Do your real estate research

Most banks, financial institutions and mortgage brokers have useful online tools to compare loans: determine your borrowing limit, calculate repayments, set a budget and compare insurance policies and premiums.

Price guides and suburb sales history reports are also available from researchers, such as Australian Property Monitors, and Domain’s search tools which help filter your research and hone in on the suburb, price range and property type that’s right for you.

Am I eligible for the First Home Owner Grant?

If you’ve never bought a home before, you may be eligible for a First Home Owner Grant (FHOG). FHOG is a national scheme but it’s funded by the states, so the amount of money granted varies.

When determining your eligibility the government will take into account things like previous home ownership or investment properties, and your spouse or de facto partner’s home ownership. You don’t need to apply ahead of time but you do have to make your application within 12 months of buying your new home.

You may also be eligible for other funds, like Regional Relocation Grants, so make sure you check all of your options. Eligibility conditions and grant amounts can change, so it’s important to do some research – just visit the FHOG website, which explains the various grants available and has calculators that will tell you how much you’re eligible to apply for.