First Time Homebuyer’s Guide to Property Ownership

Buying your first home is exciting, but the process can feel opaque. Breaking it into stages makes each decision easier.

1. Set a realistic budget

Start with the total cost, not just the price. Allow for the deposit, registration and agency fees, mortgage arrangement costs and a buffer for furnishing and moving.

2. Get mortgage pre-approval

A pre-approval letter tells you what you can borrow and shows sellers you are serious. It also speeds things up once you find the right property.

3. Shortlist communities, then homes

Decide on location first: commute, schools, amenities and the feel of the neighbourhood. Then compare properties within those areas.

4. Make an informed offer

Your agent should show you recent comparable sales so your offer is grounded in data. Once agreed, a memorandum of understanding sets out the terms.

5. Complete the transfer

• Arrange a snagging or condition inspection
• Finalise mortgage paperwork
• Attend the transfer and collect your keys

With good preparation, most first-time purchases complete within a few weeks of the offer being accepted.