Buying your first home is one of the most exciting milestones in life. It is also one of the biggest financial commitments you will ever make.

The process can feel overwhelming, especially in today’s market with rising house prices and shifting interest rates. But with the right plan and the right finance partner, you can make it happen sooner than you think.

Step 1: Know your borrowing power

Before you start scrolling through property listings, it is essential to know how much you can borrow. Your borrowing capacity depends on factors like your income, expenses, credit history, and the size of your deposit. At MAW Money, we work with you to get a clear picture of your finances and match you with lenders who will offer competitive terms.

Step 2: Get pre-approved

Pre-approval is your golden ticket in the property market. It shows real estate agents and sellers that you are a serious buyer, which can give you an edge in negotiations. Pre-approval also locks in your borrowing limit, so you can house hunt with confidence and avoid falling in love with a property that is out of reach.

Step 3: Understand the grants and incentives

If you are a first home buyer in Australia, there may be government grants, stamp duty concessions, or other incentives available to you. These can save you thousands and make your deposit go further. We keep you up to date on what is available and help you access any benefits you are eligible for.

Step 4: Think long-term

It is tempting to buy the biggest house your budget allows, but it is often smarter to think about what will suit your lifestyle and financial goals over the next five to ten years. Consider location, proximity to work, transport, schools, and future resale value.

Step 5: Secure the right loan

Not all home loans are created equal. Beyond the interest rate, there are features like offset accounts, redraw facilities, and repayment flexibility to consider. Our role is to help you understand the pros and cons of each option so you can make an informed decision.

Step 6: Avoid common pitfalls

Some of the most common mistakes first home buyers make include:

• Overstretching their budget

• Not factoring in extra costs like stamp duty, legal fees, and moving expenses

• Choosing a property without adequate due diligence

We guide you through the process so you can avoid these costly missteps.

Buying your first home is a big step, but you do not have to do it alone. Talk to MAW Money about getting the right finance to secure your dream home.