Your guide to buying your first home
Live in or rentvest?
One of the first decisions is whether you’re buying a home to live in or exploring the option of rentvesting — there’s no one-size-fits-all answer.
What is rentvesting?
Rentvesting means renting where it suits your lifestyle, while buying an investment property in the area you can afford — often with stronger long-term growth potential.
Saving for a deposit
Most lenders need a 20% deposit to buy your first home. If you don’t quite have a 20% deposit, that’s okay as there are a few ways to buy your home sooner:
- Lenders Mortgage Insurance (LMI)
If your deposit is under 20%, LMI is usually required. It protects the bank, not you — but it can help you buy sooner. - Professional waivers
Some banks offer LMI waivers for those working in certain industries like medical, accounting or legal. - Government Guarantees (5% Deposit Scheme)
If you’re buying a home to live in, government schemes may allow you to buy with a smaller deposit. - Family Guarantee
Your parents may be able to use their property as security to help you secure your loan.
Understanding which options you’re eligible for can make all the difference — and support is available to help you work out what makes the most sense for your situation.
Mortgage broker vs bank – what’s the difference?
A mortgage broker is convenient and gives you more choice.
- Access to 20+ trusted lenders, with the lender and loan matched to your unique situation
- Speak to one team instead of multiple banks, saving you time
- No cost to you – we’re paid by the lender
It’s no surprise that nearly 80% of customers choose a mortgage broker.
Where Eagle Finance steps in
Buying your first home doesn’t have to feel overwhelming – we’re here to help.
- We’ll walk through your goals and borrowing capacity
- Help gather the right documents and recommend the most suitable lending options
- Handle the application process through to settlement
Everything is designed to make your first home journey feel clear and manageable.
Pre-approval – what does it mean?
Pre-approval, or conditional approval, lets you start house hunting with confidence.
- A clear budget so you know what you can spend before you start looking
- Usually valid for 90 days and can be extended with updated payslips
- After six months, a new application is required
With a pre-approval in place, you can feel at ease when making offers.
Where to start your research?
Getting familiar with the market early makes a big difference. A great place to start is sites like realestate.com.au, especially the sold section, which gives a more realistic idea of how much properties are actually worth.
When comparing similar properties, look at:
- The number of bedrooms, bathrooms, and parking
- Land or apartment size
- Location, nearby transport, and overall feel of the area
We also provide complimentary property reports that give you an indication of a property’s value. This research helps set clear expectations and builds confidence.
Buying a home to live in
Choosing the right home is about more than just the property itself, it’s about how it fits your life now and in the future.
When narrowing down your apartment, consider what matters most to you:
- Choosing between a house or an apartment
- How close you want to be to work or public transport
- School zoning or access to nearby pre-schools
- Lifestyle priorities balanced with long-term growth potential
Taking time to think through these factors can make you feel more confident in your decision.
Buying an investment property?
When investing, it’s important to look beyond your own neighbourhood and focus on long-term performance.
When narrowing down your options, consider factors such as:
- Strong rental demand and long-term growth
- Consistent rental demand
- Affordable entry points with room to grow over time
- Upcoming infrastructure projects that may support future value
Choosing the right location is key for a successful first investment. If you need advice, we can recommend professionals to help guide you.
Engaging a conveyancer
While you’re in the process of your application, it’s a good idea to engage a conveyancer. They help review the contract, explain the details in plain language, and make sure your interests are looked after. If you need help finding one, we can recommend a trusted conveyancer.
Before you make an offer
Understanding the two main ways to make an offer is important and here’s some things to look out for in the contract.
Buying at a private treaty
When buying through a private treaty, contracts usually include conditions that give you more flexibility after the contract is signed.
- Cooling-off period
Usually 5 days to change your mind if needed - Building & pest inspection clause
Usually 10 days to give you time to organise inspections and review any structural issues - Finance clause
Usually 10 days to finalise your loan approval - Deposit
Typically 5-10% of the purchase price and paid once contracts are signed. Remember to confirm payment details with the agent before transferring funds.
Buying at auction
Buying at auction works a little differently and requires preparation before auction day. Auction contracts are unconditional, which means:
- No cooling-off period
You can’t change your mind once the auction is done - No building & pest inspection clause
Inspections need to be completed before the auction - No finance clause
Pre-approval should be ready before bidding - Deposit
Typically 5-10% of the purchase price is payable immediately, if you win the auction.
Preparing for settlement
You’re almost there — what an exciting milestone! The hard work is done, and everything from here moves quickly towards the finish line.
- Your signed contract is exchanged between you and the seller and unconditional approval is locked in with the bank
- Loan documents are issued and signed
- Insurance is organised to protect your new home
- A final pre-settlement inspection is completed to make sure your lights and taps work
Settlement day
- Keys in hand and a huge congratulations, you’re officially a homeowner!
There’s no need to have it all figured out from day one. We’re here to guide you, explain your options, and handle the hard stuff — so you can focus on finding the right home. If any questions come up along the way, we’re always just a call away.
Planning to buy your first home
Live in or rentvest?
