Buying a home is one of the biggest financial decisions you’ll ever make, and it’s perfectly normal to feel both excited and overwhelmed. Whether it’s your first home or an upgrade, taking the time to understand all the factors that influence your purchase can save you from costly mistakes later.
Here are five key things every home buyer should consider before they sign the contract.
Understand Your Budget
When most buyers think about cost, they focus on the purchase price. But the reality is, there’s more to it. You’ll also need to account for:
- Stamp duty and government fees
- Conveyancing and legal costs
- Building and pest inspections
- Insurance and moving expenses
- Ongoing maintenance and council rates
Before you start house-hunting, it’s wise to get pre-approved for a home loan. This gives you a clear idea of what you can comfortably afford and strengthens your position when making an offer.
Review Your Home Loan Options Carefully
Not all loans are created equal. The right loan depends on your lifestyle, income stability, and long-term goals. Here are some key things to compare:
- Interest rates – fixed, variable, or split?
- Loan features – like offset accounts and redraw facilities
- Repayment flexibility – can you make extra payments without penalty?
- Lender fees – application, annual, and discharge fees
A mortgage broker can help you compare loan products from multiple lenders and find the one that best suits your financial situation.
Research the Location
Location is more than just the suburb name, it’s about lifestyle, growth, and convenience. Consider:
- Distance from work, schools, shops, and transport
- Future infrastructure or development plans
- Crime rates and community safety
- Historical price growth and market trends
Buying in an area with strong growth potential can significantly boost your property’s value over time.
Think Long-Term. Not Just for Today
Your first home doesn’t have to be your forever home, but it should fit your needs for at least the next 5–7 years. Ask yourself:
- Will your family grow in the near future?
- Is the home close to potential job opportunities?
- Does the layout suit your lifestyle (e.g., work-from-home, pets, accessibility)?
Planning ahead ensures that your home remains practical and valuable as your circumstances change.
Government Grants and Schemes
Many Australians miss out on thousands of dollars in savings simply because they’re unaware of the schemes they qualify for. Depending on your situation, you may be eligible for:
- First Home Owner Grant (FHOG)
- 5% Deposit Scheme
- Stamp duty exemptions or concessions
These incentives can make homeownership more achievable and reduce the upfront costs of buying a property.
Buying a home is a big commitment, but with the right preparation and expert guidance, it can also be one of the most rewarding experiences of your life.
At Goodwill Finance, we’re here to simplify your homeownership process, from understanding your situation and goals to comparing lenders to securing the most suitable home loan tailored for you.
If you want to speak to our expert mortgage broker today and start your journey with confidence, please feel free to contact us at [email protected] or 0423 459 480.
Disclaimer: The information provided is of a general nature and does not take into account your personal financial circumstances, goals, or needs. It should not be considered financial or investment advice, nor a recommendation or invitation to acquire financial products or services. You should not act solely on this information without obtaining professional financial advice tailored to your situation. Any loan application is subject to a full assessment of your financial position, as well as the lender’s terms, conditions, fees, charges, and eligibility criteria.
