Buying your first home is one of life’s biggest milestones. It’s exciting, but let’s be honest — it can also feel a little overwhelming. Between working out your budget, finding the right place, and navigating all the paperwork, there’s a lot to take in.
If you’re thinking about buying your first home in Victoria, here are some key things to keep in mind that can make the journey smoother (and less stressful!).
Know your numbers
Before you start scrolling through property listings, it’s worth sitting down and getting really clear on your budget. Lenders will look at your income, expenses, and savings to work out how much you can borrow, but that’s not the whole story.
Just because the bank says you can borrow a certain amount doesn’t mean you should. Think about what’s comfortable for your lifestyle and your future plans — things like travel, kids, or even just enjoying a few dinners out without stressing over your repayments.
This is where Ruby Home Loans can provide confidence in your affordability and get you on the right pathway. With access to over 40 lenders, we will provide the most suitable and cost effective options for your financial situation.
Saving for a Deposit
Ideally, a 20% deposit is the goal, as it helps you avoid paying Lenders Mortgage Insurance (LMI). But don’t panic if you’re not quite there yet. Plenty of first home buyers get started with as little as 5% thanks to lender options and government schemes.
The key is balancing how soon you want to get into the market with the extra costs of having a smaller deposit.
Again, we can help prepare you for what is required for your individual situation. Don’t wait until you think you’re ready…we’re here to put a long term plan in place to help you get there.
Take Advantage of Government Help
In Victoria, there are a few incentives designed to give first home buyers a leg up:
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First Home Owner Grant (FHOG): $10,000 if you’re buying or building a new home valued up to $750,000.
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Stamp Duty Savings: No stamp duty on properties up to $600,000, and concessions for homes up to $750,000.
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First Home Guarantee Scheme: Subject to eligibility, you can buy your first home with as little as a 5% deposit (and no LMI), avoiding years of relentless savings and get into the market sooner.
These can save you thousands, so it’s definitely worth checking what you qualify for….that’s what we’re here for 😉
Think About Location (Not just the house)
It’s easy to get swept up in the excitement of finding a house you love, but don’t forget to think about the bigger picture:
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Is it close to work, family, or friends?
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Are there good schools, transport links, and shops nearby?
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How’s the area looking for future growth?
Your first home might not be your “forever home,” so keeping an eye on lifestyle and resale value is important.
Don't Forget Ongoing Costs
Owning a home isn’t just about the mortgage repayments. There are council rates, water and electricity bills, insurance, and maintenance to budget for too. If you’re buying an apartment or townhouse, add strata fees to that list.
Building these into your budget now means fewer surprises later. We have the right tools to prepare you for this too.
Navigating the Buying & Negotiating Stage
Once you find “the one,” the real work begins. In Victoria, you’ll usually either:
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Make an offer privately (often with conditions like finance approval or inspections), or
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Bid at auction, which we recommend getting a pre-approval in place for, because there are no conditional buying clauses or cooling-off rights.
Here’s where it pays to be thorough: always consider getting a building and pest inspection done by a qualified and reputable inspector. This report will flag any structural issues, termite damage, or hidden problems you wouldn’t spot during an open home.
Not only does this give you peace of mind, but it can also put you in a stronger position to negotiate — or help you walk away if the property isn’t right. The great news is that this is where our good friends at The Home Inspection Hub, come in 😉
Choosing the Right Loan
There are so many home loans out there, and it’s not just about chasing the lowest interest rate. The right loan should fit your lifestyle, with features like offset accounts, redraw facilities, or flexibility to make extra repayments.
This is where we shine to make life easier. Instead of comparing dozens of lenders yourself, we do the legwork and help you find an option that suits your situation. And guess what, we don’t charge you at all! Why wouldn’t you call us? 😊
Final Thoughts
Buying your first home is a big deal — but it doesn’t have to be overwhelming. With the right preparation, a clear budget, and the right support around you, you can step into home ownership with confidence.
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And remember, you don’t have to figure it all out on your own. Whether it’s understanding your borrowing power, exploring government incentives, or comparing loans, having someone in your corner makes the journey a lot easier….that’s where Ruby Home Loans, will make the difference for you.
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Ready to get in contact with me?