Taking your time, doing your homework and asking the experts for help are all ways in which you can prepare for buying your first house. There are a number of people and resources that you'll come across along the way who can offer you valuable advice.
Mortgage brokers and lenders
It's sometimes hard to predict how long it will take to find the right house. Before you start to seriously hunt, plan to consult a range of advisors on what you can realistically afford to pay, and how much you should borrow.
Bank websites contain detailed information on their loan options, and most offer a range of account services for young people to help you save the money for a deposit.
It's worth devoting time to researching the costs and rules of each mortgage package and putting together a comparative table. See the 'Home Loans' page in our Financial assistance section for more information about researching and managing a home loan.
Financial advice
Considering the costs of buying a house (new window), it's a good idea to ask a professional to take a look at your income and expenses before you decide to go ahead.
Online calculators will give you an idea of the basic costs, but an in depth analysis of your current and future financial situation is best left up to the experts.
A certified financial planner (new window) or an accountant (new window) will charge a fee, however they can often help you plan to save and buy your first home.
Our Managing Money section has heaps of information about saving, spending and budgeting - especially for the big things like houses and cars.
Government assistance
There may be ways that you can apply for financial assistance from the government. Check if you are eligible for any of the following schemes:
- Office of Housing - Assistance (new window)
Take a look in the section on 'Assistance' to investigate the eligibility requirements for group self-build, mortgage assistance, home finance and renovation services. - First Home Owner's Grant (new window)
The State Revenue Office provides an overview of a government grant for Australians buying their first property. The grant is a one-off contribution that started on 1 July 1, 2000 and currently has no fixed end date for applications. Read through the terms and conditions and download an application form. - First Home Owner Benefits for Concession Card Holders (new window)
If you hold a concession card at the time you buy a home, you may be exempt from paying stamp duty. Find out about eligibility requirements and the application process.
Home inspections
If you're considering an older property, organising a house inspection can be an easy way to discover any hidden and potentially expensive problems. Archicentre (new window) and the Housing Industry Association (HIA) (new window) have inspection services for homebuyers. Make sure you request a written report, and confirm all the fees before you agree to go ahead.
Property research & real estate agents
A lot of your own time will be spent doing the research, but there are other services that you can save you effort.
Get to know the real estate agents (new window) in the area where you want to buy, and ask to have your name added to their mailing lists. Online property search services (new window) often have suburb profiles and real estate institutes (new window) offer property data that will let you compare sales prices across a suburb.
Legal stuff
Buying a house involves signing a contract, and at this stage a lawyer (a solicitor or a conveyancer) is often used to give advice and to make sure that all legal obligations have been met by both the buyer and the seller.
Visit the Law Institute of Victoria (new window) to locate a legal professional using the referral service and contact the Institute to find out about their public seminar series. They also provide an overview of the steps in the purchasing process.
Links
Consumer Affairs Victoria - Buying and Selling Real Estate
This comprehensive guide for Victorians contains advice on how to deal with real estate agents; arranging finance; private sales and auctions.
Community.gov.au - Housing & Land Information
This Australia-wide collection of links provides a network of advice about buying a property or land. Topics include the first homeowner grant, home cost calculators and government support.
Real Estate Institute of Australia - Buying a House
General tips on purchasing property will help you to work out what you can afford, how to look for a house, how to make an offer and what to do when you sign the contract. There's also a handy glossary to discover what all those real estate terms really mean.
Law Institute of Victoria - Property Law
Locate a legal professional using the referral service and review their outline of the steps involved in the purchasing process.
