Clear Path Financial Group
Level 5, 271 William Street, Melbourne VIC 3000

First Home Buyer Guide

Owning your first home is a big achievement, but the journey can feel overwhelming. At Clear Path, we are here to make it simpler. With expert advice and step-by-step guidance, we help you move forward with confidence.

Buy Your First Home

Step 1: Get to Know the Process

Purchasing a home involves multiple stages, from saving for a deposit to securing financing and finally settling into your new home. Our guide outlines each step clearly so you will always know what’s next.

Step 2: Start Saving for the Deposit

One of the biggest hurdles for first-time buyers is saving enough for a deposit. We help you:
✔ Figure out how much you’ll need
✔ Understand upfront costs beyond the deposit

Step 3: Understand basic Financial terms

Lenders use different criteria to assess loan applications, and the financial jargon can be confusing. We break it down in simple terms:
✔ Debt-to-Income Ratio – How much you owe compared to what you earn
✔ Loan-to-Value Ratio (LVR) – The percentage of your home’s value that you borrow
✔ Creditworthiness – How lenders evaluate your ability to repay the loan

Step 4: Explore First-Home Buyer Benefits

As a first-time buyer, you may qualify for financial assistance, grants, or stamp duty concessions. We provide details on available programs and help you check if you’re eligible.

Step 5: Choosing the Right Home Loan

Selecting the right mortgage is crucial. We help you understand:
✔ Different loan features and interest rates
✔ Various repayment structures to suit your budget
✔ How to find a lender that meets your needs

Step 6: Closing the Deal

After finding your dream home, there are a few final steps to complete, such as legal checks, inspections, and settlement paperwork. Whether you're buying through private sale, auction, or an off-market deal, we’ll guide you through each requirement to ensure a smooth transition into homeownership.