Congratulations on taking the first steps toward becoming a first-time homebuyer! 

First Time Buyer

Buying your first home is an exciting and significa​nt milestone. 

The first thing to do is calculate your budget by assessing your financial situation, including income, expenses, and existing debts. Speak with a mortgage adviser to get a better understanding of lender requirements and your budget.

Obtain a copy of your credit report and check your credit score. Ensure your credit history is accurate and, if necessary, work on improving your credit score. Determine how much you can afford for a deposit. Typically, a deposit is around 10% of the home's purchase.

Work with a mortgage adviser to contact lenders and get pre-approved for a mortgage. Pre-approval will help you understand how much you can borrow and make your offers more attractive to sellers. When you find a home you like, make an offer. Your estate agent will help you through the negotiation process. Finalise your mortgage application with your mortgage adviser. Review the loan terms and interest rates carefully. 

Schedule a home inspection to identify any potential issues with the property. The lender will also arrange for a valuation to determine the home's value. Once your offer is accepted, you'll go through the drawdown process. 

Sign the necessary paperwork and receive the keys to your new home. After completion, it's time to move into your new home. Set up utilities, change your address, and make any necessary repairs or renovations.

Remember that the home-buying process can be complex, so it's essential to work with professionals like mortgage advisers. We can provide valuable guidance and ensure a smooth transaction.

Additionally, be sure to research and understand the various types of mortgages available, such as fixed-rate and variable-rate mortgages, as well as government-backed programs like First Home Scheme or Help To Buy, to find the one that best suits your needs.

Finally, take your time, ask questions, and seek advice from trusted sources. Buying a home is a significant investment, and being well-informed can help you make the right choices for your financial future.