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First Home Buyers

Buying the first home can be as intimidating as it can be exciting, especially when you don’t have people around you who can guide you through the process. Purchasing a new house means interaction with financial institutions, legal works, and a bunch of real estate and financial terminologies and jargons which you may be unfamiliar with. The whole process of purchasing homes can be a sophisticated and intimidating for maiden buyers and this where Everest Property and Finance can be of great help.

We provide step-wise guidance to each and every client and following are the assistances new home buyers can expect from us.


• Compare among a variety of loan schemes from a wide range of banks and choose the most suitable home loan

• Estimation of all the cost that incurs in the process of buying a home, including legal fees, stamp duty, insurance costs, etc.

• Extensive inspection and research of properties to find you the best home.

• Ideas, tips, and tricks for price negotiation and for reducing the overall cost of buying a home.

• Liaising with all the parties involved in home purchasing process on behalf of client

• Price guide to help you get value for money.

A guide for First Home Buyers

Getting prepared

What's my budget?

The first place to start is setting a budget. This needs to be as realistic and accurate as possible so you know where you stand financially.


Your budget should take into account what you earn and spend every month right down to the last little details. You will also need to include anything you owe, like personal loans, credit card payments or higher-purchase agreements. Remember, if you're currently renting, you will be able to put what you are paying in rent towards your new home instead!

Once you know your budget, stick with it. This will really help you to comfortably afford repayments while getting the best out of your new home.


What are the costs in buying a home?

There are many costs that come with buying a home. Some of these are more obvious than others, such as a 'deposit'. However, it's important to know all the costs involved upfront, to avoid any unwanted surprises along the way.



Generally it's a good idea to save around 5 - 20% of the property value as a deposit. The greater the deposit, the less you will have to borrow (and the lower your repayments will be), but it also depends how soon you want to be in your new place. New customers may borrow up to 90% of the property value.


Lenders Mortgage Insurance

If you are borrowing over 80% of your new home's value, generally you will be required to take out Lenders Mortgage Insurance (LMI). This protects the bank if you can no longer pay the mortgage and default the loan.


Loan Application Fee

There is a standard, upfront establishment fee which our consultant will advise you of. This covers the preparation of loan application documentation, legal fees for standard mortgage preparation and one standard valuation.


Legal / Conveyancing

You will need to engage the help of a professional to purchase your property for you.


Government Fees

There are some government fees which will be charged depending on the price of the property (for example, land transfer fees and other taxes).

Be sure to fully understand the charges that apply to you - we will help you with this.



A home is probably the biggest purchase you'll ever make so you need to make sure it is well protected.  We recommend you take out home building and contents Insurance which covers the cost of damage in the case of fire, burglary and certain other events. We will arrange a


Remember, if your Deposit is less than 20% of the property value, you will also need Lenders Mortgage Insurance as outlined above.


Inspection Fees

It's really important to make sure you know what you're buying. That's why we recommend two forms of inspection that should be carried about before settlement:


1. Building Inspection - checks for structural problems.

2. Pest Inspection - ensures the house is free of pests and termites.


Shop around to compare prices and make sure the company you choose is fully licensed and insured. If you're buying at auction, another interested party may have already commissioned inspections which you may be able to get a copy of at a discounted price.


Utility Connections

Remember that you will need to arrange the connection or transfer of utilities such as water, gas and electricity. There can sometimes be connection or transfer fees so make sure you know what they are up front.


Council Rates

You need to contact your local council to confirm any fees that may apply in your area.


Stamp Duty

Stamp duty fees can vary in each state so you'll need to be aware of the cost that this will add to your property. For most property purchases, the state government will charge you Transfer Stamp Duty payable at settlement of the loan (when the property changes ownership).


In some cases, First Home Owners may be eligible to have the stamp duty waived or discounted. Visit the Office of State Revenue website for your state to find out if this applies to you.


What benefits am I entitled to as a First home Buyer?

The Federal Government's First Home Owner Grant (known as FHOG) is a tax-free grant to help people buy their first home. If you're eligible for the grant, we will process the government forms for you and even arrange for your grant to be available at settlement!


You may also be entitled to one of many government rebates for first home buyers. These rebates vary from state to state and are usually in the form of stamp duty rebates or exemptions. For further information regarding rebates, click on your state below, or send us a message via contact form.


WA -


SA -








Searching your home

Where to start?

A Home Loan Pre-Approval is a good place to start. It means you will be able to house hunt with confidence, knowing how much you can afford.

Alternatively, if you want to apply after you have found your dream home, you may be able to negotiate an offer that is subject to you obtaining the appropriate finance. However, this varies from state to state so it's preferable to obtain Home Loan Pre Approval.

