First Home Buyers Club Blog

When reviewing a home loan application, banks consider a variety of factors to calculate affordability. However, all factors considered, it can be summarized into this simplified equation:

So, let’s look at these 4 components in more detail to understand what you can do to put your best foot forward when applying for a home loan, and identify any hurdles you may need to overcome.

When saving for your first home, creating a budget is an important step in managing your finances effectively. It helps you track your income and expenses, prioritize your spending, and work towards your financial goals.

Whether you’re a first home buyer or already a property owner, we’ve all been nervously watching interest rates continue to rise through 2023. And now with last week’s OCR rise of another 50 basis points … if only we had a crystal ball to know the impact this is going to have on home loan interest rates going forward, and whether it’s a good time for first-home buyers to dive into the property market.

This article was written April 2023.

Buying a home is a major milestone in anyone's life and the process of finding the right one can be overwhelming. Once you've arranged your pre-approval, know your budget, and have your home deposit ready, now the really exciting part begins ... it’s time to start house hunting!

Here are 5 tips to help make your home search a success.