.

2. Get your paperwork in order

Banks want to see that you’re financially responsible and being organised with your financial paperwork will give them the best impression. Gather documents like payslips, bank statements, tax returns, and evidence of any existing debts or liabilities. The cleaner and more complete your paperwork, the smoother (and faster) your loan application process will be.

3. Understand what you can actually afford

There may be a difference between what you want and what you can comfortably afford. Consider not just the mortgage, but living costs, council rates, insurance, and unexpected expenses. You want to still be able to enjoy the occasional pizza night or weekend away – not live on baked beans alone.

4. Get pre-approval

A fully assessed pre-approval puts you in a stronger negotiating position when you make an offer. It tells agents and sellers you’re serious and ready. It also gives you peace of mind that the bank will lend what you need based on your actual financial situation, not just an online calculator.

5. Understand your eligibility for grants and schemes

First home buyers in Victoria have access to some pretty generous schemes like the First Home Owner Grant which offers up to $10K for new builds, and no stamp duty on properties under $600K. There’s also a federal 5% deposit scheme. But there are some conditions: both people must be first-time buyers, and there are price limits. Don’t assume you’re eligible, do your homework or ask me for help.

6. Structure your purchase the right way

Are you buying with a partner? Starting a business? Thinking about a family trust? The way you structure your property ownership has tax, legal, and financial implications. Get advice early because it’s harder to fix after the fact.

7. Compare rent vs mortgage repayments

Many renters are surprised to find that mortgage repayments are similar to (or even less than) what they’re paying in rent. We’ll help you crunch the numbers and see if it makes sense to stop renting and start building equity sooner than you thought possible.

8. Don’t assume you’ll get a loan

Just because a TV ad says “we say yes” doesn’t mean you’ll get approved. Lenders assess your income, spending, credit history, and more. That’s where I come in. I’ll guide you through the application and finding the lender who sees you in the best light.

9. Lean on my 18+ years experience

This is a big decision, and you don’t have to go it alone. I’ll help you figure out your borrowing power, find the right lender, access government support, and get everything lined up – from your first enquiry to settlement day. No fees and no stress. Just practical advice and personal support from someone in your corner.

Ready to take the next step to own your first home?

I’ll walk you through the entire process, explain everything in plain English, and connect you with competitive loans from a network of over 50 banks and lenders. I’ll also help you tap into any government support you may be eligible for such as the First Home Guarantee, and show you how to make the most of your borrowing power.

You’ll have one dedicated point of contact (yep, just me), and my service comes at no cost to you. Let’s have a chat and explore what’s possible so you can stop wondering and start planning your move into a place of your own.

Let’s chat about your goals, crunch the numbers, and make a game plan that puts you in the best position to buy. You can also call me on 0430 511 500 or email me glen@keystonemortgagebrokers.com.au for a no-obligation free credit check or a free property report.