One of the first decisions is whether you’re buying a home to live in or exploring the option of rentvesting — there’s no one-size-fits-all answer.
What is rentvesting?
Rentvesting means renting where it suits your lifestyle, while buying an investment property in an area you can afford — often with stronger long-term growth potential.
Saving for a deposit
Most lenders need a 20% deposit to buy your first home. If you don’t quite have a 20% deposit, that’s okay as there are a few ways to buy your home sooner:
- Lenders Mortgage Insurance (LMI)
If your deposit is under 20%, LMI is usually required. It protects the bank, not you — but it can help you buy sooner.
- Professional Waiver
Some banks offer LMI waivers for those working in certain industries like medical, accounting or legal.
- Government Guarantee (5% Deposit Scheme)
If you’re buying a home to live in, government schemes may allow you to buy with a smaller deposit.
- Family Guarantee
Your parents may be able to use their property as security to help you secure your loan.
Understanding which options, you’re eligible for can make all the difference — and support is available to help you work out what makes the most sense for your situation.
Applying for your home loan
Mortgage broker vs bank – what’s the difference?
A mortgage broker is convenient and gives you more choice.
- Access to 20+ trusted lenders, with the lender and loan matched to your unique situation
- Speak to one team instead of multiple banks, saving you time
- No cost to you – we’re paid by the lender
It’s no surprise that nearly 80% of customers choose a mortgage broker.
Where Eagle Finance steps in
Buying your first home doesn’t have to feel overwhelming – we’re here to help.
- We’ll walk through your goals and borrowing capacity
- Help gather the right documents and recommend the most suitable lending options
- Handle the application process through to settlement
Everything is designed to make your first home journey feel clear and manageable.
Pre-approval – what does it mean?
Pre-approval, or conditional approval, lets you start house hunting with confidence.
- A clear budget so you know what you can spend before you start looking
- Usually valid for 90 days and can be extended with updated payslips
- After six months, a new application is required
With a pre-approval in place, you can feel at ease when making offers.
House hunting
Where to start your research?
Getting familiar with the market early makes a big difference. A great place to start is sites like realestate.com.au, especially the sold section, which gives a more realistic idea of how much properties are actually worth.
When comparing similar properties, look at:
- The number of bedrooms, bathrooms, and parking
- Land or apartment size
- Location, nearby transport, and overall feel of the area
We also provide complimentary property reports that give you an indication of a property’s value. This research helps set clear expectations and builds confidence.
Buying a home to live in?
Choosing the right home is about more than just the property itself, it’s about how it fits your life now and in the future.
When narrowing down your options, consider what matters :
- Choosing between a house or an apartment
- How close you want to be to work or public transport
- School zoning or access to nearby pre-schools
- Lifestyle priorities balanced with long-term growth potential
Taking time to think through these factors can make you feel more confident in your decision.
Buying an investment property?
When investing, it’s important to look beyond your own neighbourhood and focus on long-term performance.
When narrowing down your options, consider factors such as:
- Strong rental demand and long-term growth
- Consistent rental demand
- Affordable entry points with room to grow over time
- Upcoming infrastructure projects that may support future value
Choosing the right location is key for a successful first investment. If you need advice, we can recommend professionals to help guide you.
Making an offer
Engaging a conveyancer
While you’re in the process of your application, it’s a good idea to engage a conveyancer. They help review the contract, explain the details in plain language, and make sure your interests are looked after. If you need help finding one, we can recommend a trusted conveyancer.
Before you make an offer
Understanding the two main ways to make an offer is important and here’s some things to look out for in the contract.
Buying at private treaty
When buying through a private treaty, contracts usually include conditions that give you time and flexibility after the contract is signed.
- Cooling-off period
Usually 5 days to change your mind if needed
- Building & pest inspection clause
Usually 10 days to give you time to organise inspections and review any structural issues
- Finance clause
usually 10 days to finalise your loan approval
- Deposit
Typically 5–10% of the purchase price and paid once contracts are signed. Remember to confirm payment details with the agent before transferring funds.
Buying at auction
Buying at auction works a little differently and requires preparation before auction day. Auction contracts are unconditional, which means:
- No cooling-off period
You can’t change your mind once the auction is done
- No building & pest inspection clause
Inspections need to be completed before the auction
- No finance clause
Pre-approval should be ready before bidding
- Deposit
Typically 5–10% of the purchase price is payable immediately, if you win the auction.
Preparing for settlement
You’re almost there — what an exciting milestone! The hard work is done, and everything from here moves quickly towards the finish line.
- Your signed contract is exchanged between you and the seller and unconditional approval is locked in with the bank
- Loan documents are issued and signed
- Insurance is organised to protect your new home
- A final pre-settlement inspection is completed to make sure your lights and taps work
Settlement day
- Keys in hand and a huge congratulations, you’re officially a homeowner!
There’s no need to have it all figured out from day one. We’re here to guide you, explain your options, and handle the hard stuff — so you can focus on finding the right home. If any questions come up along the way, we’re always just a call away.