If you are gearing up for a first home loan then front of mind will be the need to save a deposit and be financially prepared to take on this significant commitment.

For many, this translates to months of tunnel vision and saving for that big old deposit.

And nothing could be better! The bigger the deposit you save, the less you'll need to borrow and the more you will save on interest over the term of your loan.

Yet that is not the only mortgage expense to think about when you're about to dip your toe in the property market for the first time.

Here are some other things to think about!

Stamp duty

Don't forget this fella! Stamp duty is paid by the buyer on any property purchase.

This varies from state to state, so make sure you find out how much you'll need to pay where you intend on buying.

The good news is that many states offer stamp duty discounts to first home buyers – don't miss out on these if you are eligible!

Initial work

It is rare that the first house you buy will be an exact match with the property of your dreams.

More likely, you'll find a place with potential and that you start working on in your head from the moment you first lay eyes on it.

Remember that the floor won't sand itself and the deck certainly won't paint itself – you'll need some funds on hand to make those improvements once you're the keyholder!


Lenders will require you to take out home and contents insurance as part of the eligibility requirements for your first home loan.

That's not the only insurance you will need to think about, however, as if you are borrowing more than 80 per cent of the value of a property then you will more than likely be required to purchase Lenders Mortgage Insurance.

This is a one-off payment which provides cover to your lender in the event that you are unable to cover your loan repayment obligations.

It is also a good idea to consider life insurance!

You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we’ll call you!

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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.