The Complete Guide to Your First Home Buying Timeline

Understanding the Home Buying Journey

Buying your first home as a teaching assistant represents a significant milestone. Understanding the timeline involved helps you prepare financially and emotionally for each stage of the process. While every property purchase differs, most first home buyers follow a similar path from initial research through to settlement.

The journey typically spans three to six months, though this timeframe can vary based on your circumstances, the property market, and lender processing times. Having a clear first home buyer checklist ensures you remain organised throughout the process.

3-6 Months Before: Research and Planning

Your home buying timeline begins well before you start attending property inspections. This initial phase focuses on understanding your financial position and researching your options.

Financial Assessment

Begin by reviewing your savings, income, and expenses. Calculate how much you can afford to borrow and repay comfortably. As a teaching assistant, you may qualify for specific benefits and low deposit options that make homeownership more accessible.

Key activities during this phase include:

• Reviewing your credit score and addressing any issues
• Establishing your first home buyer budget based on income and expenses
• Researching first home buyer eligibility requirements
• Understanding first home buyer grants and concessions available in your state
• Exploring the First Home Loan Deposit Scheme and Regional First Home Buyer Guarantee
• Investigating first home buyer stamp duty concessions
• Learning about the First Home Super Saver Scheme

Understanding Home Loan Options

Different home loan options suit different circumstances. Research the difference between variable interest rate and fixed interest rate loans. Consider features like offset account facilities and redraw options that could help you manage your mortgage more effectively.

Teaching assistants often qualify for interest rate discounts and favourable lending terms. Home Loans for Teaching Assistants can provide access to products designed specifically for education professionals.

2-3 Months Before: Securing Pre-Approval

Once you understand your financial position, the next step involves formally approaching lenders. Getting loan pre-approval provides confidence when making offers and demonstrates to vendors that you're a serious buyer.

The Pre-Approval Process

Pre-approval involves submitting a first home loan application to a lender who assesses your financial situation and confirms how much they're willing to lend. This typically requires:

• Recent payslips and employment verification
• Bank statements showing savings history
• Identification documents
• Details of any existing debts or financial commitments

Many teaching assistants benefit from speaking with specialist mortgage brokers who understand education sector employment and can identify suitable low deposit options, including 5% deposit and 10% deposit schemes.

Understanding Lenders Mortgage Insurance (LMI)

When borrowing more than 80% of the property value, lenders typically require Lenders Mortgage Insurance (LMI). However, some lenders offer No LMI Loans for Teachers and education professionals, potentially saving thousands of dollars.

1-2 Months Before: Property Search

With pre-approval secured, you can confidently begin your property search. This phase involves attending inspections, researching neighbourhoods, and understanding what you can realistically afford within your budget.

Consider factors beyond the property itself:

• Proximity to your workplace
• Local amenities and schools
• Future development plans in the area
• Transport links and infrastructure

Making an Offer and Exchange of Contracts

When you find the right property, you'll make an offer either through a private sale negotiation or at auction. Once accepted, the formal contract exchange process begins.

During this stage:

1. Sign the contract of sale (with a cooling-off period for private sales)
2. Pay the deposit (typically 10% of the purchase price)
3. Arrange building and pest inspections
4. Review all contract terms with your solicitor or conveyancer

If you're using a gift deposit from family, ensure this is properly documented for your lender.

Formal Home Loan Application

After contract exchange, you'll complete your formal first home loan application. This differs from pre-approval as it includes specific property details and requires a formal valuation.

Your lender will:

• Conduct a property valuation
• Verify all financial information
• Confirm employment status
• Review the contract of sale
• Assess any government schemes you're accessing

Processing typically takes two to four weeks, though timelines vary between lenders. Understanding how to apply for a home loan efficiently can help prevent delays.

4-6 Weeks: Final Approval and Settlement Preparation

Once your loan receives unconditional approval, settlement preparations begin. Your conveyancer coordinates with the vendor's representative to schedule a settlement date, usually four to six weeks after contract exchange.

During this period:

• Arrange building insurance (required before settlement)
• Organise removalists and utility connections
• Conduct a final property inspection
• Review settlement figures with your conveyancer
• Ensure all loan documentation is completed

Settlement Day

Settlement involves the legal transfer of property ownership. Your conveyancer and lender handle most activities, with funds transferred and documents exchanged electronically.

On settlement day:

• Your lender releases the loan funds to the vendor
• Property title transfers to your name
• You receive the keys to your new home
• First home owner grants (FHOG) are typically paid (if applicable)

After Settlement: Ongoing Management

Your relationship with your mortgage continues long after settlement. Regular reviews ensure you maintain a suitable home loan structure as your circumstances change.

Consider:

• Setting up regular additional repayments to reduce interest
• Utilising offset account features effectively
• Monitoring interest rate movements
• Reviewing your loan annually for better rates or features

Getting a Lower Interest Rate can save thousands over your loan term. Many teaching assistants benefit from reviewing their interest rate regularly and seeking interest rate discounts available to education professionals.

Government Assistance Programs

First home buyers can access various government initiatives designed to make homeownership more achievable. The Help to Buy Scheme offers equity contributions for eligible buyers, whilst the Home Guarantee Scheme reduces deposit requirements.

Research what's available in your state, as first home buyer grants and stamp duty concessions vary across Australia. Regional areas often provide additional benefits through the Regional First Home Buyer Guarantee.

Getting Expert Support

Working with specialists who understand education sector employment can streamline your home buying timeline. Teacher Loans specialises in supporting teaching assistants and education professionals through every stage of buying your first home.

Our team understands the unique circumstances facing teaching assistants, including casual and part-time employment considerations, salary progression, and specialised lending options available to education professionals.

Call one of our team or book an appointment at a time that works for you. We'll help you understand your first home loan options and create a timeline that suits your individual circumstances.