While the prospect of buying your first home is unbelievably exciting, it's one of the biggest commitments of your life.
You need to make sure you're choosing the best option for your situation now and in the future.
Watch: 5 money lessons your parents told you, that you should probably forget. Post continues after video.
Before you commit to a mortgage, you need to consider whether you might have a career change, stop working to start a family or want to travel when we can again. You will need to make sure future-you can handle the repayments.
During our housing episode of Mamamia's money podcast, What The Finance, Kelly Dalton-Moon, State Manager for Home Lending Westpac NSW and ACT, shares her top tips to secure your first home, while also taking care of your future self. And we've noted them down.
1. Understand your situation.
Before you get all excited and start short-listing properties to inspect, have a long, hard think about your financial and personal situation.
As Kelly explained, consider what you're spending and what you have left over, using a budget planner. By punching in the numbers, you can see where your money is going and if you’re spending more or less than you can afford.
"Really do some research," Kelly said.
After you've assessed your finances, look at the property market in the areas you want to purchase, so you can get an idea of what homes are selling for.