Step 1 - Financing your first home
The first step on your home buying journey is understanding and securing finance. It’s an integral step that can be complex, and at times unnerving.
At Peet, we’ve been creating communities full of happy home buyers for over a century. This means we have a wealth of experience and knowledge we’re able to share with you.
As with all stages of your home buying journey, it’s important to build a team of experts around you. Engaging a mortgage expert early on in your journey will help you understand how much you can afford to borrow and what your repayments will be. But there’s a bit of work to do before you meet with your bank or a mortgage broker.
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Getting a clear picture of your finances.
Monthly income LESS Monthly expenses (fixed expenses such as rent, insurance, gym membership, childcare) AND variable expenses including eating out, petrol, car maintenance.
Be honest with yourself and track your spending. Having a clear, accurate picture of your current financial position is integral in understanding how much you’ll be able to borrow and repay.
You’ll also need to examine whether you’re eligible for a First Home Owner Grant (FHOG) from the Australian Government. The grant scheme is an initiative to offset the GST of home ownership, encouraging and enabling more Australians into their first home. You can discover more about the grant and whether you might be eligible here. And while you’re researching, you can also check if you’re eligible for the HomeBuilder grant. Introduced by the Federal Government, this grant could give you access to $25,000 to go towards the costs of building a new home up to the value of $750,000. Read more about the HomeBuilder grant on our website and treasury.gov.au/coronavirus/homebuilder.
Having a clear picture of your current financial situation and your eligibility for financial assistance are just two of many aspects to work through on this journey. There’s a lot to consider.
- What does my current financial situation really look like?
- How much can I afford to repay each month?
- How can I save more quickly for a deposit?
- Am I eligible for any assistance?
- When should I start talking to a mortgage expert?
- What types of loans would suit me best?
- What are the exact costs and fees involved in purchasing a home?
Whether you're building or buying your first home, there's a lot to learn. Register for our First Home Buyer Toolkit and relax knowing you've got all the tools you'll need.
Our comprehensive Toolkit will guide you every step of the way to buying your first home. Sign up to our Toolkit and you'll receive:
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Detailed checklists and fact sheets
Access to exclusive Q&A sessions
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Disclaimer: All content within the Peet Home Buyer Toolkit (Toolkit) is for information purposes only. While Peet Limited ABN 56 008 665 834 and its subsidiaries and related entities (collectively Peet) endeavours to ensure all information is current and correct, Peet makes no representation or warranty as to its currency or accuracy. It is recommended that you obtain your own independent advice before taking any action following reading any of the content or information within the Toolkit, including before making any commitment of a legal or financial nature or making any application for a financial product or service. Peet makes no representation as to whether a particular financial product or service is suitable to you or you will be successful in obtaining a financial product or service or purchasing a house and/or land. Please read the full disclaimer here.