Your 5 step guide to becoming a first home buyer | Exford Waters | Melton Real Estate


Your 5 step guide to becoming a first home buyer

Buying your first home is a major milestone in your life. One that you should be incredibly proud of. But taking the first steps towards purchasing your first home can be a little overwhelming. Never fear. Read on to discover some useful hints if you’re considering getting into the property market for the first time.


Work out what you can afford. 

Based on your weekly earnings, determine how much you could afford to pay in repayments. This is critical, as this figure will help determine the baseline of house and land packages that you can afford. 

If you already have a set deposit, you can then determine the packages within your price range. If you are needing to save for a deposit, then this figure will roughly determine how much you need before you buy. 

Most first home buyers do not pay off their home up-front, which is why many consider taking a loan. Using the Australian Government’s Money Smart mortgage calculator, you can calculate, based on your minimum house and land package price, how much your weekly repayments would be as well as the amount of money you could potentially loan. 

Financing for a house and land package also comes at extra expense, with the process consisting of two steps: buying your land then building your house. Most loans bundle these together, however, they can be paid off separately. It is important to note that buying the land is still a standard real estate transaction with a regular mortgage. The second step requires a construction loan where you ‘draw down’ an agreed amount to pay for each stage as your home is built. That way, you only pay interest on the money you’re using at each stage.

When working out your ballpark figure, you should also be across any Victorian Government grants that could assist you in the process. 

Remember, a deposit of 20% is ideal, as that way, you won’t have to pay any lender’s mortgage insurance. 


Save, Save, Save! 

Once you have determined your costs, work out a weekly budget to help you set aside money each week. You can also work out how long it will take you to reach your goal. 


Research The Areas You’d Like To Buy In

Have a look at areas in which you may want to buy. Have a look at the suburb or area profile, paying particularly close attention to the average house prices in the area, the average rental costs and the amount of demand. 

If you’re planning to build a new home in a housing estate like Exford Waters, be sure to register your interest via our website, where you will receive the latest news on land releases, all of which contain pricing guidelines. You should make a note of these prices when determining which block sizes may fit into your budget. 

You should also consider visiting some Display Homes in estates you are interested in, this way, you can have in-person conversations with builders whilst browsing potential designs.


Choose your providers 

An important step in your home-owning journey is choosing the right service providers. You should use research to inform your decision on key providers such as: 

  • A Buyers Agent 
  • Mortgage Broker
  • Financial Advisor
  • Which loan to get, including rates and lenders fees 
  • Which solicitor or conveyancer to use
  • Which accredited inspectors to use, for example, building inspectors

Once you have confirmed your providers, your deposit and the area you’d like to build, it is time to commit to your build. 


Commit to Your Build

After extensive research, be sure that you feel confident in the area and package that you are buying. Prior to committing, conduct small tasks, such as testing how far it takes to get to your workplace and important amenities to put your mind at ease. Once you are confident you have made the right choice, then the real fun part begins!


Wait for the build 

Once you have secured your land and committed to a builder and land, be sure to conduct regular checks and inspections. Check in on your progress with your build every step of the way and help build excitement for what’s to come.


Move into your new home!

Once your build is complete, you’ll be required to sign off on various legal documents before you can move in. Once you’ve got the pesky paperwork out of the way, you’ll be free to grab the keys and start your new life living in your new home.

To register your interest for future releases at Exford Waters, please submit an enquiry via the website homepage here. If you have any questions or concerns, please contact our Sales Agent at or via phone on 1800 777 800.

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