How To Get What You Need Out of a Home Purchase in Australia

  • Calculate your budget and make sure to stick to it, taking into account all sources of income, expenses, and savings.
  • Consider house and land packages for an all-in-one solution with potential financial incentives.
  • Identify your must-haves, such as the number of bedrooms/bathrooms, location, and age/condition of the home.
  • Work with a reputable real estate agent to ensure that you get the best deal.
  • Don’t rush the process, and take your time when making decisions. 

When it comes to purchasing a home in Australia, the process can be both exciting and daunting. After all, buying a home is a significant investment, and it’s essential to ensure that you make the right decisions to get the most out of your purchase. Whether it’s your first home or you’re looking to upgrade, it’s crucial to know what you need out of your home purchase to make the right choice. Here are some tips to help you make sure that you get what you need out of your home purchase.

Determine Your Budget

One of the essential things to consider when buying a home is your budget. Before you look for a home, you should determine how much you can comfortably afford to spend. While it can be tempting to stretch your budget to get a bigger or better house, remember that you need to be realistic about what you can afford. By sticking to your budget, you can avoid becoming house poor and ensure that you can comfortably manage your mortgage payments. Here are some things to consider:


When it comes to income, you should take into account all sources of income, such as wages, commissions, bonuses, and investment returns. Additionally, you should make sure that your housing costs don’t exceed 28% of your before-tax income. This is the most that banks will typically lend for a mortgage.


When considering expenses associated with buying a home, you should factor in closing costs such as inspections, legal fees, and taxes. You should also take into account ongoing costs such as mortgage payments, repairs and renovations, insurance premiums, and utility bills.


When it comes to savings, you should try to save for a downpayment of at least 20% of the purchase price. This will help keep your mortgage payments lower and might even help you avoid paying private mortgage insurance.

calculator with budget on the screen on top of spreadsheet

Consider House and Land Packages

An excellent option for those looking to buy a home in Australia is affordable house and land packages. These types of packages provide buyers with an all-in-one solution, allowing them to purchase both the land and the house together in a single transaction.

This can be an attractive option since it eliminates the need for buyers to do two separate transactions, saving them time and money in the process. For instance, some house and land packages come with no-deposit options, allowing buyers to purchase a home without putting down any cash.

In some cases, house and land packages can even offer financial incentives, such as cash rebates or discounts on the purchase price.

multiple hands holding a miniature house model with car and land

Identify Your Must-Haves

Another essential factor to consider when buying a home is your must-haves. These are the things that you need in a home to make it work for you. Must-haves include proximity to public transportation, schools, or shopping centers. By identifying your must-haves, you can narrow down your home search and ensure that you only look at properties that meet your needs. Here are some examples:

Number of Bedrooms/Bathrooms

When it comes to bedrooms and bathrooms, it’s essential to consider how many you need. Depending on your family size, you may need more than two or three bedrooms and bathrooms. If you have large families or frequently entertain guests, having an extra bedroom or bathroom can be a significant benefit.


When it comes to location, it is crucial to consider both the immediate vicinity and the wider area. Factors such as access to amenities, public transportation links, and local attractions should all be taken into account. Additionally, be sure to research crime rates in the area as well as average property prices and how these may fluctuate in the future.

Age/Condition of Home

When looking for a home in Australia, it is vital to consider the age and condition of the house. Older homes can require more upkeep and renovation, while newer homes often have better features and amenities. It’s also essential to check for any structural issues, such as pre-existing cracks or water damage, which may need to be addressed before you can move in.

Buying a home in Australia can be an exciting and fulfilling experience, but it’s essential to take the time to make sure that you get what you need out of your purchase. By determining your budget, identifying your must-haves, considering the location, working with a reputable real estate agent, and not rushing the process, you can ensure that you make a wise investment in your future. Remember that buying a home is a significant financial decision, and it’s essential to approach it with caution and care.

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