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What First Home Buyers Need to Be Aware Of

October 02, 2026

First home buyer guide

What first home buyers need to be aware of

Buying your first home is exciting, but it is also a major financial and legal commitment. Before you fall in love with a property, take time to understand the numbers, the contract and the lifestyle you are buying into.

This is general information only. Your lender, conveyancer or solicitor and other qualified advisers can help you assess your own circumstances before you sign a contract or pay a deposit.
1

Your true buying budget

The purchase price is only one part of the cost. Build in room for your deposit, stamp duty where applicable, conveyancing, inspections, lender fees, moving costs, insurance and any immediate repairs or furnishings. A pre-approval can be useful, but it is not the same as unconditional finance.

2

Government support has rules

First home buyer grants, stamp-duty concessions and guarantee schemes can make a difference, but eligibility depends on details such as the property type, price, location, whether it is new or established, and when you move in. Check the current rules for your state and your lender before relying on an incentive.

3

The contract is binding

Once a contract is exchanged, getting out can be expensive or difficult. Have a conveyancer or solicitor review the contract and inclusions before you sign. Ask about cooling-off rights, settlement timing, special conditions, strata records and anything that is not clear in writing.

4

Inspect beyond the styling

Look past fresh paint and display furniture. Consider building and pest inspections, drainage, cracks, electrical work, roofs, noise, parking, flood or bushfire exposure and future development nearby. For apartments or townhouses, review strata levies, special levies and meeting minutes.

5

Choose the location for real life

Visit at different times of day. Test the commute, check transport, shops, schools, parks and local services, and think about how the area will work for you in two to five years—not only on inspection day.

6

New homes can have timeframes

For off-the-plan, land-and-home or new-build purchases, completion dates can change. Confirm what is included, who is responsible for variations, whether finance approval will still be valid at settlement and what happens if construction is delayed.

Before you make an offer

  • Know your maximum total spend—not just your maximum loan.
  • Read the contract and inclusions with an independent professional.
  • Check which first-home incentives you may be eligible for.
  • Arrange appropriate building, pest or strata due diligence.
  • Understand the deposit, finance and settlement dates.
  • Compare the property with your everyday location needs.

Start with the right information

Explore available new homes, then get independent advice before you commit.

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