6 Tips for First Home Buyers in Canberra

Buying your first home is an exciting experience however it can be overwhelming at times. With the right guidance and knowledge, you can make the process stress free and make the right decisions. Here are six tips for first home buyers in Canberra

  1. Decide your priorities – Before you start looking for a home, it is important to decide on your priorities. You need to work out what are your must-haves, nice-to haves and deal breakers? Do you have a preference on location or a particular style of home? By having a written down list of priorities, you can narrow down your search and make the process more manageable
  1. Get Pre-approved for a mortgage – Getting pre-approved for a mortgage is an important step when buying your first home. It will give you a clear idea on how much you can afford and provide you with an advantage over other buyers. By securing a pre-approval, you can make an offer on a home with confidence and increase your changes of having it accepted. Our local Canberra mortgage brokers can assist with your pre-approval
  1. Work with a trusted mortgage broker – Working with a trusted Canberra mortgage broker can make the home-buying process smoother and less stressful. As mortgage brokers we can help you navigate the complex process of securing a home loan and find the best loan options for your circumstances. We can also provide advice on interest rates, loan types, and other important factors that can affect your purchase
  1. Don’t rush the decision – Buying your first home is a significant investment and it is essential to not rush the decision. Take your time to search the local property market, go to open homes, auctions and compare prices. It is also a good idea to have a second set of eyes such as a trusted friend or family member. They can a great resource to give you feedback and help you make an informed decision. Your local Loan Market Canberra Mortgage Broker can assist you with a property report to help with your property search
  1. Have a buffer for unexpected expenses – Even with extensive planning, unexpected expenses can arise when buying a home. You may encounter unexpected repair costs or moving costs that weren’t initially factored into your budget. To avoid having financial stress, it’s a good idea to have a buffer of savings set for such expenses.
  1. Have an understanding of government grants and concessions – It is important as a first home buyer to have an understanding of which grants and concessions you qualify for. There are currently lots of different concessions and benefits available to first home buyers from the state government and the national government. As your local Canberra mortgage brokers, we can help you with understanding the benefits available to you. We will cover the concessions and grants available to Canberra First Home Buyers in our next blog

By following these tips, you can make your first home buying experience in Canberra a positive one. Work with the best Canberra mortgage brokers, be realistic about your budget, and take the time to make a well-informed decision. With the support of your local Loan Market Canberra mortgage brokers, you can find a home that you love and enjoy for years to come. If you ready to get your pre-approval started, get in touch with your local Canberra mortgage brokers today on 02 6173 6399!


Published: 22/2/2023
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