Are you tired of renting and feel ready to buy a home?

Instead of rushing into anything, it’s important to conduct a thorough assessment of your situation and get a sense of what you’re able to afford.

Here are a few things to consider before going ahead with it:

1. Be prepared. Find out what State Government subsidies and starter packages are available and how to apply.

2. Talk to your bank and mortgage broker. See about getting pre-approval so you know how much you can borrow.

3. Save up. The reality is, it’s going to be tough to get a deposit together on your own. Don’t feel maligned. It was the same for me back in 1986 when I bought my first place for – wait for it – $34,000! So, trade off every bit of discretionary spending to save your deposit.

Instead of rushing into anything, it’s important to conduct a thorough assessment of your situation and get a sense of what you’re able to afford.

4. Ask your parents. Even with your own savings, you’ll likely need help from ‘the Bank of Mum and Dad’. Most people do, so have an open and frank discussion with them and see if they can/will help.

5. Aim for 20 per cent. If you can get to a 20 per cent deposit, you are going to save a fortune in mortgage insurance – that’s where family help and a bigger deposit are so important.

6. Shop around. You are buying a home not an investment, so look for a place that you are going to be happy in for the next stage of your life. If it works out as an investment, that’s a bonus.

7. Take your time. This is probably the biggest buying decision you’ll have made in your life. It’s easy to fall in love with one particular property, but don’t compromise every other aspect just to get it. There’s always another house for sale.