Feeling overwhelmed by the home loan process? You’re not alone. For many first home buyers, the journey to owning a home can feel daunting, unachievable, and downright stressful. But here’s the good news: with the right steps and guidance, you can eliminate much of the overwhelm and start your property journey with confidence.
In this blog, I’ll share three practical steps to help first home buyers (and anyone looking to purchase in 2025) overcome the overwhelm and take actionable steps toward homeownership.
1. Know Your Deposit (or Equity) Situation
One of the first questions you need to answer is: How much deposit or equity do I have, and how much do I need?
For first home buyers, this means:
- Calculating your savings, any parental equity, or gifted funds you might have.
- Estimating how much is required, which is typically 5% of the purchase price, plus extra costs like stamp duty, solicitor fees, and building inspections.
For example, if you’re aiming for a property worth $500,000, your deposit requirement could be as low as $25,000, but don’t forget those extra costs. A solicitor, building inspections, and a small buffer can add up, so it’s important to budget for those too.
If you’re unsure about stamp duty or extra costs, check out the handy calculators on the 360 Mortgage Solutions website to get a clearer picture.
2. Speak to a Mortgage Broker Early
The next step is to connect with a mortgage broker (like me or Tara here at 360 Mortgage Solutions!).
Why? Because your broker can help you:
- Identify grants and schemes you might qualify for.
- Assess your current financial position and create a timeline to get you home-loan ready.
Whether you’re ready to buy now or need a six-month action plan, working with a broker ensures you have clarity and confidence as you move forward.
3. Get a Fully Assessed Pre-Approval
I can’t stress this enough: a fully assessed pre-approval is a game-changer for first home buyers.
Why? It gives you:
- Certainty that your finances have been reviewed and approved by the lender.
- Confidence that you can move quickly when you find your dream home.
Without a fully assessed pre-approval, house hunting can be incredibly stressful. You might find the perfect property only to discover later that you can’t secure a loan. Having this crucial step in place ensures you’re not just dreaming—you’re ready to make it happen.
Take the First Step to Overcome Home Loan Overwhelm
If you’re feeling overwhelmed by the home loan process, the best thing you can do is take small, actionable steps to gain clarity and control.
To help, I’ve created a FREE First Home Buyer Mini Course, launching this December. This course is designed to walk you through the home buying journey, eliminate confusion, and set you on the path to property ownership.
📅 Join the waitlist today and receive an exclusive bonus when the course goes live!
🔗 Sign up here
Or, if you’re ready to discuss your situation one-on-one, book a free appointment with me or Tara. Let’s make your home buying journey as stress-free as possible!
Want to know more, check out First Home Buyers Tips: Your Essential Guide to Homeownership Blog