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Step-by-Step Mortgage Guide for First Home Buyers in Canberra

Step-by-Step Mortgage Guide for First Home Buyers in Canberra

Purchasing your first home in Canberra is a big life step. While it’s exciting, the process can bring many questions and challenges along the way. With so many steps and terms like “home loan,” “pre-approval,” and “government grants,” it’s easy to feel lost.

At TAZ Mortgage Solutions, our goal is to make the process easy to follow. We’ve created this clear, step-by-step guide to help first-home buyers from the start to move-in day.

Step 1: Understand Your Finances

Before applying for a home loan, take a good look at your money situation. This means:

Key Financial Checks:

  • Knowing how much you earn
  • Tracking what you spend
  • Checking any debts
  • Looking at your credit score

Also, start saving for your deposit. Most lenders want 5% to 20% of the home’s value. A bigger deposit can:

Benefits of a Larger Deposit:

  • Help you borrow more
  • Lower your loan-to-value ratio (LVR)
  • Help you avoid Lenders Mortgage Insurance (LMI)

Step 2: Know How Much You Can Borrow

Next, find out how much you might be able to borrow. This depends on:

Borrowing Factors:

  • Your income
  • Your savings
  • Any loans or credit cards you already have

At TAZ Mortgage Solutions, we’re mortgage and finance brokers. That means we compare home loans from over 30 lenders across Australia—not just one bank. We help you find the best match for your needs.

Step 3: Learn About First-Home Buyer Support

If you’re buying your first home in Canberra, you may qualify for help from the government. Some options include:

Available Government Support:

  • The First Home Owner Grant (FHOG)
  • Stamp duty concessions (ACT-specific)
  • The First Home Guarantee Scheme

These can save you a lot of money. As your trusted lending broker, we’ll guide you through the process and handle the paperwork.

Step 4: Get Pre-Approved

Before you make an offer, it’s smart to get a pre-approval. This means a mortgage lender broker gives you an estimate of how much they’re willing to lend you.

Why Pre-Approval Matters:

  • You know your budget
  • It shows sellers you’re serious
  • It makes the final loan faster

We’ll help you apply, collect documents, and keep the process smooth and stress-free.

Step 5: Start House Hunting

Now the fun begins. With pre-approval in hand, start looking for homes that suit your needs and budget.

Things to Consider:

  • Location
  • Public transport
  • Schools and shops
  • Future growth in the area

Whether it’s a unit, townhouse, or house and land package, choose a home you can afford. Need a trusted agent or conveyancer? We can refer reliable professionals in Canberra.

Step 6: Apply for Final Approval

Once your offer is accepted, it’s time for final loan approval. The mortgage lender will check:

Final Approval Checks:

  • Your updated finances
  • The value of the property

As your mortgage loan broker, we handle all the details and keep you updated. We make sure things stay on track from start to finish.

Step 7: Settle and Move In

Settlement usually happens within 30 to 90 days. During this time:

What Happens at Settlement:

  • You sign final documents
  • The home is legally transferred to you
  • Your mortgage loan becomes active

We work with your solicitor or conveyancer to confirm everything is ready. After settlement is complete, you receive the keys and step into your new role as a proud homeowner.

Why Choose TAZ Mortgage Solutions?

We’re not just mortgage brokers—we’re your guide through every step. Here’s what we offer:

Our Advantages:

  • Over 30 home loan lenders to choose from
  • Personal service that suits your goals
  • Clear advice that’s easy to understand
  • Local knowledge of Canberra’s market

Even after you move in, we’re still here to help.

Ready to Take the First Step?

Buying your first home doesn’t have to be hard. With the right advice and a trusted mortgage finance broker, you can buy with confidence.
We are best home loan broker Canberra.

📞 Contact TAZ Mortgage Solutions today for a free consultation.
We’re here to match you with the right home loan and guide you toward owning the home you’ve always wanted.

you can also review our guide “The Ultimate Guide for First Home Buyers in Canberra: Loans, Grants & Smarter Decisions“.