The First Home Buyer Checklist

Everything to tick off on the way to your first home in Berwick and Melbourne's South East — finances, budget, grants, pre-approval and settlement. Print it, save it, and work through it at your own pace. We're here whenever you want a hand.

1. Get your finances ready

  • Check your credit report and fix any errors
  • Gather 3–6 months of payslips and bank statements
  • Reduce or close credit cards and personal loans — they cut your borrowing power
  • Keep building genuine savings (most lenders look for around 5%+ saved)

2. Work out your real budget

  • Estimate your borrowing power from your income and expenses
  • Add up the full upfront cash: deposit + stamp duty + government fees
  • Check whether you'd pay Lenders Mortgage Insurance (LMI) — or could avoid it
  • Set a target price and a savings timeline you're comfortable with

3. Understand the grants & schemes (Victoria)

  • First Home Owner Grant — a $10,000 grant may apply for a brand-new home up to $750,000
  • Stamp-duty concession — eligible first home buyers pay no duty up to $600,000, phasing out to $750,000
  • First Home Guarantee — eligible buyers may purchase with as little as a 5% deposit without LMI (limited places)
  • Confirm current eligibility and caps — schemes change over time (we'll help you check)

4. Get finance-ready & pre-approved

  • Compare lenders (a broker compares 20+ for you, at no cost)
  • Get a pre-approval so you can make offers with confidence
  • Keep your finances steady during the process — avoid new debts or big purchases

5. Find & buy the home

  • Budget for building and pest inspections
  • Have a conveyancer or solicitor review the contract of sale
  • Make an offer or bid within your pre-approval limit

6. Settle & beyond

  • Finalise your loan and arrange building insurance
  • Complete settlement and collect the keys
  • Review your loan over time so it stays competitive

General information only, current as at 2026 — not financial advice, and grant/scheme eligibility and thresholds change over time. We'll confirm what applies to your situation. See also the Victorian State Revenue Office.

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Want a hand working through it?

Book a free, no-obligation chat and we'll map out your path — deposit, grants, borrowing power and the right lender.