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Buying a house is an important milestone, but for first-time home buyers who don’t know what to expect, the process is often as intimidating as it is exciting. In these uncertain times of high list prices and low rates, the decision to buy a house may feel even more overwhelming than ever, but we’re here to help.

In this article, we’ll walk you through each of the key steps involved in buying a house, so you know exactly what you’re getting into and how to prepare.

What Do You Need To Buy A House?

Before you start looking for the perfect home, you should ensure you have what you need. In order to buy a house, you should have:

Buying your first home? You’ll need more than a deposit. Here is a list of other upfront costs, including stamp duty and legal fees.

There’s no way around it – getting your deposit together is tough work. Then, once you’ve finally saved enough, you’re hit with an array of other upfront costs. Here are 10 costs you need to factor in (apart from your deposit).

Stamp duty

Outside the deposit, this’ll be your biggest upfront cost. Stamp duty varies greatly from state to territory to state and the rules (and exemptions) can seem complicated.

Buying a house in Melbourne is an exciting time when you can explore what’s on offer on the market and begin to build a new life for you and your family.

Finding the right home for you and your family involves research and careful consideration. Melbourne has a lot to offer, but you want to make sure the property is the right price, location, value, size and fit for your lifestyle. The information you’ll find here will help get you started.

Explore Melbourne’s suburbs

If you already know where you’d like to buy a house in Melbourne, that’s great. But if you’re unsure of where you should start looking, it’s worth considering many different areas. Neighbouring suburbs can vary in price enormously, as can different properties in one suburb. It’s also worth researching past sale prices in the areas and streets you are interested in.

Buying a house is an exciting time. These steps will smooth your way through the house buying process.

1. Save for a house deposit

The first step is to get your finances sorted. Do a budget to identify how much you can afford to save for your deposit.

Next, do some house price research. Getting a general idea of house prices helps you set a goal to work towards. A great savings goal for a house deposit is 20% of the purchase price, plus enough to cover buying costs (see steps 5 and 6, below).

Here’s some help to get you started on the road to buying a house in Australia.

If you plan to buy a house in Australia, here’s some info to help you get started.

Where To Find Properties For Sale

The most popular websites for listing property for sale are:

Real estate agents also publish weekly magazines with current property listings in the surrounding area, available from local offices.

When you are saving for a deposit, work out where your money is going and how much you can afford to put away. We have lots of tools to help you:

• Our spending calculator can help you work out what you are spending your money on now and where you can cut back.
• We have lots of handy money saving tips to help you save your deposit.
• Opening a regular savings account is a good way to help you save a deposit and will also show any mortgage lender that you have a solid savings record. This will be important when you apply for a mortgage. Our regular savings Money Tool will help you compare the different savings accounts available.

Different Central Bank of Ireland rules apply to the amount of deposit you need depending on whether you are a first-time buyer or not.

First-time buyers

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Access to Off Market Properties

Buying Property in Australia — There are rules for buying property in Australia for foreign investors.

Buying Residential Properties or Vacant Land

Basically, it means if you live overseas, are not a citizen or a permanent resident, you can only purchase New or ’Off the Plan’ residential properties, or Vacant Land that is to be developed within 12 months.

However, if you do decide to settle here by immigrating to Australia and becoming a permanent resident, you can get help, support and advice from the government with the purchasing of your first home. If you wish to buy your first home, you may be eligible for government grants and/or tax relief.