Your first home: what to prepare before you apply

Start with your current position

Bring together your income, living expenses, existing debts, savings and any family support. A lender will look at the complete position, so the first conversation should do the same.

• Recent evidence of income
• Savings history and the source of your deposit
• Credit cards, personal loans, HECS or HELP and other commitments
• A realistic view of recurring household expenses

Allow for costs beyond the deposit

Your deposit is only part of the cash you may need. Legal work, inspections, government charges, lender costs and moving expenses can affect what remains available at settlement.

Separate your maximum from your comfort level

An indicative borrowing figure is a starting point. Consider how repayments would feel alongside rates, bills, maintenance and future plans. A workable limit should leave room for ordinary life and unexpected costs.

Understand what pre-approval can and cannot do

Pre-approval may help frame a search, but it is usually conditional. Updated financial information, the selected property, valuation and final lender checks can still change the result.

Check support schemes against current rules

Grants, concessions and guarantee schemes have eligibility rules that can change. Confirm the current criteria for your location and circumstances before relying on any benefit in a purchase budget.