February 07, 2025 by Lexi McGahan
Buying your first home is a major milestone, but it requires careful financial planning. If homeownership is on your radar this year, setting clear financial resolutions can help you stay on track. At Mortgage Choice Brisbane City, we want to help first-home buyers in Queensland make smart financial choices. Here are five financial resolutions to set you up for success in 2025.
1. Set a Clear Savings Goal for Your Deposit
The sise of your deposit directly impacts your home loan options. In Australia, a 20% deposit can help you avoid Lenders Mortgage Insurance (LMI), but many lenders accept deposits as low as 5%. Research how much you need and create a savings plan. Consider setting up a high-interest savings account and automating regular contributions to stay disciplined.
2. Improve Your Credit Score
Your credit score plays a big role in securing a competitive home loan. Request a free credit report and check for any errors or outstanding debts. Simple habits like paying bills on time, reducing credit card limits, and avoiding unnecessary debt can help boost your score and increase your chances of loan approval.
3. Get Pre-Approval to Understand Your Budget
Before you start house-hunting, it’s crucial to know how much you can afford to borrow. A home loan pre-approval gives you a clear budget and strengthens your position when making an offer. At Mortgage Choice Brisbane City, we help first-home buyers navigate pre-approvals and find the right loan for their needs.
4. Plan for AdditionaCosts Beyond Your Deposit
Many first-home buyers focus on saving for a deposit but forget about other expenses. Budget for stamp duty (or check if you're eligible for exemptions), conveyancing fees, inspections, moving costs, and ongoing mortgage repayments. A financial buffer will help you transition smoothly into homeownership.
5. Explore First-Home Buyer Grants and Schemes
Queensland offers various incentives to help first-home buyers, such as the First Home Owner Grant and stamp duty concessions. There are also federal schemes like the First Home Guarantee, which allows eligible buyers to purchase a home with just a 5% deposit without paying LMI. A mortgage broker can help you understand which grants and incentives apply to you.
Ready to Take the First Step?
Buying your first home is exciting, but preparation is key. At Mortgage Choice Brisbane City, we’re here to help first-home buyers navigate the home loan process with confidence. Contact us today for expert advice and a free consultation to start your journey toward homeownership.
