Your First Home in Adelaide: A Clear 10-Step Roadmap

Buying your first home in Adelaide is a huge milestone – and it should be exciting, not overwhelming. As a mortgage broker who specialises in helping first home buyers, I’ve created a simple, 10-step roadmap to help you move from ‘thinking about it’ to holding your own set of keys.

Step 1: Understand Your Budget

Before you start browsing real estate sites, take the time to understand your budget. Your borrowing power depends on income, debts, and savings. I can help you assess how much you can afford – and what lenders will be comfortable lending you.

Step 2: Explore Government Assistance

In South Australia, first home buyers may be eligible for the First Home Owner Grant (FHOG), worth up to $15,000 for new homes. There are also stamp duty concessions for eligible properties. the 5% Deposit Scheme is also available for all properties up to $900,000 in the metro area or $500,000 regionally. These can make a huge difference to your deposit and overall costs.

Step 3: Get Pre-Approved

Pre-approval is a lender’s initial green light that gives you confidence when making offers. It shows sellers you’re serious and helps narrow your property search.

Step 4: Research Suburbs and Property Types

Look at Adelaide suburbs that match your budget and lifestyle. Consider growth areas or established neighbourhoods close to transport and amenities. I can provide property reports with a value estimate for properties you are keen on.

Step 5: Factor in All Costs

Beyond your deposit, remember there are other costs – such as conveyancing, inspections, and moving. Budgeting for these upfront avoids surprises later.

Step 6: Choose the Right Loan

Different loans suit different goals. Fixed or variable, offset or redraw – I’ll help you compare and choose the right structure for your first home loan.

Step 7: Make an Offer

Once you’ve found your home, make an offer (often through a real estate agent). Having pre-approval in place can make this stage smoother.

Step 8: Finalise Your Loan

Once your offer is accepted, your loan moves to formal approval. I’ll liaise with the lender and your conveyancer to ensure everything stays on track for settlement.

Step 9: Settlement Day

This is when the property officially becomes yours. The lender releases funds, the title transfers, and you receive your keys.

Step 10: Move In and Plan Ahead

Congratulations! You’re now a homeowner. It’s worth reviewing your loan every few years to ensure you’re still on the best deal.