Free Workbook For First Home Buyers

The small things that hold up a first home loan — and how to sort them before you apply

A written-in workbook that walks you through ten stages, from getting ready to buy to your first year in the home. Plain English, real worksheets, and the mistakes we see most often — so you can make informed decisions at your own pace.

Ten Written-In Stages
Upfront Costs Worksheet
Free, No Obligation

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Written by a broker who bought her own first home at 23 · Best Interests Duty applies

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Five small things that quietly hold up first home loans

None of these are dramatic. All of them are fixable — if you know about them before you apply.

01

Closed buy now, pay later accounts

Closed accounts can still hold up an application if past transactions show. Keep proof of closure ready.
02

Unused credit card limits

Lenders assess the limit, not the balance. A $10,000 card you never use can still reduce your borrowing capacity.
03

Changing jobs before you apply

Even a move for a pay rise can mean a probation period that some lenders treat cautiously.
04

Large gifts arriving late

Big deposits that land close to your application are often queried. Plan the timing and paperwork.
05

Visible gambling or irregular spending

Lenders read your statements. Regular gambling or erratic spending can raise questions worth addressing early.

Get The Free WorkbookThe workbook covers each of these in detail, with space to write your own notes.

Adrianna Rossi, broker at 123 Financial Group

In Adrianna’s own words — her experience, not a client review

When I was saving for our first home, I thought buy now, pay later was a smart move — no interest, so where was the harm? What I did not see was that it had already committed the next few pay cycles before they even arrived. The only hiccup in our own application was an account I had closed. It owed nothing, so I did not list it. The lender still saw the past transactions and wanted proof it was closed. A small thing, but it held us up — and it is exactly the kind of thing this workbook helps you catch early.

Adrianna RossiBroker at 123 Financial Group. Bought her first home at 23 with her fiancé Ethan after two years of saving — no family gift, no guarantor.

How it works

Ten stages, written in as you go

Each stage has prompts, checklists and space to write your own answers.

1

Getting ready to buy

Tidy accounts, close and document old credit, and track spending honestly for three months.
2

Working out your numbers

Write down the repayment you are comfortable with before you see any lender number.
3

Choosing who arranges your loan

Bank, broker or digital lender — what each one can and cannot do for you.
4

Pre-approval and paperwork

A document checklist so nothing is chased twice, and what pre-approval does and does not mean.
5

Grants and schemes

Questions to check your eligibility for current NSW and federal support. Rules change, so we show you where to confirm.
6

House hunting

Inspection notes, must-haves versus nice-to-haves, and the costs that sit behind a listing price.
7

Making an offer

Private treaty versus auction, conditions, and what to have ready before you bid.
8

Contract to settlement

Cooling-off, building and pest, valuation and final approval — in the order they happen.
9

Settlement and moving in

Keys, adjustments, utilities and the bills that arrive in the first fortnight.
10

Your first year

Offset habits, insurance, and when to check your rate is still competitive.

The core idea

Your borrowing capacity is a ceiling, not a budget

Lenders test whether you could still repay at an assessment rate set higher than the interest you will actually pay. That buffer is one reason borrowing-capacity figures can disappoint first home buyers. It is a safety check for the lender, not a budget for your life. Before the lender’s number arrives, decide the repayment you are comfortable with and write it down.

Lender’s number

Your comfortable repayment

Write down the repayment you are comfortable with before you see a lender number.
Start from your real spending, not the lender’s living-expense estimate.
Leave room for rate changes, a car, a baby, or a quiet month at work.

Inside the workbook

The worksheets you will actually use

Every page has room to write. Here is a look at the upfront costs worksheet and the reference pages at the back.

Upfront costs worksheetYour estimate

Stamp duty (transfer duty)$

Conveyancer or solicitor$

Building and pest inspection$

Lenders Mortgage Insurance (if applicable)$

Lender application and settlement fees$

Home and contents insurance$

Council rates and water adjustment$

Utility connections$

Removalist$

Whitegoods and essentials$

Your buffer for the unexpected$

Total cash needed on top of deposit$

Glossary

Pre-approval: A lender’s conditional indication of what it may lend, subject to the property and final checks.
LMI: Lenders Mortgage Insurance. Protects the lender when your deposit is below its threshold.
Assessment rate: A higher rate the lender uses to test whether you could still repay.
Offset account: A transaction account whose balance reduces the interest charged on your loan.

