BUMBLE FINANCE BLOG
Buzzing Toward Your First Home
Buying your first home is one of life’s biggest milestones — exciting, emotional, and (let’s be honest) a little overwhelming. Between saving for a deposit, understanding loan options, and navigating the paperwork, it’s easy to feel like you’ve stepped into a maze. But with the right preparation and a clear plan, getting mortgage-ready doesn’t have to sting. At Bumble Finance, we believe in making finance friendly. Here’s our simple guide to help first-home buyers in Australia get their finances buzzing in the right direction.
START WITH A SOLID SAVINGS PLAN
The first step toward home ownership is building your deposit. Most lenders require at least 20% of the property’s value, though some will accept less with Lenders Mortgage Insurance (LMI). Create a dedicated savings account — ideally one with a competitive interest rate — and set up automatic transfers from your main account. Even small, consistent deposits can grow faster than you’d expect. Tip: Keep track of your spending habits using a budgeting app or spreadsheet. Cutting back on small, recurring expenses (like takeaway coffees or streaming subscriptions) can make a surprising difference over time.
CHECK (AND POLISH) YOUR CREDIT SCORE
Your credit score is one of the first things lenders look at when assessing your home loan application. A higher score means you’re seen as a lower-risk borrower — which can help you secure better interest rates. You can check your credit report for free through agencies like Equifax, Experian, or illion. Make sure all the information is correct and take steps to improve your score if needed: pay bills on time, clear any lingering debts, and avoid applying for multiple credit products in a short period.
UNDERSTAND YOUR BORROWING POWER
Before you start attending open homes, it’s important to know how much you can borrow. This depends on your income, existing debts, expenses, and deposit amount. Using an online borrowing calculator gives you a quick estimate, but for a clearer picture, it’s best to speak with a mortgage broker or lender. They can assess your financial situation, explain different loan types, and give you a realistic figure based on current lending conditions in Australia.
GET PRE-APPROVAL BEFORE YOU HUNT
Pre-approval (sometimes called conditional approval) shows sellers and agents that you’re a serious buyer. It also gives you confidence in knowing what price range you can shop within. Pre-approval doesn’t lock you into a loan, but it does streamline the buying process once you find “the one.” Typically, it’s valid for around three to six months, depending on the lender. Pro tip: Avoid making major financial changes during this time, such as taking on new debt or switching jobs, as this can affect your final approval.
FACTOR IN THE HIDDEN COSTS
Buying a property involves more than just the purchase price. Don’t forget to budget for:
Stamp duty (varies by state or territory)
Conveyancing or legal fees
Building and pest inspections
Home insurance
Moving costs
If you’re a first home buyer, you may be eligible for government grants and concessions, such as the First Home Owner Grant (FHOG) or stamp duty discounts. These incentives can make a big difference to your upfront costs.
SEEK PROFESSIONAL GUIDANCE
Buying your first home can feel like a hive full of new terms, rules, and numbers — but you don’t have to navigate it alone. A mortgage broker can compare loan products, explain your options, and handle much of the legwork on your behalf. At Bumble Finance, we believe financial advice should be personal, transparent, and free from jargon. Whether you’re just starting to save or ready to apply, we’ll help you make every step toward home ownership feel simple and stress-free.
THE TAKEAWAY: PLAN TODAY, ENJOY TOMORROW
Getting mortgage-ready is all about preparation. The more effort you put in now — saving smartly, improving your credit score, and understanding your borrowing capacity — the smoother your journey will be when you find the home that’s meant to bee yours.
Ready to start your home loan journey? Chat with Bumble Finance today and let’s help you take that exciting first step toward your own hive.