15 Essential Steps in the First Home Buyers Checklist You Can’t Skip
Buying a home for the first time is a huge milestone, but it’s also packed with steps, paperwork, and decisions that can quickly feel overwhelming. That’s where a well-structured first home buyers checklist can make all the difference.
At MB Newcastle, we’re experienced mortgage brokers, helping first-time home buyers across New South Wales navigate the property market confidently. From understanding your credit score to dealing with your full home loan contract, we’ve got you covered with simple, real-world advice.
This step-by-step guide will take you through the essentials, from saving your deposit to understanding Stamp Duty, loan approval, inspections, and settlement, so you can move forward with clarity and confidence.
Tick off your first home buyers' checklist with expert help. Our Newcastle mortgage brokers guide you through every step, from pre-approval to settlement with better rates and faster turnaround. Call
(02) 4920 6468 or visit www.mortgagebrokersnewcastle.com.au
1. Start Saving Early for Your Deposit
One of the most important parts of your home buying journey is getting your deposit together. The earlier you start, the more options you’ll have when you’re ready to enter the real estate market.
Timeline goals
Saving a 20 per cent deposit gives you more flexibility and avoids Lenders Mortgage Insurance (LMI). Many buyers take 1 to 2 years to build this up.
Typical deposit percentages
Most lenders want a minimum 5 to 10 per cent deposit. But a 20 per cent deposit avoids Lenders’ Mortgage Insurance and gives you stronger home loan approval chances. Use our home loan borrowing power calculator to see what your savings could afford you.
2. Check Your Credit Score and Fix Any Issues
Your credit score and credit history have a major impact on your borrowing capacity. A poor credit report can lead to higher rates or rejections.
How to check
Use free tools like Equifax to access your credit report. Review it for errors or missed payments.
Improve your score
Pay off debts, lower your credit card limits, and avoid new applications. This helps your profile when applying with a mortgage broker or lender.
3. Set a Realistic Budget for Buying a Home in Newcastle
Before you hit the open homes, you need to know what you can actually afford. That means factoring in more than just the purchase price.
Costs to consider
Aside from your deposit, you’ll also need to budget for:
- Stamp Duty
- Mortgage insurance
- Legal fees
- Valuation costs
- Building insurance
- Home and contents insurance
- Moving expenses
Learn more about budgeting with our home loan specialists in Newcastle.
4. Get Pre-Approved with a Home Loan Broker in Newcastle
Pre-approval shows sellers you're serious and tells you exactly what you can afford. It also helps avoid disappointment later on.
Why it matters
It helps you bid with confidence, especially at a private sale or auction.
What you’ll need
- Income documents
- ID
- Expenses summary
- Credit report
Newcastle mortgage brokers can walk you through this process and help match you with the right lender.
5. Understand First Home Buyer Schemes and Grants
There are multiple schemes available in New South Wales to support first home buyers. These can save you thousands upfront.
What’s available
- First Home Owner Grant
- Family Home Guarantee
- Home Guarantee Scheme
- Regional First Home Buyer Guarantee
- First Home Super Saver Scheme
Visit the NSW Revenue Office for more info or speak to our Newcastle mortgage brokers to find out what applies to you.
6. Choosing Between Fixed and Variable Rate Loans
Choosing between a fixed or variable rate loan will affect your monthly repayments and loan flexibility.
Loan types explained
- Fixed Rate Home Loan: Steady repayments, better for budgeting
- Variable Rate Home Loan: More flexibility and extra repayment options
Not sure where to start? Let’s build your first home buyers checklist together. Our Newcastle mortgage brokers handle your home loan, explain your grant options, and fast-track approvals, so you don’t miss a thing. Call us (02) 4920 6468 or visit our website at mortgagebrokersnewcastle.com.au.
7. Find a Local Real Estate Agent Who Knows Newcastle Suburbs
A knowledgeable real estate agent can guide you through inspections, pricing, and offers. Look for someone who understands the property turnover in your preferred suburbs.
Choosing an agent
Check reviews on Rate My Agent, ask for recent sale results, and choose based on experience, not just friendliness.
Browse our Newcastle suburb guides to explore local area insights, housing trends, and first home buyer hotspots.
8. Start Your Property Search with Clear Must-Haves
Before falling in love with a property, define your property must-haves. This avoids overextending your budget.
Create your list
Think about your property wish list: bedrooms, parking, outdoor space, location, schools, etc.