Questions for your broker

How many lenders did you compare for me?
How are you paid on this loan, and are there any fees for me?
What would make this application harder to approve?
What happens if my circumstances change before settlement?

Questions for your conveyancer

What is your total fee including searches and disbursements?
When should I organise building and pest?
How does the cooling-off period work on this contract?
Which adjustments will I pay at settlement?

Dates and contacts

Pre-approval expiry date
Cooling-off end date
Finance approval deadline
Settlement date
Broker, conveyancer, agent and inspector contacts

Free · No obligation

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Free and no obligation. Useful whichever broker or lender you eventually choose.

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What our clients say

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FAQ

Questions first home buyers ask us

Do I need a 20% deposit?

Not always. Some lenders accept smaller deposits, and some government schemes can help eligible buyers. Eligibility depends on your circumstances, the property and current scheme rules, so it is worth checking before you rule anything in or out.

What is LMI and is it worth paying?

Lenders Mortgage Insurance protects the lender, not you, when your deposit is under a set threshold. Paying it can sometimes be worthwhile if it gets you into the market sooner, but that depends on the cost, your eligibility for alternatives and your plans. The workbook walks through how to weigh it up.

How long does pre-approval last?

Often three to six months, depending on the lender. Pre-approval is not a guarantee of final approval — the lender will still assess the property and confirm your circumstances have not changed.

Do broker services cost me anything?

In most cases the lender pays the broker a commission when the loan settles, so there is no cost to you. If a fee could apply in your situation, we will disclose it clearly before you decide to proceed.

Is the workbook specific to New South Wales?

Some of it is, especially the questions about grants, schemes and buying a property. The core savings, borrowing and planning ideas are useful more widely. Rules and thresholds change, so confirm the current NSW and federal scheme rules before relying on them.

What if I am not ready yet?

Then we will tell you. Sometimes the honest advice is to wait six months and clear a debt first. The workbook is designed to be useful even if you are a year away.

A fair comparison

Going direct to your bank vs. using a broker

Going direct can work well if you are happy with your existing bank, your situation is straightforward and you are willing to do the comparing yourself. Some digital-only products are only available direct. The limitation: bank staff can only offer their bank’s loans and are not required to tell you another lender would suit you better. Mortgage brokers are legally bound by the Best Interests Duty; bank staff are not.

What matters123 Financial GroupYour own bank

Can be quick for a straightforward situationYesYes

Existing relationship and account historyNoYes

Access to some digital-only direct productsNoYes

Compares options across 40+ lendersYesNo

Tell your story once, across many lendersYesNo

Bound by Broker Best Interests DutyYesNo

Will tell you if another lender suits you betterYesNo

Brokers are bound by the Best Interests Duty. Bank staff are not subject to the broker Best Interests Duty, and your own bank is not required to tell you if another lender would suit you better.

Free. No obligation. Honest even when it is not what you want to hear.

The workbook is yours to keep and use whichever broker or lender you eventually choose. If you do talk to us and the right move is to wait six months and clear a debt first, that is what we will say.

In most cases the lender pays our commission, so there is no cost to you. Any exceptions are disclosed before you proceed.

Start with the workbook. Ask questions whenever you are ready.

Get The Free Workbook Have A No-Pressure Chat

Talk to a person

123 Financial Group, Kotara

Phone02 4920 7886

Emailletschat@123financialgroup.com.au

OfficeSuite 24, Level 1, OTP House, 10 Bradford Close, Kotara NSW 2289

Five small things that quietly hold up first home loans

Closed buy now, pay later accounts

Unused credit card limits

Changing jobs before you apply

Large gifts arriving late

Visible gambling or irregular spending

Ten stages, written in as you go

Getting ready to buy

Working out your numbers

Choosing who arranges your loan

Pre-approval and paperwork

Grants and schemes

House hunting

Making an offer

Contract to settlement

Settlement and moving in

Your first year