Buying your first home is one of the biggest decisions you'll make, and it's natural to feel a bit overwhelmed by the process. We work with a lot of first-time buyers, and the ones who navigate it most comfortably tend to prepare the same handful of things before they start seriously looking. Here's where we'd start.
Get your finances sorted first
Speaking with a mortgage broker or lender early — before you fall in love with a property — gives you a clear, realistic budget and a conditional pre-approval, which makes you a far more credible buyer once you do find the right home. It also helps you avoid the disappointment of bidding on something ultimately outside your reach.
Understand the full cost of buying
The purchase price is rarely the whole story. Stamp duty (land transfer duty) in Victoria, legal or conveyancing fees, building and pest inspections, and loan establishment costs all add up. Victoria does offer duty concessions and exemptions for eligible first home buyers, and the rules and thresholds are reviewed periodically by the State Revenue Office Victoria, so it's worth checking your eligibility directly before finalising your budget.
Look into the First Home Owner Grant
Depending on the type of property and its value, first home buyers in Victoria may also be eligible for the First Home Owner Grant. Eligibility criteria change from time to time, so we'd always recommend confirming the current details rather than relying on what a friend or family member experienced a few years ago.
Research the suburbs that fit your budget and lifestyle
Melbourne's suburbs — from Mitcham, Ringwood and Croydon through to Nunawading, Donvale, Doncaster and Park Orchards, and everywhere in between — each have a slightly different character, price point, and mix of housing stock. Spend time actually visiting the areas you're considering, at different times of day, before committing to a search radius.
"The right first home isn't necessarily the biggest one you can afford — it's the one that fits how you actually live."
Attend plenty of open inspections
Even properties you're not seriously considering are worth a walk-through early on. It builds your sense of what different price points actually buy you in different suburbs, and sharpens your instincts for when the right property does come along.
Get building and pest inspections done
Before making an offer, a professional building and pest inspection can uncover issues that aren't obvious on a casual walk-through — from moisture problems to structural concerns. It's a modest cost against the size of the purchase, and it can save you from a very expensive surprise after settlement.
Understand the contract and Section 32
In Victoria, sellers are required to provide a Vendor's Statement (commonly called a Section 32) before you sign a contract of sale. Have your conveyancer or solicitor review both documents carefully — this is where things like easements, planning overlays, or owners corporation obligations will surface.
Know the difference between auction and private sale
Buying at auction is unconditional — there's generally no cooling-off period and no finance clause, so you need your finance and inspections sorted before you bid. A private sale typically allows for a cooling-off period (with some exceptions) and room to negotiate conditions. Understanding which method you're dealing with changes how you should prepare.
Work with someone who explains, not just sells
A good agent should be happy to explain each step clearly rather than rushing you toward a decision. We'd rather spend the time answering your questions properly than have you feel pressured into something you're not fully comfortable with.
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