For many, entering the Australian property market can seem daunting, but with careful planning, it’s achievable. Here’s how to take the first steps:

Assess Your Finances
Begin by taking a close look at your finances. Calculate your savings, income, and current expenses to determine how much you can realistically afford to spend on a property. You’ll need at least a 5-10% deposit for a home loan, though a 20% deposit can help you avoid lenders mortgage insurance (LMI).

Understand Your Borrowing Power
Speak with your bank or a mortgage broker to understand how much you can borrow. Lenders will assess your income, savings, and credit score to give you an estimate. Keep in mind, interest rates fluctuate, so ensure you’re comfortable with potential repayments in a higher-rate environment.

Research the Market
Australia’s property market varies greatly by region, so research areas that fit within your budget and align with your lifestyle goals. Metropolitan areas like Sydney and Melbourne may offer high growth but are often more expensive, while regional areas can provide better affordability and a relaxed pace of life.

First Home Buyer Incentives
Take advantage of the government schemes designed to help first-home buyers, such as the First Home Owner Grant (FHOG), stamp duty concessions, and the First Home Loan Deposit Scheme. These can significantly reduce the upfront costs of purchasing a home.