First Home Buyer Guide:

Written By Meghan Donnelly

How to Get Started on Your Home Loan Journey in Australia

Buying your first home is one of the biggest financial decisions you’ll ever make — and it can feel overwhelming at the start. Between saving a deposit, understanding loans, and figuring out what you can actually afford, it’s easy to feel unsure about where to begin.

At Shore Finance, we help take the confusion out of the process and guide you through each step with clear, straightforward advice.

Here’s a simple breakdown of what you need to know when starting your home loan journey in Australia.

1. Understand how much you can borrow

Before you start looking at properties, it’s important to understand your borrowing power. This is the amount a lender may be willing to lend you based on your income, expenses, debts, and savings.

Knowing this early helps you:

  • Set a realistic budget

  • Avoid disappointment later

  • Focus on properties within your range

A finance broker can help you get a clearer idea of this before you start applying for loans.

2. Save for your deposit and know your options

Most lenders in Australia prefer a 20% deposit, but this isn’t always required.

Depending on your situation, you may be able to:

  • Buy with a smaller deposit

  • Access government grants or schemes

  • Avoid Lenders Mortgage Insurance (LMI) in some cases

There are often more options available than people realise, especially for first home buyers.

3. Get preapproval before you start house hunting

Pre-approval is an important step in the home buying process. It gives you an estimate of how much you can borrow and shows real estate agents you’re a serious buyer.

It also helps you:

  • Narrow down your property search

  • Move quickly when you find the right home

  • Feel more confident in your budget

4. Compare loan options (not just interest rates)

Not all home loans are the same. While interest rate is important, it’s not the only factor to consider.

You should also look at:

  • Loan features (offset accounts, redraw facilities)

  • Fees and charges

  • Flexibility for repayments

  • Fixed vs variable options

This is where having a broker can make a big difference — we compare multiple lenders to find a loan that actually suits your lifestyle and goals.

5. Work with someone who can guide you through it

The home loan process involves a lot of moving parts — paperwork, lender requirements, and timing. Having someone to guide you through it can make the experience much smoother.

At Shore Finance, we work with clients across Australia to help simplify the process from start to finish. We take care of the research, compare lenders, and support you through every stage — so you can focus on finding the right home.

Ready to get started?

If you’re thinking about buying your first home or just want to understand your options, we’re here to help.

Get in touch with Shore Finance and we’ll walk you through the next steps in a way that feels simple, clear, and stress-free.

Meghan Donnelly