Simple Steps to Buying Your First Home

Buyers, Investors, Property Market, Sellers,  Buyers and sellers

You’ve finished uni, landed your dream job, maybe met that special someone or even started a family…and now you want to settle down. Maybe you’re already working and still living with mum and dad, but it’s time to find a place of your own! So, what’s the best way to buy your first home? As a bank born in Queensland for Queenslanders, Auswide Bank has you covered with a range of valuable insights to consider.

Unless you’ve been saving for years or received an inheritance, most first home buyers will need a home loan. To qualify for a home loan, you’ll need to be in stable job and have the ability to afford the repayments. That means having the income necessary for your living expenses with enough left over for the repayments.

Normally you’ll also need a deposit, usually about 5% of the loan amount. At most lenders, you’ll also need a good credit history, be at least 18 years of age and an Australian Citizen or Permanent Resident. For assistance with the financial aspects of qualifying for a home, it’s best to get advice early by contacting a home lender. Most lenders can help you conduct a financial health check and help you with answers about:

  • What you can afford within your income and budget right now;
  • What your deposit amount needs to be;
  • How much you might still need to save and how to work out a savings plan;
  • What your monthly repayments will be; and,
  • What the upfront and ongoing costs of a home loan will be.

The last point is particularly important as calculating your budget isn’t just about saving for a deposit. Your home lender can help you understand what extra costs that will arise when making your new home yours. These may include loan establishment fees charged by the lender, Lenders Mortgage Insurance, government fees and charges, solicitor and conveyancing costs, building and pest inspections, building and contents insurance, life insurance/income protection insurance and any other home and maintenance costs that may arise.

Government assistance could also be an option for you when purchasing your first home and your home lender can provide further information on these and whether you may in fact be eligible. There are a number of grants available such as the Queensland First Home Owners Grant, Regional Home Building Boost Grant, the Federal Government’s HomeBuilder Grant and the First Home Loan Deposit Scheme. As a first homeowner, you may also be eligible for some concessions on transfers so it’s always a good idea to find out exactly what you’re eligible for. Your home lender can also help you understand the steps in the finance process, ensuring you know what to expect when you apply.

Your other ‘best friend’ when thinking about buying a first home of your own is your local real estate agent. Now you know what you can afford, your real estate agent can help you to explore the market in line with your budget and needs. A number of us would love a huge, luxurious mansion on wide-open spaces, or even along the beach shore. However, while your first home may not quite meet this criteria, don’t be discouraged. It’s always good to get your foot in the door first. Make sure you do your research on the area and buy a house that suits your needs.

Once you’ve found that house you think is the one for you, then put in that offer! If the seller accepts your offer, you’ll need to sign a contract. Now’s the time you might want to get help from a solicitor. If you’re getting a home loan to help you make the purchase, you should also ensure your contract is ‘subject to finance,’ and if you think it’s needed, a building and pest inspection. When you sign a contract, it’s also important to understand that in Queensland, you’ll be immediately responsible for building insurance. So contact your lender again or your preferred insurer to see if they can help arrange cover.

Now is the time to apply with your lender for a home loan. This should be easy, because you did all of that hard work at the start! Once approved and your finance has settled, start packing those boxes because you’re moving into your very first home!

As a proud Bronze Corporate Partner of the REIQ and the Queensland real estate industry’s preferred choice for banking, contact Rohan Buckley at Auswide Bank today on 0438 263 705 for further advice and insights into purchasing your very first home today.

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Here’s what others have to say