Use property report data to help shortlist options in areas like Merewether or Charlestown.
9. Understand All the Upfront and Ongoing Costs
Buying a home involves more than just loan repayments. Many first-time buyers overlook the real, ongoing costs of home ownership.
Ongoing costs
- Council rates
- Maintenance
- Mortgage registration fees
- Home insurance
- Body corporate fees, if applicable
Speak with financial advisors or mortgage brokers in Newcastle to make sure you’re covered.
10. Attend Open Homes and Ask the Right Questions
Inspections are your chance to dig deeper into property features and check for red flags. Bring a checklist and take notes.
Questions to ask
- What’s the property turnover in this area
- Are there any zoning changes
- Why is the property being sold
Look beyond paint colours. Focus on the layout, condition, and property inspection results.
11. Make a Competitive Offer on a Property in NSW
When you're ready to make an offer, base it on current sale results and local market value. Include any conditions like finance approval or building and pest inspections.
What to include in your offer
- Purchase price
- Settlement Agent contact
- Contract of sale conditions
- Deposit amount
- Settlement date
If your offer is rejected, don’t rush. Reassess your budget or keep looking.
12. Work with a Conveyancer or Property Lawyer
Your contract of sale should be reviewed by a professional before signing. A settlement agent or conveyancer handles legal checks and the settlement process.
What they check
- Title history
- Zoning
- Easements
- Legal compliance with building laws
We can connect you with local professionals who work closely with our Newcastle mortgage brokers.
13. Book a Building and Pest Inspection Before You Commit
Always order a building inspection and pest inspection before finalising the deal. These reports help you spot major issues early.
What to expect
- Structural problems
- Roof or plumbing issues
- Termites or pests
A certified building inspector or home inspector will provide a written report. In some cases, you may need follow-up from a licensed pest and building inspections team.
14. Finalise Your Mortgage with the Help of a Broker
Once your offer is accepted, the final home loan contract needs to be signed and settled. Your broker will liaise with the lender to secure formal approval.
What to finalise
- Interest rate
- Repayment frequency
- Full home loan contract details
- Insurance requirements
Schedule a home loan health check with your home loan brokers in Newcastle to make sure everything's in order before signing.
15. Get Ready for Settlement and Move-In Day
Once contracts are exchanged, it’s time to get your keys and move into your first home. But there are still a few final steps to tick off.
What to do before settlement
- Confirm loan drawdown
- Organise utilities
- Arrange building insurance
- Book removalists
- Final property inspection
Congratulations, you’re now a proud homeowner.
Ready to buy your first home with confidence? Let our Newcastle mortgage brokers guide you through your full first home buyers checklist with expert advice, better rates, and full loan support. Call us at (02) 4920 6468 or visit www.mortgagebrokersnewcastle.com.au.
Frequently Asked Questions (FAQs)
How much deposit do I need for my first home in NSW?
Most lenders require 5 to 20 per cent of the purchase price. You can avoid Lenders Mortgage Insurance with a 20 per cent deposit or access support through the First Home Guarantee Scheme.
What is the First Home Super Saver Scheme?
The First Home Super Saver allows you to save for your deposit inside your super fund for potential tax benefits. Speak with a financial advisor before deciding if it’s right for you.
Can I get a loan with bad credit?
Yes, but your options may be limited. A mortgage broker can help you explore lenders that work with low credit scores or patchy credit histories.
Do I need a building and pest inspection for a new home?
Yes, even new builds can have hidden issues. Always get a property inspection done by a qualified home inspector.
Should I use a mortgage broker or go directly to the bank?
Mortgage brokers in Newcastle compare multiple lenders for you and often get better rates. They also manage the paperwork and guide you through the entire home buying process.
Wrapping It Up: First Home Buyers Checklist Made Simple
Your first home buyers' checklist should now feel much clearer. Whether you’re just starting to save or ready to sign your sale contract, having the right people by your side makes the journey easier.
At MB Newcastle, our expert home loan specialists and mortgage brokers in Newcastle help guide first-time home buyers through every step, from assessing your borrowing power, comparing lenders, helping with the First Home Owner Grant, and reviewing your home loan structure.
We’re based in Newcastle, serving clients across New South Wales, including regional areas.
Call us on
(02) 4920 6468 or visit
www.mortgagebrokersnewcastle.com.au to get started on the right path to home ownership.
