Please note - Due to the holiday season, builders and developers may be slower than usual in responding to any queries Close

First Home Buyers: Securing A Home Loan Isn’t As Impossible As You Think

While the very thought of securing a home loan leaves many feeling intimidated and more than a little overwhelmed, the process isn’t as difficult as we’re led to believe. Buying your first home is one of life’s most important financial decisions. With a little guidance, that initial step of applying for a home loan doesn’t need to be an impossible task. We have broken down the process and compiled a list of things you need to know when preparing to secure a home loan. Check it out.

securing a home loan

Basic Bookkeeping
Ensuring your finances are in order is essential before seeking to secure funding from the bank. Clearing any existing debts such as car loans, personal loans and outstanding credit card debt is the easiest way to separate your savings from your expenditures and demonstrate your ability to budget efficiently and effectively to the lender.

Credit History
What’s most important to any financial institution is that you’re able to pay your bills consistently and on time. When securing a home loan, remembering to account for key costs including land rates, home and contents insurance and electricity is critical. The most attractive and successful candidate for a lender has minimised their debt and is able to organise their expenses.

How Much Do You Need To Borrow?
Part of the process of buying your first home is gaining an understanding of your borrowing capacity and keeping your goals realistic. A mortgage calculator is a useful tool for assessing your best deposit amount based on what you can afford in monthly repayments and interests. With proper consideration of your income and expenses, it is possible to handle a mortgage stress-free.

securing a home loan

Saving Matters The Most
When it comes to securing a first home loan, not only does a larger deposit mean less money borrowed from the bank, it also allows you to save more in interest. By striving for a deposit of at least 20%, you avoid being charged Lender’s Mortgage Insurance and, by extension, the higher interest rate which often attaches here to your loan.

Seeking Advice
Make sure you are fully informed before securing a home loan. Professionals can tailor the best deals and advice relevant to your needs to maximise your eligibility to secure a home loan. Passionate about providing an outstanding client experience, MoneyQuest covers all aspects of property-related lending, including first home buyers, investment loans, refinancing and much more. Click here to learn more and get a free consultation.

Taking Advantage Of Grants And Incentives
First home buyers who are willing to buy new properties are in luck, as there are many grants and incentives on offer by the government. You can read all about it here.

Are you a first home buyer thinking of building your own home? With a little planning and the right advice, the task of acquiring a home loan and building doesn’t have to be stressful! Book a call with our team of experts or call 1800 184 284 to get started today!

Manya Mehra


iBuildNew is the market leading aggregator dedicated to residential home construction and land development. As an independent platform, iBuildNew helps Australians identify and compare new home designs, house and land packages and land estates. It’s the smart way home buyers, who are considering a new build, can find the ideal options to match their individual needs. Home building is a big decision, we make sure you get it right.

You may also like

Apr 04, 2018

How To Choose a Rental Management Company

Allowing someone else to manage your property is a bit of a scary thought. You want to ...
Read More
Feb 21, 2019

Stay and Renovate or Sell and Upgrade?

Finding what's best for you comes down to knowing how to act on a few key financial and...
Read More
Mar 27, 2018

Understanding Property Management Fees and Services

Property management fees can be difficult to comprehend at first. There are so many dif...
Read More
Sep 26, 2019

Treat Yourself: High-End Finishes to Include in Your...

Building a dream home is something we all envision as part of our life plan. While cust...
Read More
Apr 06, 2017

Good News For Housing Affordability

Everyone wants a place to call their own, somewhere they can build a foundation for the...
Read More
Jan 25, 2019

How Could You Improve Your Home?

Home renovation is a call to action most people tend to neglect after a certain stage o...
Read More
Mar 27, 2019

Thinking of downsizing?

Downsizing can sound like a diminutive task, especially as it conjures up ideas of tran...
Read More
May 27, 2019

Buying a House and Land Package? Here’s How To...

House and land packages are one of the most convenient and affordable ways to get a foo...
Read More
Aug 22, 2019

Selling Your House? Here’s What To Expect

Buying property can be stressful, but so too can selling it. From the minute our home i...
Read More
Oct 05, 2018

How can I get a home loan?

When applying for a home loan, one of the most pressing questions you’ll have is ‘how m...
Read More
Jul 23, 2019

10 Essential Questions To Ask Your Mortgage Broker

When you're in the market for a new mortgage, acquiring a home loan can be a complicate...
Read More
Jul 28, 2020

Stamp Duty Temporarily Paused For First Home Buyers ...

This article was originally posted on Good news for first home buyer...
Read More
Oct 27, 2019

When Is The Right Time To Buy Or Sell Your Home?

When entering into the real estate market, it is all about getting the correct timing f...
Read More
Oct 26, 2019

Selling Your Property? 10 Questions to Ask Your Real...

Whether you are selling your lifetime home or an investment property, finding and selec...
Read More
Feb 21, 2018

Could a Low Deposit Home Loan Be an Option for Your ...

Whether you’re just starting to look to buy your first home, or you are looking for an ...
Read More
Jul 18, 2018

New Build vs Old House | Which Should You Invest In

Investing in a new home comes as a fantastic opportunity for would-be property investor...
Read More
May 06, 2020

Can I Still Sell My Home During the COVID-19 Pandemic?

With the current condition that the world is in, it is difficult to determine what is o...
Read More
Aug 18, 2016

Strategies to Take You From Renting to Building

Getting into your first home can seem like an uphill battle – or an impossible dream. B...
Read More
May 15, 2019

Moving into a New House Checklist

After the big move is over and you’ve fully transferred all your belongings, there’s a ...
Read More
Dec 10, 2019

How Much Can I Afford To Borrow For My Dream Home?

When thinking of buying a new home, especially for a first home buyer, it is crucial to...
Read More
Oct 23, 2019

Moving Tips: Reduce Stress & Make A Smooth Tran...

The process of moving into a new home comes with excitement and joy, but also a lot of ...
Read More
Jul 24, 2019

Learning The Language For First Time Buyers

When purchasing property, especially for the first-time buyers, it is easy to be overwh...
Read More
Jul 25, 2018

How Much Does It Cost To Build a House: Creating A B...

The big question when it comes to building a new home is "how much does it cost to buil...
Read More
Nov 24, 2017

Have You Considered Buying a Townhouse?

Have you considered a townhouse for your new home or investment property? Typically, wh...
Read More

Get more from

Browse New Home Designs