financial plan

Your first home will be one of the biggest investments you ever make in your life. This is the place you might raise a family and grow old. But before that, you must know how you are going to purchase your home. 

It may seem daunting to get a mortgage and buy a home, but it can be easy. With the right help and careful planning, there’s no reason your first purchase shouldn’t go smoothly. You can do plenty of things to ensure that you are well prepared to buy your first home. 

Here are four essential things you need to do before buying a home:


Pay All Your Debts.

The best way to begin your life in a new home is debt-free. Apart from your mortgage, the expenses of managing your home can be pretty demanding, depending on your lifestyle and preferences. It wouldn’t be very wise to dive into such an important new chapter of your life while you’re still in debt, not to mention it can very easily distract you and sour the joy of finally buying your first home.

You need to ensure that all your debts are taken care of before you start planning for your dream home. This takes a massive load off your shoulders and allows you to focus on your home.


Create a Savings Plan.

Every little bit counts. Before you have even decided you’re ready to buy a home, you should already be saving. Saving early, no matter how little, can help a lot towards ensuring that you’re financially secure and stable enough for this investment. You can create two separate savings accounts, one that will go towards your home and the other to act as your emergency fund. 

As exciting as buying your first home can be, it also comes with its own set of challenges. Starting a saving plan can help you overcome your first deposit, which is essential to securing your home a lot faster and easier. 


Do Your Research.

Research is key to finding your dream home. Chances are you already have an idea of what you want and where you would like to live. You must get to know the communities you’re interested in. What type of laws or policies do they have in place? Is there anything you need to prepare? And so on. 


Use A Mortgage Broker.

A broker can help you find loans that might not be readily advertised. This is the kind of help you need to ensure that you can buy the home of your dreams. A broker will have access to tons of information and connections to different lenders, allowing them to find you the best possible deal. 

Working with them will put a little less pressure on you. They will guide you in what you need to prepare. In general, they will make this experience much easier and convenient for you.


Buying a home is a big deal. It will require a lot of time, energy, effort, and money. It’s essential you prepare yourself for this huge financial step. Don’t leave any loose ends behind or fail to do research. As long as you're patient and willing to do the legwork, it should be smooth sailing.

On your own, purchasing your first home might be overwhelming. That’s why we here at Wealthy You want to help. We are an Australian mortgage company based in Sydney. We provide our clients with the best service and advice to help them achieve their dream home. Contact us today and discuss with any of our mortgage brokers to get started on your journey!