Let’s be real: buying your first home in Australia can feel like being dropped into a reality TV obstacle course — blindfolded, armed with nothing but a half-functioning online calculator and a stack of incomprehensible paperwork.

Property price caps are shifting, eligibility rules are tightening, and hidden costs are lurking like sharks.
No wonder so many first home buyers feel overwhelmed before they even attend their first inspection.

The good news? The maze can be navigated — if you know how to play it smart. Let’s leave the jargon at the door and focus on the practical strategies that really matter.

1. Eligibility: Are You Even Allowed to Play?

Before you start mentally arranging your IKEA furniture, let’s make sure you’re eligible for the game.

Key checks:

• Are you an Australian citizen, permanent resident, or on a special category visa?
• Are you chasing the First Home Owner Grant, First Home Guarantee, or stamp duty concessions?
• Can you actually meet the residence requirements (living in the property for a continuous period after settlement)?
  
  

Important:
Some schemes are stricter than a Year 10 maths teacher. If you’re buying with a partner, both of you must meet the eligibility rules.
Fail the fine print? Kiss that juicy grant goodbye.

✅ Pro tip: Always cross-check the property types that qualify. (No, that rundown studio above the fish and chip shop might not cut it.)

2. Money Ducks: Herd Them Early

This is where the deals are won and lost.

Banks will scrutinise your:

• Income stability
  
• Debt-to-income ratio
  
• Savings history
  
• Credit score (yes, they’ll find that Afterpay splurge)
  
  

What you need to do NOW:

• Clean up your spending habits at least 3–6 months before applying.
• Park your deposit in a separate, untouched account.
• Ditch credit card applications and Afterpay like a bad ex.
  
  

If you're building or buying off-the-plan? Get ready for a mountain of extra paperwork — comprehensive building contracts, progress payment schedules, even the occasional statutory declaration to prove you’re not secretly buying it for investment.

3. Real Costs: It's Not Just the Sticker Price

You don't just pay for the house. You pay for:

• Stamp duty (unless you qualify for exemptions)
• Conveyancing/legal fees
  
  
• Building inspections
  
  
• Moving costs
  
  
• Council rates, insurance, maintenance — forever and ever, amen.
  
  

Bonus headache:
If you're building, the months of settlement and progress payments can catch you off guard faster than a surprise Block twist.

✅ Pro tip: Build an emergency buffer. Because something will go wrong. It always does.

4. Pre-Approval: Handy, Not Holy

Getting pre-approval is like getting a VIP wristband at a concert — it gets you through the door quicker, but it doesn’t guarantee a backstage pass.

Remember:

• Pre-approval ≠ unconditional approval.
• Final approval hinges on the property, your situation, and the lender's mood.
  
  

Mistakes that kill deals:

• Switching jobs during the loan process.
• Loading up a new credit card.
• Forgetting to submit updated payslips or declarations.
  
  

Stay boring and predictable until the keys are in your hand.

5. Picking the Right Place (and the Right Loan)

Not all properties — or loans — are created equal.

Check the fine print:

• Some grants only apply to new builds, vacant land, or established homes under certain price caps.
• Some lenders won’t touch a property tied to a dodgy contract or incomplete building plans.
  
  

Choosing a loan:
It’s not just about the lowest interest rate.
Look for:

• Offset accounts
  
• Redraw facilities
  
• Flexible repayment options
  
• Building-friendly loan structures if you’re building.
  
  

✅ Pro tip:
If you’re building, make sure your lender is comfortable with a comprehensive home building contract and actually understands progress payments. (Sounds basic. Isn’t.)

6. Don’t Play Hero — Build Your Team

Trying to DIY your way through the housing maze is like trying to perform your own dental surgery. Technically possible. Not recommended.

Your first home buying A-team:

• Mortgage Broker: Finds the best loan, fights through the paperwork jungle, keeps you eligible for grants and schemes.
• Conveyancer/Solicitor: Handles contracts, due diligence, and saves you from legal nightmares.
• Financial Adviser: Helps align your property purchase with your bigger wealth strategy.
  
  

✅ Pro tip:
Good advice early can save you tens of thousands later. Cheap mistakes are rare in property.

7. Settlement: The Final Lap (and Then the Real Work Begins)

Settlement isn’t the finish line — it’s the starting gun.

Before settlement:

• Confirm you’ve met all grant conditions.
• Ensure your loan is unconditionally approved.
• Double-check your insurance policies are in place.
  
  

After settlement:

• Meet your residence requirement.
• Keep your statutory declarations and paperwork tidy (yes, boring, but vital).
• Plan for ongoing costs immediately — rates, maintenance, repairs.
  
  

Buying your first residential property is a marathon, not a sprint. Pace yourself. Prepare properly. Know when to push and when to get expert help.

First Home Buying: Strategy Beats Stress

Buying your first home isn’t about luck.
It’s about timing, strategy, preparation, and avoiding the dumb mistakes everyone else is making.

Whether you’re buying a shiny new build, a rough diamond, or a patch of dirt with a dream attached — the right prep and advice can make it the best move of your life.

Ready to take the next step? Book a call with Mountway.
No pressure. No jargon. Just smart, strategic guidance to turn your first home dream into reality.