Buying your first home is exciting, but jumping in without preparation can cost you thousands. Before you start scrolling through property listings, here’s what you need to have sorted.

Get your finances in order first

Most first home buyers focus on saving a deposit, which is smart. But there’s more to being mortgage-ready than having cash in the bank. Lenders want to see you can manage money consistently. That means three to six months of clean bank statements with no overdrafts, minimal Afterpay transactions, and a handle on everyday spending.

Start tracking where every dollar goes. That daily coffee habit or weekend Uber Eats splurge might seem harmless, but lenders scrutinise your spending patterns. They’re not being nosy, they’re making sure you can handle mortgage repayments on top of life’s regular expenses.

Understand your borrowing capacity

Here’s something that surprises many first timers: the amount you can borrow isn’t just about your income. Lenders consider your existing debts, credit card limits (even if you pay them off monthly), and your regular expenses.

A finance broker can run these numbers properly before you fall in love with a property you can’t afford. At MAW Money, we help first home buyers understand their true borrowing power, not just a rough online calculator estimate. This saves heartbreak down the track.

Check your credit score

Your credit score affects everything from loan approval to the interest rate you’ll pay. Get a free copy of your credit report and check for errors. Late payments, defaults, or too many credit applications can drag your score down.

If there are issues, address them now. Some take months to resolve, so don’t wait until you’ve found your dream home.

Research available grants and schemes

The First Home Guarantee, state-based grants, and stamp duty concessions can save you tens of thousands. But the rules change regularly and vary by state. What you qualified for last year might not apply now.

A Brisbane-based broker like MAW Money stays current on every available scheme. We know which ones you can combine, which lenders participate, and how to structure your application to maximise benefits.

Get pre-approval sorted

Pre-approval isn’t just a nice-to-have. In Brisbane’s competitive market, sellers want to know you’re a serious buyer with finance ready to go. A conditional approval shows you’ve done your homework and can move quickly when the right property appears.

Pre-approval typically lasts three to six months, giving you time to house hunt with confidence. Just remember, it’s conditional on the property valuation and your circumstances staying the same.

Factor in the hidden costs

Your deposit and mortgage aren’t the whole story. Building and pest inspections run $400 to $600. Conveyancing costs another $1,500 to $2,500. Then there’s moving costs, connection fees for utilities, and immediate maintenance or furniture needs.

Budget for at least $10,000 in additional costs beyond your deposit. Being caught short at settlement is stressful and completely avoidable with proper planning.

Choose your broker early

Many first home buyers think they should approach banks directly or leave the broker until later. Wrong move. A good broker guides you through the entire journey, from getting your finances ready to settlement day.

MAW Money works with first home buyers daily. We know which lenders offer the most competitive rates for your situation, which ones process applications faster, and how to present your application for the best outcome. We handle the paperwork, follow up with lenders, and keep everything on track.

Take action now

The longer you wait to get professional advice, the longer you’re potentially paying rent instead of building equity. Even if you think you’re months away from buying, talking to a broker now means you’ll be ready when opportunity knocks.

The first home buying process doesn’t have to be overwhelming. With the right preparation and expert guidance, you’ll be holding keys to your own place sooner than you think. MAW Money has helped hundreds of Brisbane first home buyers navigate this journey, and we’re ready to help you too.

Book a free consultation today. Let’s map out your path to home ownership and make sure you’re set up for success from day one.