First home buyer
Turning a deposit and a long wish list into a practical buying plan.
Explore this lending serviceThe situation
A couple preparing to buy their first Melbourne home had savings available but were unsure how purchase costs, lender requirements and their preferred monthly repayment would affect their price range.
The challenge
The headline borrowing estimate was only one part of the decision. They also needed to preserve a cash buffer, understand conditional pre-approval and avoid searching for homes at a level that would place unnecessary pressure on their budget.
The approach
- 1Map income, expenses, liabilities, deposit funds and purchase costs.
- 2Compare how suitable panel lenders assess the application and deposit position.
- 3Explain the difference between borrowing capacity, an affordable budget and conditional approval.
- 4Set out a document checklist and a clear sequence for finance and property due diligence.
The intended outcome
The buyers would leave the process with a defined search range, a documented finance pathway and a clearer understanding of the conditions that still need to be met before formal approval.