Your First Home Buyer Mortgage Checklist Australia
Owning a home is a defining milestone for many Australians. Whether you are picturing lazy Sunday brunches on your own balcony or planning to welcome a family, the journey begins with a solid plan for finance. Our First home buyer mortgage checklist Australia translates industry jargon into plain English and keeps you on track from the first online listing to the final settlement call.
Tick off your eligibility items
Lenders want to see that you satisfy the core eligibility criteria for first home buyer mortgage in Australia. Generally this means you are an Australian citizen or permanent resident, you have not previously owned property, and you will live in the home for at least six months. Your credit score, stable income, and genuine savings buffer will also be reviewed, so pull your credit report and polish any rough edges early.
- Check if you qualify for the First Home Guarantee or state grants.
- Confirm your maximum purchase price for stamp duty concessions.
- Calculate at least five per cent genuine deposit, although twenty per cent avoids Lenders Mortgage Insurance.
Budget for the hidden extras
Beyond the deposit, first time buyers often overlook upfront costs. Build a buffer for stamp duty, conveyancing, building and pest inspections, strata reports, and moving expenses. Many experts suggest setting aside an additional five per cent of the purchase price so you are not scrambling when invoices land.
Collect paperwork once, use it often
Lenders appreciate neat files. Gather the last three payslips, group certificates, bank statements, photo identification, and any existing debt statements. Having everything ready speeds up the Mortgage approval process for first home buyers Australia because the assessor can verify income and expenses without extra emails.
Map the approval journey
The steps to get a mortgage as a first home buyer in Australia follow a predictable path.
- Speak with a broker or bank to gauge borrowing power.
- Receive a conditional pre approval so you can bid with confidence.
- Find a property, sign the contract, and order valuations plus inspections.
- Submit remaining documents for unconditional approval.
- Arrange building insurance, sign loan offer, and schedule settlement.
Scenario in action
Lisa and Mark planned to buy at auction in Sydney’s inner west. Their broker secured pre approval, they ordered a building and pest report, and confirmed the contract with a solicitor before auction day. When the hammer fell in their favour, the bank already had the valuation, so unconditional approval arrived within forty eight hours.
Compare products and incentives
Not all loans are created equal. Compare variable, fixed, and offset packages, plus lender service levels. Check for application fees, ongoing charges, and flexibility to make extra repayments. State and federal programs can shave thousands off your costs, so ask your adviser to model scenarios with grants applied.
Frequently Asked Questions
What are the first time home buyer mortgage requirements Australia wide?
You must be at least eighteen, an Australian citizen or permanent resident, plan to live in the home, provide acceptable identification, and show serviceability within responsible lending rules. Each lender also sets minimum deposit thresholds and credit score benchmarks.
How long does the mortgage approval process for first home buyers Australia usually take?
If your documentation is complete, conditional approval can arrive within three business days and unconditional approval within two weeks. Complex income types or valuation issues may extend this timeline.
What steps should I follow to get a mortgage as a first home buyer in Australia?
Save your deposit, calculate borrowing capacity, secure pre approval, select a property, complete inspections and valuations, obtain unconditional approval, then settle.
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