Here’s our top 5 tips for First Home Buyers looking to enter the property market:

1. Firstly, you’ll want to speak to a Broker – because let’s be honest, the buck stops with the finance, and we as your broker are your ally in sourcing the best possible lender for you.

We will calculate your borrowing capacity, educate you on the property buying process and ultimately work with you to determine if you’re in a position to buy now, or at the very least, set the goalposts and expectations on what you will need to do to make it happen in the future.

2. Find out what schemes are applicable to you – there are a myriad of first home-buyer property schemes available and the lending landscape for first home buyers is ever changing.

It is important to understand what first home buyer schemes are currently available in your state. Leveraging these schemes can make getting into the property market more achievable.

3. Do your Research! – Having a clear plan of the type of property you would like to purchase, and the suburbs you like is vital to give your property hunt some direction.

If you have the capacity to do your own research then you’ll need to get out on the ground and attend open inspections and speak to local agents. By carefully reviewing ‘Sold” results on REA and Domain and by reading about property and market trends you will be able to get a sense for the market.

If you need some help with your property research, it may be worth considering a Buyer’s Agent to help you do the heavy lifting.

4. You’ll want to partner with great people – when looking to buy your first property at a bare minimum you’ll likely need a Mortgage Broker and a Specialist Property Legal representative aka a Conveyancer to help you acquire a property. 

You may also consider getting advice from an Accountant, A Financial planner, A Buyer’s agent, and/or Real estate Agents. Having a team of trusted advisors can help give you confidence and they will guide you through the entire process – because you will have questions!

5. Get a Pre-Approval in place! – Once you’ve decided you are ready to enter the property market (and you’ve got the appropriate budget) then it is worthwhile applying for a pre-approval through your broker.

A pre-approval provides you with confidence that your finance is in order and you can go shopping with confidence. Pre-approvals usually last 3 months and can be easily extended beyond this in most cases.

Wrap up – So to all the first home buyers out there I hope you’ve found these tips helpful. It is no doubt a challenge getting into the property market in 2023 but the property owning journey can be very rewarding and building wealth through property can help set you up for financial security in the years to come.

As always, If you have any further questions, please don’t hesitate to reach to out to someone from The Lending Alliance team:

Keegan Rezek
Mortgage Broker & Director

How to Spot a Great Mortgage Broker

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