I found the REIQ Real Estate Licence Online Training Course was very good, easy to access, with brilliant course materials to read and assignments that really checked on your understanding of the details of every aspect of real estate practise. I enjoyed the course even though it took a few months due to working full time and found the support of the trainers and assessors very helpful and encouraging. Thanks REIQ Training team for helping me through!
Lindy Lear
Lindy Lear
10:47 18 Oct 20
Gerry MacKenzie
Gerry MacKenzie
06:53 12 Oct 20
Good course. Materials and tools given to finish the course easily. Was no problem to finish. Support is there if needed it.
Jade Dodds
Jade Dodds
09:11 09 Oct 20
I would like to share with you our experience that we have recently had through the REIQ Professional Development Team.We have had an awesome start to 2020 thanks to the great service provided by the REIQ Professional Development Team. Congratulations to Liz who started and finished her Certificate of Registration Course with the REIQ in December 2019. She loved the training, particularly the fact the trainers are experienced and still walk the talk and are active in real estate. Fast turnaround for marking of the assessments with help on hand by way of tutoring if needed meant she could get the Application to Office of Fair Trading for her registration happening quickly. We are thrilled, from start to finish with the course and application to Fair Trading she had her Certificate of Registration within 5 weeks. Really impressed with the training, help and support team REIQ gave Liz and the quick processing time by the Office of Fair Trading.We also regularly use the Property Management Support Service and General Agency Advice Service and believe it offers great value for our membership. The PMSS team provide practical advice by practising property management professionals who can relate to the everyday challenges property managers face.Keep up the good work Team REIQ,
RE/MAX Ignite
RE/MAX Ignite
05:56 21 Jan 20
I cannot recommend REIQ enough. The training, environment & staff were beyond my expectations. A special mention for Rachael who is a trainer at REIQ. Rachael knows her stuff. Her knowledge of the industry and style of delivery helped me get across the line and score my dream job.
Paul Conway
Paul Conway
05:11 15 Jan 20
I wasnt sure that I would get through the Agents and Licence course with everything I had on, made an attempt a year ago with another provider that went totally pear shaped but the REIQ course is structured in a way that made sense. While all of their trainers are experts in their field, they offer onsite student support on Tuesdays with Rachel providing the right advice and reassurance to get you there, even if you havent studied for a while. If you've ever wanted a career in Real Estate this is where you get started!
Lynette Nitson
Lynette Nitson
01:48 13 Jan 20
Great staff that are always helpful.
Kensington Ràpoza
Kensington Ràpoza
11:20 28 Dec 19
Great friendly environment
David Priest
David Priest
22:47 19 Nov 19
Very impressed with the trainers that I have had for the past 3 days. Each individual trainer was very helpful and made sure that everyone in the class understood everything before we progressed through the modules.
Shannon Goldsworthy
Shannon Goldsworthy
04:34 23 Oct 19
Recently completed my Licence course and thoroughly enjoyed the in-class tutorials taught by highly professional trainers with many years of industry experiences. The student support that is available every Tuesday is an extremely helpful resource, again with very experienced trainers to ensure you get the right advice the first time. REIQ has really structured the entire full Licence course end to end thoughtfully, especially when you’re new to this industry. Highly recommended!
Julian Phua
Julian Phua
07:01 02 Oct 19
Recently I completed the Real Estate Licensing course at REIQ and was blown away by the help and support provided by Ms. Connie McKee who is a trainer at REIQ. Connie is very professional and has years of knowledge and work experience in the Real Estate Industry.I am glad I chose REIQ as my pathway into the Real Estate Industry.
Kaizan Irani
Kaizan Irani
00:23 30 May 19
Helpful staff. Useful networking events and training videos.
Eagle Real Estate
Eagle Real Estate
02:27 25 Jul 18
Just done two days interactive training with Melissa Sullivan. Sensational! Such a great presenter and electric delivery of material. Quick paced and hands-on!Very glad to have been in this class!!! Awesome
Miles Griffiths
Miles Griffiths
07:01 26 Jun 18
Jason Bond
Jason Bond
10:29 19 Jun 18
Welcoming and friendly staff, always available to support their members. The Property Management Support Team is particularly helpful. Well worth the subscription fees just to have access to advice from these experienced practitioners.
Laura Valenti
Laura Valenti
21:29 16 Jun 18
Haydn Denovan
Haydn Denovan
02:51 20 Mar 18
Jacqui McKeering
Jacqui McKeering
02:01 08 Mar 18
Proud to be a member of such a prestigious organisation. Thank You for the support 🏡
Jamie Smith
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Michelle Wright
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Adam Milton
Adam Milton
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Katie Cotton
Katie Cotton
10:04 31 Oct 17
Liam Hanlon
Liam Hanlon
12:06 05 Sep 17
Had Melissa Sullivan conducting the sales registration course for the past two days I have to say I think this woman is inspiring she kept the class focused and engaged throughout the two days. I dont normally complete surveys but felt that I wanted to share that this lady has inspired me to give sales ago and I never thought i would say that as i have been a PM and honestly never thought I could see myself as a sales agent... Thanks Mel for such a great two days
Karen Riddell
Karen Riddell
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