If you are buying a property at auction it is critical that you have already obtained a pre-approval as you generally can't withdraw from the purchase once you've bought the property.

What are you looking for?

Before you start the hunt, you need to decide what kind of property you are looking for and where you want to live. Broadly speaking you should choose a specific area and then search suburbs within that area. Make sure you research things like public transport and nearby amenities so they suit your immediate needs but also think about your future needs to.

Once you have decided on the kind of property that you want and commenced house hunting, don't be afraid to ask the property agent questions. Taking notes and photos can help you remember each property's features or shortcomings, especially when looking at a number of potential homes.

It's important to remain objective when viewing the properties and not get swept up in the moment. Remember, some flaws may be hidden!


How do I find a property?

There are a number of ways to find your dream home.


Internet Search

There are various websites you can go to which will ask you to enter your search criteria and match the relevant properties. You can also sign up for email alerts that will send the appropriate properties direct to your inbox as soon as they become available.

Real Estate Agents

Real Estate Agents will usually have a catalogue that includes images and details of their properties for sale. In most Real Estate offices, there will also be homes displayed on the front windows so you can view them after hours. You may also want to leave your details and criteria with the agent so they can contact you by phone or email if anything becomes available. In the meantime, remain pro-active and be alert to any opportunities.


Newspaper and Local Classified advertising still remains a very popular tool for house hunting. Major papers have lift outs dedicated to properties with the majority of properties advertised on Wednesdays and Saturdays.

It's a good idea to keep a scrapbook with details and cut outs of all the properties you are interested in



The buying process

Auction or Private Treaty

The two main ways a house may be sold are by Auction or private treaty.



If bidding on a house through auction, check first to see if you need to register with the agent running the auction. Upon registering you will be issued with a bidding number which needs to be displayed every time you place a bid. It's a really good idea to watch a few auctions first so that you understand how the bidding process works and gain confidence.

Usually the auctioneer will ask for an opening bid and specify the bidding increments i.e. $10,000. However, if bidding stalls the vendor may accept smaller bids. A bidder will only be successful if the amount meets or exceeds the vendor's reserve price (the lowest price the seller will accept). If the bidding does not reach this amount, the property won't be sold at the Auction or the seller may choose to negotiate with the highest bidder.

If you are successful, you'll be required to pay a deposit on the spot (usually 10% of the price), so be sure to have some form of payment with you. Unlike with private treaty, once the contracts are signed, there is no cooling-off period if a house is purchased via auction.

If you are thinking of buying at auction, have your legal representative look over the Contract of Sale before the Auction and make sure your finance approved prior to bidding.

Private Treaty:

Private treaty is when a house is put on the market with a specific asking price. The property may be sold through an agent or by the property owner themselves.

Upon finding the home you want, you would need to make an offer to the real estate agent who would take this offer to the property owner. If your first offer isn't accepted, the vendor/ seller may come back with a counter offer. This can happen many times until an agreed value is decided upon. When a price is agreed upon, a Contract of Sale (COS) is signed by both parties. This is also when you will need to pay your deposit.


Cooling Off Period

In some states there is a cooling off period for Private Treaty Sales once the contracts have been signed. This means that as purchaser you have the ability to change your mind for a set period (usually five days from signing the contract). However, if you do decide not to proceed, the vendor may be entitled to a percentage of the deposit.

If you do exchange contracts under a Cooling Off Period there are a number of things you need to do. For example, obtain unconditional finance approval and have your legal representative conduct inspections on the property. The two most common are a building inspection to check for structural problems and a pest inspection to check the house is free from pests and termites.



 Conveyancing is the legal process of transferring a property from one person to another.  You will need to engage the help of a professional to settle your property for you.


Building and contents Insurance is an important part of owning a home.

You will need to provide a copy of your Insurance before Settlement takes place.



Prior to settlement, you will need to arrange for a final inspection to make sure that everything is in working order and as it was when you agreed to purchase the home. You will also need to arrange a building inspection and pest inspection to check for structural problems and ensure the house is free from pests and termites.

Settlement is where the final monies will be arranged and the property becomes yours. The next thing for you to do will be to collect the keys and move in!


Moving into your home

In preparation for the big day, it's a good idea to keep a checklist to ensure nothing gets missed.



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Kandel & Co Pty Ltd ABN 33620988061 (corporate credit representative number 506833) and Rajesh P Kandel (credit representative number 476341), are representatives of Connective Credit Services Pty Ltd ( Australian Credit Licence 389328).

Give us a call - we’d love to help you.

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Mobile:  0431 790 889

Phone:  03 9005 3955



Postal Address

19 Bradshaw Avenue,

 Craigieburn VIC 3064



Kandel & Co Pty Ltd is T/A Everest Property and Finance

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