How to purchase your first home—what you need to know.

A cozy, attic-style nook with a wooden ceiling and light-colored walls serves as the perfect retreat. Two wicker chairs with patterned cushions face a large, arched window, offering a view of the ocean on the Gold Coast. Ideal for buyers seeking tranquility, this haven features a patterned rug and gently sloping ceilings.

So, you’ve been saving up your hard earned dollars, and now you’ve reached the point where you feel you have enough in the bank to take the plunge and purchase your first home.

Congratulations—it’s a huge deal!

It’s also a big decision, one that can leave you feeling apprehensive. 

And we get that. We were once in your shoes, new to the property market, asking ourselves the same questions that are probably going through your mind right now: where do we start? What should we look for? How do we make sure we get the best deal out there for our budget?

As Buyers Agents, we can now confidently address all these questions with you over a discovery call. But if you’re the kind of person who likes to do your own research initially, we’ve outlined some of the basics below.

How to purchase your first homelearning the basics.

1. Understand your financial position

This is a crucial first step, but it’s one that many people overlook. 

They start looking for a property, find one that they love, and in the excitement of it all, let a few things slip through the cracks—like ensuring they are able to secure and repay the loan over time and maintain their current lifestyle. 

Getting clear on your finances from the start ensures you don’t over-commit and helps you avoid those ‘if only I’d known’ scenarios.

Some areas you can explore: 

First Home Owner Grant: Investigate the type of first home owner grant available to you in the state you live in. There are a few different grants that you may be eligible for. 

Mortgage Broker Guidance: How much you earn, your credit score, and spending habits have an impact on the amount of money you can borrow. A mortgage broker can help map out your options and find you the most suitable loan to suit your personal circumstances. They are the best people to talk to if you want some education around the various costs associated with purchasing a property, such as mortgage fees, stamp duty—which often varies by state, as well as any other additional costs you might incur as part of ‘settling into your new home’ for example, removalist, furniture costs and so forth.

Pre-Approval: Pre-approval is your boarding pass into the property market and it’s critical that you secure one before you start looking for a property. A pre-approval serves two main purposes: 

  • It shows you’re a serious buyer. 
  • It gives you a real budget—not just a random estimate—to work from.

 

2. Location Matters

You’ve probably heard this many times before—location is everything. 

A property’s value and appeal heavily depend on where it’s situated.

So, when it comes to finding the right spot for your first home, doing some groundwork can give you valuable insights and help you adjust your strategy as needed.

Some steps you can take to get started:

Do Your Homework: Look up recent sales and trends in the area you’re considering. Local data will help you see the bigger picture, especially in terms of the type of property you can get for your budget and the level of competition.

Consult the Experts: Real estate or buyer’s agents know the area inside-out. They can guide you to growth spots, share their local knowledge about what’s currently trending in terms of price points—and sometimes even give you access to those off-market gems.

List Your Property Attributes: Zone in on what you can’t and won’t compromise on—how close do you need to be to your work or a good school? Is public transport a factor to consider? Where do you want to spend your weekends?  Then consider where you can bend the rule a little bit, for example, would you compromise on location for a smaller property or vice versa?  

 

3. Making an Offer & Doing Your Due Diligence

Once you’ve found the property you want to purchase, there are a few additional things you might want to consider. 

Hire a Solicitor: For a smooth process, it’s important to tick all the legal boxes. We recommend getting a solicitor on board before you begin any price negotiations. A solicitor can advise you on what clauses to include such as ‘Building and Pest’ clauses along with any due diligence required. They will thoroughly review the contract to make sure it’s all aligned with what you agreed on and flag any legal loopholes. 

Get Inspections Done: Once a contract is in place, prioritise scheduling a pest and building inspection. The report can reveal hidden issues that might affect your decision or help you negotiate further. Acting quickly gives you time to conduct any further investigations or get quotes if any issues are highlighted in the report, ensuring the conditions of the contract can be met.

Negotiate the Price: This is key to making sure you secure the best possible deal. So wear your ‘sales hat’ and don’t hesitate to put in an offer that is below the asking price. The worse that can happen is they will say ‘no’ and that’s where the real negotiation can begin. Research similar types of properties that have been sold in the area recently and use them as a benchmark to position your offer. And if you want to go a step further, try to find out the reason behind the sale, and whether the seller is in favour of a short or a long term settlement. The more you know, the better position you will be to negotiate. 

 

There’s a fair bit to get your head around when purchasing a home, especially if it’s your first time. But some initial planning and research can make the whole process much less overwhelming—and a lot more enjoyable

And if you want to know more about how to purchase your first home on the Gold Coast or in Northern New South Wales, you can always leverage our expertise—we, at Maynard Property Group, are always happy to chat.