1 Are you ready?
Assess your job security. High job security (12 months plus) is favourable to bank lenders, giving them more confidence you can pay your mortgage. Clear away any debts. Assess how any dependants might affect your lending capacity.

2 Determine your budget
Evaluate your finances and minimise any loans or debts you might have. Reduce the limits on you credit cards and pay them down if possible. Set yourself a weekly budget to keep your savings increasing in your bank account.

3 How much can you borrow?
You can find many online calculators that allow you to determine your borrowing capacity. You can also reach out to mortgage brokers who will assess your income, debts, assets and number of dependants and whether you are buying with a partner or on your own.

4 Cost of buying a house
There are many costs to consider when buying your first home. An average deposit of around 10-20% will be required to secure a homeloan. Stamp duty is applied to the purchase value of your property. Legal and conveyancing fees, finance cost and building inspections may also incur extra costs.

5 Research homeloans
Make sure you research interest rates and terms of the loan that are available. Things to consider include whether you can redraw funds, make additional payments, what the attached conditions are and how often is the interest calculated?

6 Get pre-approval
Securing pre-approval before beginning your property search is ideal. You will then know the price rage that you are looking for and will be able to confidently assess houses and be in a position to bid if you fall in love with a particular property.

7 Choose suburb & type of property
Consider making a checklist of all your requirements such as proximity to work, schools, family, friends. Assess the public transport available, services and amenities. Is there established infrastructure or plans to develop in the area? Determine the character of the suburb and it’s vibe and community.

8 Building inspection
Make sure you inspect lots of properties and keep watch of any mould or damp spots. Do the doors or windows fit right and open properly? Look for sagging ceilings and buckling walls. Test taps for flow, check carpets, under sinks, lights and fuse box. Look for cracks. Check roof and gutterings.

9 Prepare for purchase
Once you’ve found the property and you have the contract, check it carefully to ensure that everything about the property is understood and that there will be no legal surprises after purchase. You also need to arrange conveyancing, which is the transfer of property title from one person to another.

10 Settlement & moving
Settlement is the day that you transfer money to the vendor. Remove any ambiguity by making sure you insure the property at the time of settlement. Congratulations on your next step in life and enjoy the feeling!