Many people trying to purchaser their first home are struggling to get their foot on the property ladder.  What should be an exciting time is often filled with disappointments and a general sense of being overwhelmed due to budget constraints and lack of experience within the property market.

Below are four tips to assist you through this process, ensuring you purchase the right property for you!

Find a good mortgage broker
Many buyers go straight to their current bank to find out their lending capacity and to enquire about rates, often missing out on what would have actually been the best deal for their personal situation.  Make sure you find a professional who can assist you in finding the right loan for you and your personal circumstances, minimising your interest payments and maximising the investment you can make in your first home.

Save the biggest deposit you can
Saving the most you can - pre-purchase - will save you long term as your equity will be higher and your interest repayments will be lower.  I’d recommend ridding yourself of as much personal debt as you can to assist your saving and maximising your lending capacity.

Do your research
Make sure you are realistic about what you have to spend and the type of property you can buy within certain suburbs.  

Consider a professional and don’t be afraid to seek advice
Many first time buyers find the property search overwhelming and their lack of experience or knowledge puts them at a disadvantage when it comes to negotiations and their property search.  It may be worth engaging the assistance of an experienced real estate agent, friend or family member to give you some assistance to ensure you make the right purchase at the right price.