1. Understand What You Can Afford

Before browsing through hundreds of property listings that you might not be able to afford, it's crucial to know more about your financial health. A mortgage broker or financial advisor can determine how much you will be able to borrow from a lender based on your savings and earnings. 

In addition, remember to have some of your savings left over for additional costs, such as stamp duty, legal fees, and potential renovations. 

2. Get A Mortgage Pre-Approval Letter 

Once a lender (usually a bank) establishes that you're a suitable candidate for a mortgage, they will be able to issue you a written pre-approval letter that states their offer to loan you a certain amount under specific terms. 

A pre-approval letter shows estate agents and sellers that you are a serious buyer, who can afford the property. This can give you an edge over buyers who haven’t taken this step yet.

3. Prioritise Your Needs and Wants

Now that you know the price range of your new home, you can narrow properties down even further by creating a list of your needs and your wants. 

Needs are your ‘must-haves’ and non-negotiables. For example, if you are set on living in an apartment building, near work, or having a garage. Whilst wants are something you’d like to have but can make it work without. For example, having access to public transport or an ensuite bathroom. 

4. Attend Open Homes and Inspections

Whether you’re attending open homes or booking private inspections, physically viewing a property gives you a much better understanding of the layout, space, and condition. In addition, you get to see the ambiance of the suburb, street, or apartment building.

Estate agents are always happy to provide you with information about the property and the surrounding area during these inspections so don’t hesitate to ask questions, take notes, and book a revisit. 

5. Be Prepared to Act Quickly

The property market can be competitive. Desirable properties, especially in sought-after suburbs or new apartment blocks, can sell rapidly. Once you've found a property that fits your criteria, be prepared to make an offer straight away.

Final Thoughts

Getting ready to purchase your first home is a significant milestone, and having some guidance and support can make all the difference. At Lloyd Estate Agents, we're committed to ensuring your buyer's journey is smooth, informative, and successful. If you're ready to buy your first home or you have some questions, don't hesitate to reach out to our dedicated team.