Essential Steps for First-Time Homebuyers While Building Their Deposit
Experts advise first-home buyers to research financing options, align partner expectations, and solidify budgets before completing a deposit.
Craig Morgan, a mortgage broker, urges new buyers to engage a broker early to understand how much they can afford, noting that online calculators are less precise. Natasha Janssens, a financial educator, suggests using the 12-to-24-month window before a deposit is ready to gather information and avoid taking on new debt such as car loans or credit cards. Scott Taylor, a financial adviser, points to the First Home Super Saver scheme as a tax-advantaged way to boost savings, recommending a three-year horizon to maximise benefits.
He also advises considering income-protection insurance to safeguard mortgage repayments against illness or injury. For couples, Janssens and Morgan stress the importance of candid discussions about each partner’s non-negotiables, financial backup plans, and joint borrowing capacity to prevent future disputes.
Why it matters
Understanding these steps can help first-time buyers avoid costly mistakes and improve their chances of securing affordable home financing.
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