Our Step-by-Step Guide to Buying Your First Home

Purchasing your first home is one of life’s most significant milestones, it’s an exciting next step that comes with many responsibilities and requires careful planning. At Nostra Homes, we understand that this journey can feel overwhelming without the right guidance. That’s why we’ve created this step-by-step guide to help you navigate the process with confidence and clarity.

Whether you’re just beginning to consider homeownership or are actively house hunting, this guide will walk you through every stage from budgeting and securing finance, to selecting your home and finalising the purchase.  

Step 1: Set Your Budget and Understand Your Finances

The foundation of any successful home purchase is a well-considered budget. Understanding what you can afford not only informs your property search, but also helps prevent unnecessary financial strain down the track. 

Start by reviewing your current income, expenses and savings. Online mortgage calculators, such as those provided by MoneySmart, can help estimate your borrowing power. It’s also wise to speak to a mortgage broker or financial advisor who can give personalised advice.

Don’t forget to account for additional costs:

• Stamp duty
• Lenders Mortgage Insurance (LMI) if your deposit is below 20%
• Legal and conveyancing fees
• Building and pest inspections
• Utility connections and moving costs

Many first home buyers are eligible for financial assistance such as the First Home Owner Grant or the First Home Guarantee, which can reduce upfront expenses.

Step 2: Get Pre-Approval for a Home Loan

Once you’ve established your budget, the next step is to obtain pre-approval for a home loan. This is a conditional offer from a lender that indicates how much they are willing to lend you, based on your financial circumstances.

Pre-approval offers several advantages:

• It sets a clear price range for your home search 
• It positions you as a serious buyer in the eyes of sellers 
• It can accelerate the final loan approval process once you find the right home  

Your broker or bank will require documents such as payslips, bank statements, proof of savings, and ID to assess your application.

If you don’t have a broker, we strongly recommend our preferred mortgage broker Mortgage Domayne.

Step 3: Define What You’re Looking For

Now that you have clarity on your budget, it’s time to define what kind of home you want to live in. Begin by listing your essential requirements, such as the number of bedrooms, outdoor space, proximity to work, schools or public transport. You should also consider your preferred locations.

Ask yourself:

• Are you looking for a house and land package? 
• Would a townhome suit your lifestyle better? 
• Is being close to a certain school zone or workplace a priority?

Having a clear picture of your non-negotiables versus ‘nice-to-haves’ will make your search far more focused and productive.

Step 4: Begin Your Property Search

With your pre-approval and wish list in hand, you can now begin viewing available properties. Online platforms such as realestate.com.au or domain.com.au are helpful starting points, but don’t underestimate the value of speaking directly with builders, agents, or visiting display homes.

At Nostra Homes, we invite first home buyers to explore our Display Locations, where you can walk through thoughtfully designed spaces and experience the quality of our builds first-hand. 

When visiting homes:

• Take notes and photos to compare
• Ask questions about inclusions, materials and warranties
• Look beyond the surface—consider the long-term liveability of the space

Step 5: Make an Offer and Complete Your Due Diligence

Once you’ve found a home that feels right, it’s time to make an offer. If buying a newly built home or house and land package, the process may differ slightly from purchasing an established property—but due diligence remains essential. 

Before committing, ensure:

• A building and pest inspection has been conducted (if buying established)
• The contract of sale has been reviewed by your legal representative
• You fully understand the inclusions and exclusions listed in the build contract

At this stage, it’s also important to clarify timelines for construction and settlement. Your builder or sales consultant should be transparent about what to expect and when.

Step 6: Finalise Your Finance

Once your offer is accepted and contracts are signed, it’s time to move from pre-approval to formal loan approval. Your lender will complete a valuation of the property and confirm the final terms of your mortgage.  

You’ll then sign your home loan documents and be issued a settlement date, marking the official handover of your new property. 

Step 7: Settle and Prepare for Move-In

Settlement day is when ownership of the property is legally transferred to you. For new builds, this will happen after construction is complete and a final inspection has taken place.

Leading up to settlement, be sure to:

• Conduct a pre-settlement inspection to ensure all agreed works have been completed
• Arrange home and contents insurance
• Organise utility connections for electricity, gas, water, and internet
• Plan your move and book any removalists early

Our Customer Service team is here to support you throughout this phase, ensuring the transition into your new home is seamless and stress-free.

Ready to Buy Your First Home? Your Journey Starts Here

Buying your first home is more than a financial investment—it’s a deeply personal step toward building the life you’ve imagined. At Nostra Homes, we’re proud to support first home buyers through every stage of this process with expertise, transparency, and care. 

Whether you're exploring our house and land packages, browsing our townhomes, or visiting one of our display homes, we’re here to help you make informed choices and take confident steps. 

When you're ready, get in touch and let’s begin the exciting journey toward your first home together.