Understanding your borrowing capacity before you start attending open homes is one of the most important steps a buyer can take. Without a clear number, it is easy to waste time looking at properties outside your price range or, worse, to find something you love and lose it while your finance is still being sorted. A pre-approval also signals to vendors and agents that you are a serious buyer, which matters in a competitive spring market.

Your credit file is one of the first things a lender will review. If there are errors, outdated defaults or missed payments listed, finding out now gives you time to address them before you apply. Discovering a problem mid-application, when you are already under time pressure, is one of the more stressful situations a buyer can face. Credit reports are available from the major credit reporting agencies and take only a few minutes to request.

The deposit is only part of what you need to have ready at settlement. Stamp duty, legal and conveyancing fees, building and pest inspection costs, and any loan establishment fees all need to be accounted for. In most states, stamp duty alone can add tens of thousands of dollars to the upfront cost of a purchase. First home buyers should also confirm their eligibility for any applicable grants or concessions, as these can vary by state and property value.

Spring brings a flood of new listings, and it can be easy to get swept along without a clear picture of what you are looking for. Before spring starts, it is worth taking the time to define your non-negotiables, the things you genuinely cannot compromise on, versus your preferences, the things that would be nice but are not essential. .